Structuring Deal To Get Cash Back At Closing
Hello, anyone know how to structure a deal with a bank property that can exceed the normal 2-3% seller concessions? my mortgage company says 3% is the most I can receive but the bank that owns property is willing to give me 6 % towards repairs..... just looking for some money for fix up would help greatly. but like all the deals I do self employed hoop jumping unlimited .....Thanks for you feedback
Hello laurie, I always thought rehab loans have stiff criteria... No? here is the deal house arv 280-285 purchase for 215 need to pull out money fast after repairs are done we are in a stagnent market right now in Michigan. Thanks for any feedback.
What you can do is structure the deal with the maximum 3% seller assist that your bank will allow. But also ask if yor bank will allow a gift of equity also, sometime along with the 3%seller assit they will alllow a gift of equity. Talk with your mortgage loan officer on this. I have just done a deal with a friend of mine this year through Countywide home loans in which I got my friend 5,000 back at the closing table. I kick him back 8,000 , the three thousand cover his closing cost and down payment and the other was kicked back as an gift of equity which was 5,000.
Thanks everyone for your input,I really appreciate it
We would definitely hire out that type of work. (of course we hire out all work though). When we first started we just went down to our local labor finder place and picked up a few people. After a while we found our own people through references at our local RE club that we use all the time. We pay them 8-10 an hour per person.
[addsig]
Great ideas!! Actually our Church is in poverty-striken neighborhood so I bet that some of the men in the neighborhood will be willing to do it at a cheap enough price.
Thanks!
The thought about insurance had crossed my mind. Thanks for the info. Yep, we definitely want to cover ourselves so maybe hiring just somebody off the street is not such a good idea. Thanks for pointing that out!!
I always hire by the job. If you hire by the hire they have a tendency to take longer. I usually ask for a bid.
Laurie
[addsig]
Quote:
On 2005-10-04 17:02, JaCC wrote:
The thought about insurance had crossed my mind. Thanks for the info. Yep, we definitely want to cover ourselves so maybe hiring just somebody off the street is not such a good idea. Thanks for pointing that out!!
Good for you for seeing the light.
Remember most jobs that require no brain power are also the ones that end up being the most hazardous.
When you hire by the hour, workers have a tendency to drag their feet so I would hire by the job if possible.