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My agent listed my property for 149.9 that same week she got a buyer but he wanted me to give him 5.000 and pay his closing cost. I said no! Then she called said he wanted to raise the price up to 159.9 and wants me to agree to give him 5.000 at closing for repairs and 3% for closing. My attorney who was recomended by my agent has said anything about this is this legal?
It is legal, and common. What is happening is this: The buyer must put a certain amount of money down (in order to get the financing. In order to do this, he begs, borrows, and steals from everyone he knows. He has no cash, whatsoever, for anything at closing. So, what he does, is he buys the house for more than you are asking (160,000), he then takes 3% back ($4,800), and rather than reduce the price for "repairs", gets that back at closing ($5,000). You end up with the amount you asked for, and he can pay back his relatives. The bank loans him money based on $160,000, requires 20% down ($32,000), and loans him $128,000. But this, in effect, reducing his down payment to $22,000. Now, you have to remember, there will be other credits (taxes, HOA, etc.), that will have to be made. The reason he needs it to be in cash from you is that, if it is a credit, the BANK will reduce the financing. So it is a cash payment, separate from the credits. Look at this from the buyer's perspective - you are asking for $150,000, and he is paying you $150,000. He might call it $160-10, but that is still $150.,000. It does not hurt you, but it allows him to buy the house. Yes, do talk to your real estate attorney (not a general practicioner), but this is not at all uncommon in today's market, where lenders are requiring larger and larger down payments in order to get any loan. At $150,000, the buyer would need $30,000, but he only needs $32,000 to get an additional $10,000 in lending. He can then get the $10,000 in cash back from you, return the $10,000 to his relatives, and effectively put only $22,000 into the house. This is not your problem, it is between the lender and the buyer.
No attorney or Realtor but after a few houses, it sounds to me like nothing out of the ordinary. The Realtor is getting "more" for the in order that you "will pay out of pocket" for the buyer. It's all about the buyer's perception and your lack of willingness to fork over money out of equity. If I had a house and had a decent offer on it in today's market, I'd work with everyone I could (quickly) to sell it. Times are going to get VERY hard in the not to distant future.
It is all about the disclosure based on the state you live in. Provided that your property can appraise for the higher price and the lenders don't have anything in their contract that prevents, you should be fine. Many times the money is put into an escrow account to ensure that the property is repaired with the money and not just a "cash" kick back.
I would search for a new attorney he probably is linked with your agent so even if you could take action he would probably take a dive. Then find out from a new attorney that is completely non-bias of the situation but find a good attorney or they will be like.. naw its all good..you don't want that.. its your property you should get how much you want and a good salesman/sales woman can get what you want!!!!!!! GET A NEW AGENT AND FLEX A LIL MUSCLE WHEN IT COMES TO HOW MUCH MONEY YOU WANT!!!!
Your attorney was recommended by your agent? Ever hear the term conflict of interest? "your" attorney is not working on your behalf or best interests, and will lead you down a garden path straight to enrichment for himself and your agent, they are obviously working in tandem and may be scammers who commonly fleece people like you. You need to get rid if her and find a new one; she is totally working against you and will cause you a lot of financial loss. NEVER allow your agent new-york the buyer dictate terms to YOU.
It is common for the seller to contribute 3% towards the buyer's down payment if they are FHA buyers and it is also common for any buyer to ask the seller to pay their closing costs. Of course, it is totally up to you whether or not you want to do that, but if your original asking price was 149,900 and they are offering 159,900 I would take it, and yes it is legal.
Call a real estate lawyer and ask for advice - some will give it free.
Are you talking about selling a house or renting? It's pretty confusing.