Mark's Blog

Short sales

March 23rd, 2010 10:02 AM by Mark Malave

I had someone ask me a good question today about short sales. It was regarding paying for real estate taxes for the seller prior to closing.  This is a good question and one that is very important. As the buyer, you DO NOT PAY ANY fees, taxes, or anything directly to the seller or the seller's lender prior to closing. You will never see this money again.  All money must be put into an escrow account held by one of the brokers (not the agent or the seller) or one of the attorney's escrow account. All payment must be on the HUD-1 statement and credited by the title company.

There are a lot of scams out there, do not give money to anyone without a license and never give cash. Always write a check or get a cashier's check (make sure you keep your copy).

Mark
Posted in:General
Posted by Mark Malave on March 23rd, 2010 10:02 AM

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