Suggestions For Getting Cash-out At The Close Of Escrow
Hi all,
I could use some help on this dilemma.
I’m buying a short sale property in Utah. The bank will take $106,000. I have a purchase price of $112,000. That leaves $6,000 for closing costs and “improvements.” The lender will only allow 2% of the loan amount for closing costs; approx. $1800. This leaves about $4200 for me to use for improvements. The problem is, the lender does not want to just cut me a check at close of escrow for the $4200.
Any ideas how to get the left over $4200 into my bank account??
Thanks, Brian
I could use some help on this dilemma.
I’m buying a short sale property in Utah. The bank will take $106,000. I have a purchase price of $112,000. That leaves $6,000 for closing costs and “improvements.” The lender will only allow 2% of the loan amount for closing costs; approx. $1800. This leaves about $4200 for me to use for improvements. The problem is, the lender does not want to just cut me a check at close of escrow for the $4200.
Any ideas how to get the left over $4200 into my bank account??
Thanks, Brian
Comments(0)
That easy get estimates for the improvements and have them sent to escrow much like a bill.
Good Luck
If you need more help just ask
[addsig]
Shortsalepro can you explain ($1000) FHA on the second. Thanks a millon...
haste makes waste
due digence
get title insurance