Structuring Deal To Get Cash Back At Closing

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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

Comments(9)

  • InActive_Account4th October, 2005

    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.

  • oscar19118th October, 2005

    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.

  • InActive_Account9th October, 2005

    Thanks everyone for your input,I really appreciate it

  • kburke4th October, 2005

    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]

  • JaCC4th October, 2005

    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!

  • JaCC4th October, 2005

    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!!

  • tinman17554th October, 2005

    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]

  • InActive_Account5th October, 2005

    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.

  • vguess999th October, 2005

    When you hire by the hour, workers have a tendency to drag their feet so I would hire by the job if possible.

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