Cash In Hand At Closing?
Hey gang, question for you. We are purchasing a duplex FSBO that may need a little work. The seller has agreed to selling over purchase price and giving us cash back at closing of $35000. How do we make sure we get this cash back from them because they do not have the funds to bring to the table before it closes? Please advise
The easiest way would be to have a payoff on the HUD for $35,000.00 on the Seller's side made out to whom you want
Lori
[addsig]
BE CAREFUL!
If that 35k puts it over the market value/appraised value it is considered illegal.
I don't know how many get caught at this but I would be careful.
Speak to your attorney!
Be careful!