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changing contract sales price

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ww458

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State of North Carolina: This sounds very strange and unusual to me and I would like some feedback if anyone can provide it: I have a house for sale, I have a signed contract for a sales price of $225,000 dollars with earnest money down. Now, and this is what I dont understand...the agent wants me to sign another contract but make the sales price 235,000...yet I still will only get $225,000...I am being pushed to do this and I am not sure why. The agent says that if I dont that the deal is off because of me. But I think that if I have the first contract and they dont buy it then it isnt my fault. The agent says this is done all the time, but to me it sounds odd. So whats the deal? pleae, any advice or experience with such a thing will be greatly appreciated.
 


Sounds to me that the appraisal came in at higher than the sale price where as if another contract is signed for the higher sale price the buyer is getting LTV based on the higher price.... hence more money financed.... then the original sale price is submitted to the title company and they will make the extra money look as a gift from you to the buyer. This is odd. Unfortunately it is done alot but it is not normal practice and I assure you that the lender would not appreciate this at all. Usually it is due to the LTV avalible to the buyer or the lack of funds estimated needed for closing. This would make the fall through of the sale the buyers fault not yours. If I were you I would not do it. I would also not do any more business with that specific broker. This is fraud and if he is willing to prey on your ignorance and try to make you feel as if it would be your fault then there is no telling what he would do without your knowledge in order to get the deal done and his cut in his pocket. For what its worth..... Good Luck.
 

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