Can A seller credit back money to the buyer at the close of a sale for rehab? Can I take what is left over after rehab and "pocket" it or what is the "rule" about that. Are there any banks that will allow this?
usually lenders don't like to see that. A buyer walking away with cash at closing but, get a friend or someone you know who can get you a receipt for the repairs done. Just get it a little higher then what he actually charged you. WINK wink...
Yes, a seller can give a cash credit at closing. However, a bank does not want to see a large amount of $$$ going back to the buyer. It rings memories of the S & L failure of the late 80's.
usually lenders don't like to see that. A buyer walking away with cash at closing but, get a friend or someone you know who can get you a receipt for the repairs done. Just get it a little higher then what he actually charged you. WINK wink...
Yes, a seller can give a cash credit at closing. However, a bank does not want to see a large amount of $$$ going back to the buyer. It rings memories of the S & L failure of the late 80's.
There are all kinds of credits, carpet roof, landscape, paint, et al..
There are banks that allow unlimited seller credits in Ohio. As long as it is not in Cleveland,Ohio.
Lori
[addsig]
Thanks all-helpful as usual. :-D