Could this be a problem?

[Linz62982]

What is the name of your state (only U.S. law)? New York

In December of 2016, I sold a mobile home through a real estate agency. Everything was drawn up good, and it was agreed upon between myself and the buyer that 24 payments will be made to pay off the sale. So far I have been receiving payments from the buyer without a problem, but this month the payment has still not arrived, so it got me to look through the sale paperwork. I noticed it said that the pay off date was November of 2018, however, it was agreed between both of us that the first payment would not be made to me until February 2017 (however it says the first payment will be made December 2016 and says nothing about the first payment being made in February 2017). It does have a pay off amount as well.. But I want to make sure that this isn't going to cause issues for me down the line. The buyer has been paying with money orders, and I have deposited them all into my bank, but I still don't know if there is a way to prove that if he DOES stop paying me in November 2018, that he still has 4 more payments to make to me.

I just contacted the real estate agent about this and she says she can't do anything about it now. But she is the one that drew up the papers... So it's baffling to me as to why she would put that the payments started when they didn't. But now she's saying that there is nothing that she can do. Which I would assume is correct since the sale is completed, but now I'm kind of left with I may not get all of my money.

If you can give me some advice on what to do, I'd greatly appreciate it. Thanks a lot!

 

[Zigner]

What is the name of your state (only U.S. law)?

Please feel free to reply to this thread to ask your question. Don't use the preview button. Please do include the name of your state.

 

[Linz62982]

I'm sorry, not quite sure what you mean by your reply...

 

[STEPHAN]

I'm sorry, not quite sure what you mean by your reply...

Zigner wrote that after your initial (empty) post and before you went back and corrected it.

 

[HRZ]

A mere RE agent is NOT licensed to practice law! And a poorly written deal is a poorly written deal and to a large extent the side that wrote the lousy language is the side stuck with it .

AS posted, I don't think you have a problem just yet ...and it is hopefully clear that the payoff amount is $ XXX and it would be unreasonable to file a satisfaction piece before the full amounts were paid .

Me, I'd NOT rock the boat if he is paying timely ....

 

[Linz62982]

Zigner wrote that after your initial (empty) post and before you went back and corrected it.

Ohh okay. After I thought about it, I figured that may have been it

HRZ


A mere RE agent is NOT licensed to practice law! And a poorly written deal is a poorly written deal and to a large extent the side that wrote the lousy language is the side stuck with it .

AS posted, I don't think you have a problem just yet ...and it is hopefully clear that the payoff amount is $ XXX and it would be unreasonable to file a satisfaction piece before the full amounts were paid .

Me, I'd NOT rock the boat if he is paying timely ....

Yeah I texted her about it and she responded saying basically that it was my fault. She replied "I told you going along with payments wasn't a good idea". Found that to be very funny considering that she is the one that messed up, but yet she put it on me. Oh well can't do anything about it now..

But yes there is a pay off date listed, and a total amount listed as well, but I didn't know if he could say that he did pay it all even though he didn't. I'm not even sure it will come to that, but you never know. He has been on time most of the time with his payments. Usually they arrive on time, but this time it's very late. Never been this late before. Hoping the payment arrives within the next couple days

 

[latigo]

What is the name of your state (only U.S. law)? New York

In December of 2016, I sold a mobile home through a real estate agency. Everything was drawn up good, and it was agreed upon between myself and the buyer that 24 payments will be made to pay off the sale. So far I have been receiving payments from the buyer without a problem, but this month the payment has still not arrived, so it got me to look through the sale paperwork. I noticed it said that the pay off date was November of 2018, however, it was agreed between both of us that the first payment would not be made to me until February 2017 (however it says the first payment will be made December 2016 and says nothing about the first payment being made in February 2017). It does have a pay off amount as well.. But I want to make sure that this isn't going to cause issues for me down the line. The buyer has been paying with money orders, and I have deposited them all into my bank, but I still don't know if there is a way to prove that if he DOES stop paying me in November 2018, that he still has 4 more payments to make to me.

