Can I ask the seller to sell for 30,000 over and ask for the money back so that I can have a Reserves just in case I dont get rent money. Is there any way of doing this, mabye Im wording it different?
Others may add or disect as needed, but it sounds similar to mortgage fraud but your'e not the first one I've seen here asking/thinking about www.it.Need a lot more details or I may be steering you the wrong way, region, loan details/clauses. Lots of info on this to obtain so somebody with more insight can help...gee
If you are trying to purchase a property, you CAN ask the seller for up to 3% back if it's put into the contract as: Seller to credit buyer $______ toward non-recurring closing costs at close of escrow. Keep in mind that that increases your loan amount and rules on this vary from State to State.
Quote:
On 2004-11-15 00:27, ralphes12 wrote:
Can I ask the seller to sell for 30,000 over and ask for the money back so that I can have a Reserves just in case I dont get rent money. Is there any way of doing this, mabye Im wording it different?
Actually as long as it is disclosed on the contract you are not committing fraud. We use a financing addendum all the time which provides cash back at closing. In my state the bank does not see the financing addendum so you can show cash back and not run the risk of committing fraud.
Any local realtor should be able to give you the info you need.
[addsig]
I've asked for up to 6% back BUT, it is illegal to do this if the money you are asking for back puts the purchase price above the market value of the property.
Others may add or disect as needed, but it sounds similar to mortgage fraud but your'e not the first one I've seen here asking/thinking about www.it.Need a lot more details or I may be steering you the wrong way, region, loan details/clauses. Lots of info on this to obtain so somebody with more insight can help...gee
Can you make a liien against the property so that it really isnt mortgage fraud?
If you are trying to purchase a property, you CAN ask the seller for up to 3% back if it's put into the contract as: Seller to credit buyer $______ toward non-recurring closing costs at close of escrow. Keep in mind that that increases your loan amount and rules on this vary from State to State.
Quote:
On 2004-11-15 00:27, ralphes12 wrote:
Can I ask the seller to sell for 30,000 over and ask for the money back so that I can have a Reserves just in case I dont get rent money. Is there any way of doing this, mabye Im wording it different?
Actually as long as it is disclosed on the contract you are not committing fraud. We use a financing addendum all the time which provides cash back at closing. In my state the bank does not see the financing addendum so you can show cash back and not run the risk of committing fraud.
Any local realtor should be able to give you the info you need.
[addsig]
I've asked for up to 6% back BUT, it is illegal to do this if the money you are asking for back puts the purchase price above the market value of the property.