Home Selling in 19067>Question Details

Entropymom, Both Buyer and Seller in 19067

Pennsylvanians: Are there any sellers out there who have been taken advantage of in a recent or current sales transaction? Is anyone being?

Asked by Entropymom, 19067 Thu Dec 17, 2009

pressured into giving very high seller’s assist to make the deal work?
Has anyone been asked to reimburse the broker, realtor or title companies with their own personal cash?
Has anyone been asked to move money around off of the HUD sheet?
Or has anyone been asked to do something that they were not comfortable with to make it to the settlement table?
Has anyone been told that if they do not do these things that settlement would be postponed or cancelled?
It is time to gather info now about these transactions. I believe that this is now common and sellers are being taken advantage of and unknowingly being included in fraudulent real estate transactions. There are a lot of websites out there to educate buyers, but few resources to educate sellers.

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Answers

3
Sellers always have the right to say no. If you don't feel comfortable giving money back to the buyer for sellers' assist you may not be able to make an offer work. Since most people have to go FHA these days they need to have at least 3.5 % down, 1.75% up front lending fee, plus the rest of the closing. Then it is also required to have money in the bank after closing to ensure they have their mortgage payment. In this market buyers are looking for sellers that will work with them. Usually you can find a solution that will work for everyone, but it you can't then the buyer may not be able to buy and that means the seller will have to put their home back on the market and wait for the next one to come along. Most of the time if you speak to the mortgage company you can figure out a way to get it on the HUD. If the buyer is already at the max for a seller's assist the buyer and seller will then need to decide how badly they want the deal to work. The mortgage companies are changing things everyday. There are more rules coming from the feds. We all just have to change with it. Mortgage that were approved 2 years ago may not be able to approved today.
I haven't heard of anyone being asked to reimburse money unless it is owed to them for things that have been paid up front.
0 votes Thank Flag Link Sun Jan 10, 2010
Not selling now.....

Shenanigans going on and victimizing innocent people. These shenanigans have nothing to do with price. These games are taking advantage of a bad real estate market and uneducated clients.

It amazes me that there are so many complaints about the prices in 19067, but the prices have dropped, not escalated and are inline with competing markets. Just because Morrisville occupies 1/2 of the zipcode and the lion's share of the bad press does not equate to deeply discounted prices in the real estate market.
0 votes Thank Flag Link Sun Dec 20, 2009
Prices in 19067 are still way too high. Just lower the price and forget the shenanigans.
0 votes Thank Flag Link Sun Dec 20, 2009
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