I just contacted the real estate agent about this and she says she can't do anything about it now. But she is the one that drew up the papers... So it's baffling to me as to why she would put that the payments started when they didn't. But now she's saying that there is nothing that she can do. Which I would assume is correct since the sale is completed, but now I'm kind of left with I may not get all of my money.

If you can give me some advice on what to do, I'd greatly appreciate it. Thanks a lot!

I suspect that this "drawn up good" doohickey you speak of was as sloppily worded and just as confusing as your post.

Whatever, do what you should have done in the first place. Take it to your attorney and see if he can interpret it and tell you how much interest income you must report on your tax returns.

ALSO, if this real estate agent person that drew it "up good" is not licensed to practice law in New York, then you should file a complaint with the New York Real Estate Board:

c/o Secretary of State
One Commerce Plaza
99 Washington Avenue
Albany, NY 12231-0001

But you won't do either.

 

[Linz62982]

I suspect that this "drawn up good" doohickey you speak of was as sloppily worded and just as confusing as your post.

Whatever, do what you should have done in the first place. Take it to your attorney and see if he can interpret it and tell you how much interest income you must report on your tax returns.

ALSO, if this real estate agent person that drew it "up good" is not licensed to practice law in New York, then you should file a complaint with the New York Real Estate Board:

c/o Secretary of State
One Commerce Plaza
99 Washington Avenue
Albany, NY 12231-0001

But you won't do either.

Wow.. Okay, really no reason to be rude with your reply. If I am "not going to do either suggestion", what was the point of sharing your advice with me?. I suspect it was to only shame me... Does writing something like that make you feel better about yourself? because for someone to come on here and do that to someone on their post, shows exactly what type of person they are... And maybe that they have too much time on their hands as well. Thanks anyway though!

 

[HRZ]

THe flip side of this language " might" be that buyer is required to be paid up in full as of the final date specified in the deal....now as a practical matter one cannot squeeze money out of a stone and you may need to stretch out the times...I doubt the deal has any well woded language to protect you if buyer drops the ball.

Use some jawbone skills?

 

[Linz62982]

The flip side of this language " might" be that buyer is required to be paid up in full as of the final date specified in the deal....now as a practical matter one cannot squeeze money out of a stone and you may need to stretch out the times...I doubt the deal has any well woded language to protect you if buyer drops the ball.

Use some jawbone skills?

Right.. It does say that November of 2018 will be his final payment BUT it also says the total amount, which will equal 24 months. So if he does stop 2 months short, he will be 2 months short of the total amount. But who knows, maybe he could come back and say well I did pay her but she's not bringing in that proof. I have all the proof from every single one of his payments, which started in February. So I don't think he'd have a leg to stand on if it was to be brought to court. Especially since I have texts from my real estate agent claiming that she messed up but as long as I have the total amount, when the payments start don't matter. Definitely starting to realize that she is a complete moron...

 

[HRZ]

Well agent got paid , buyer got home....and time will tell if you get paid ..check mirror .

RIght now, other than slow recent pay there is no problem?

WHo is paying whom.? Hard to follow your wording.....

 

[Linz62982]

Well agent got paid , buyer got home....and time will tell if you get paid ..check mirror .

RIght now, other than slow recent pay there is no problem?

WHo is paying whom.? Hard to follow your wording.....

Sorry about that.. Kinda get carried away trying to get all of the information into it!. I am the seller of the house, and he is the one that bought it from me back in December 2016. Payments have been good every month. May come a little bit late but nothing major. I'm hoping maybe just the holiday coming up has delayed it this month. So, payments have been set up for him to pay me every month for 2 years. Since his first payment in February, every single one has shown up. So I really don't think it's going to be an issue, but as you said only time will tell

 

[STEPHAN]

So why do you not just call the buyer and ask?