Re: Will this work? - Posted by Brent_IL
Posted by Brent_IL on October 13, 2003 at 16:42:44:
This isn?t a question of giving up. This is a stop-loss.
It’s easy to get money at closing if the seller gives the settlement agent something, anything, which says that you are to be paid out of escrow. If the seller will give you a “dispersement slip” of your choosing, you’ll have no problem. The escrow agent can pay for anything out of escrow that he or she has instructions to pay.
It?s the seller?s deal. Your instructions to the escrow officer are meaningless without the seller?s consent. As Martin explained, a memorandum of agreement will cloud the title long enough for the title company to request a copy of your agreement. If you say it?s an oral agreement, they will exclude you and issue a title policy. They know statute of frauds section of the statutes, too.
It is your option to try small claims court, but it is real easy for the rehabber to say, ?Your Honor, TC had a deal he couldn?t do, so he assigned it to me. I gave him $50. Two twenties and a ten. End of story. This is a frivolous claim, so I am filing a counter-claim for $1,000 because TC is playing games since he found a new backer.?
You have nothing in writing to contradict anything he says.