[quote=davelj][quote=urbanrealtor][quote=sdrealtor]Good advice[/quote]
Dave, let me ask, what are the versions of this that you have seen?[/quote]
I’ve seen this twice. Both times very similar stories. The prospective buyers had lost a couple of short-sale “auctions” to folks who were “buying the furniture” and they just threw in the towel and decided, “If we can’t beat ’em, join ’em.” They both eventually got prices they were happy with even including cost of “purchasing the furniture.” A year ago I didn’t even know this was going on. But both of these situations popped up over the last 6-9 months and I got the impression after talking to these folks that this is pretty widespread (it’s probably taken a while to catch on). One hitch is that most sellers don’t want anything in writing and they’ll *try* to get the money for the furniture before the deal closes. But most buyers won’t do this – for obvious reasons – so it becomes an issue of honor among thieves. Both of the folks I know just stroked out the check right after closing and it wasn’t a big deal. I think at the end of the day most folks just think (understandably, frankly), “Fuck the lenders.”
Look, the folks who want lower comps shouldn’t have any problem with this type of behavior. These transactions keep part of the real purchase price off the books and thus depress the comps, all else being equal. So these folks should stop their whining and learn to love it.[/quote]
So, I know this sounds crappy to say. BUT…If this sort of “pay a lot for my used furniture” happens under the table as a verbal agreement, as a prospective buyer, what’s to say that that the prospective buyer doesn’t say screw the lender and the seller…
“Sure, I’ll pay you right after I close”, and then after the buyer closes, just tell the seller “what deal, what are you talking about?”
I mean, what’s the seller going to do, come back an sue with the argument “but, they promised they’d pay us a bribe”?????
Seems to me a win/win for the buyer and doubly screwing both the lender and the seller trying to take advantage of the situation.
