Blackmail
REM #F791
By Ilyce R. Glink
Summary: A home buyer asks whether a home seller asking for money outside the sale at closing is blackmailing him. Ilyce says it is blackmail and illegal. She suggests he contact a real estate attorney.
Q: I’m purchasing a house. But the seller refuses to sign closing paperwork unless I give her $3,000 cash (outside of the deal) for her house payments. The escrow is closing. Am I being blackmailed?
A: Yes, you are. Please hire an attorney to make it clear to the seller that this is unacceptable. If the seller doesn’t want to listen to reason (where is the seller’s agent in all of this?), then you and your attorney can think about suing the seller for specific performance, that is, selling the property for the pre-determined price.
But here’s one thing to think about. If the seller needs the additional
funds to close on the home and is several months behind in her mortgage, and
the house is now worth less than she owes, her lender might torpedo your deal.
Please consult with your real estate attorney for details.
NOTE: Ilyce R. Glink's latest ebooks are "Credit Scoring Secrets" and "How to Find a Great Real Estate Agent," which are available at her website, www.thinkglink.com.If you have questions, you can call her radio show toll-free (800-972-8255) any Sunday, from 11a-1p EST. You can also write to Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact her through her website, www.thinkglink.com © 2007 by Ilyce R. Glink. Distributed by Tribune Media Services
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