The home owner who is in forclosure (short sale or not) is not entitled to any money from the deal. The bank is losing far more than the owner. There are some short sales that allow the home owner to receive some money for relocation expenses. It is called a HAFA shortsale and it is the bank that will give the seller the money if they are eligible to do this kind of shortsale. That is between the bank and the seller. It has absolutely nothing to do with the buyer.
Do not give anyone money outside the normal sale of the property. I would also start to look for other houses as this could get very messy and take a very long time, in addition unless the price is already finally approved by the bank, the price might change.
Finally, you should get your own representation. Sign with your own Realtor. Other you are dealing with the sellers representative. If you want further information about this, I'd be happy to explain exactly how this works.
Good Luck! Maureen Mizuno
At this writing, we are waiting for the 12 Noon deadline, May 21, 2105, to learn whether we have been, in all effect, cheated of the home we believed we purchased with every honest means required of us. Thank you for reading my letter and I hope you will give me some input.
1. Get yourself a great Buyer's Agent who will work diligently on your behalf to research homes on the MLS and get your Offers presented and get you into a home.
2. The Seller is not entitled to any money back unless previously approved by the Seller's short sale Lender (and this rarely ever happens). The Seller appears to be attempting to defraud the Lender.
3. Report the agent to the local Board of Realtors, in this case it's probably LIBOR (Long Island Board of Realtors) unless the property is on the North Shore of Queens in which case it's the North Shore Board of Realtors.
4. NYS Dept of State is the State Agency which licenses (and revokes licenses) of real estate agents.
5. Mostly I'd recommend moving on. Leave this house alone; the whole thing stinks and you're not going to win this house in the end. You have better things to do with your time such as shopping for another house with a legitimate and motivated agent.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
But in the meantime, you might want to find a buyer's agent of your own, and allow them to help you in placing an offer on the property. A buyer's agent will know how to approach the situation, and how to make sure that your offer is presented sans the $10,000 illegal bribe that this agent was insisting upon.