[quote=bearishgurl][quote=t36tran]…Why would Blue Anchor, an outside party with no ownership stake want 45K paid directly to them to settle all the secondary liens? Why would I trust them to do so?…[/quote]
Because it would appear that the seller (and title co) would be on the hook if they didn’t do what you paid them $45K to do. In addition, your escrow company couldn’t prepare your file to close if all the conditions of escrow had not been met.
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Why would there be any reason for this to be handled outside of escrow? Is there any good reason for secondary liens not be paid through escrow in the more standard manner, with the buyer receiving title, free of all liens except taxes? If the facilitator actually negotiated payoffs of other loans, there would be no reason not to properly document it.
In fact, if this purchase included a new mortgage, I’m pretty sure the fine print in standard loan docs require that everything go through escrow, or at least be included in the escrow closing statement.
