Expert: Dick Dennis - 3/20/2010

Question
My wife and I were shocked when we were told that we would not get our money when we closed. Its been years since we had bought a house/sold, but we still took it for granted that you got paid for house at the closing. She and the mortgage company lied to us and told us that we would be paid that day. I had told her we would sign when they had the check on the table, and then leave for out of town to buy another house.

We waited for hours after signing, and no check. Supposedly the "check is in the mail".

Why are there no Bill of Rights for the seller. A house is the most important thing many people will ever own. We had to cancel the deal on our next house, the reservations, etc... Its a nightmare. And the realtor gets over like a Fat Cat! My old profession had a Bill of Rights that the Client got.

How long do we have to wait now? I have now read where some people waited weeks/months for their checks. This is not right for anyone.

Thank-you
Bobster67

Answer
You don't say in what state this is taking place, Bobster. But presuming this is an ordinary sale of your residence, I WOULDN'T HAND OVER THE KEYS UNTIL YOU GOT PAID. Period. If you don't sign any documents that would allow you to get paid, then THAT is why you are not getting paid. Any local real estate attorney could verify that for you.

However, if you are selling your house on a "short-sale," you are not supposed to get a dime because the lender has deemed that because they are losing on their loan to you, you do not get anything. I am assuming this is not the case for you.

Your bill of rights is right there on your keychain, Bobster. No check? . . . no keys to the new owners. My guess the Realtors involved don't get paid either, nor the title company involved. Maybe you're not telling me something. I do wish you well.

Dick Dennis
CA Broker Lic. #00349415
dixiedee13@aol.com