Any way your buyer can find out what you paid? - Posted by Matt (BC)

Posted by EricNC on August 29, 2002 at 19:25:26:

God, I miss NJ sometimes…
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Any way your buyer can find out what you paid? - Posted by Matt (BC)

Posted by Matt (BC) on August 24, 2002 at 21:01:30:

Hi Everyone,

Quick question: Is there any way my buyer can find out what I paid for the home? I’m thinking of doing a nearly simultaneous transaction and I’m wondering if the price I pay for the home will show up on the title or other documentation that MY buyer will see.

I can always explain the difference between cash price and credit price, but would like to know in advance.

Thanks!

Matt

What difference does it make?.. - Posted by Ben (NJ)

Posted by Ben (NJ) on August 26, 2002 at 10:20:25:

I have had this problem with properties I have acquired through tax foreclosure. One guy discovered from public records that I paid $8000 for a property I was selling for $35,000. My response to him, “so what, why should I be penalized because my own business acumen got me a good deal? What if I had inherited it? Does that mean YOU should get it for nothing?”

Re: Any way your buyer can find out what you paid? - Posted by Chuck-NY

Posted by Chuck-NY on August 25, 2002 at 12:34:07:

I had a (lessee) buyer talk to the neighbors across the street from my MH. The neighbors told her I paid $200 for the MH. When she confronted me I told her “I paid more than that !!” (I paid $250) :sunglasses:

Nosey neighbors can be a source.

If someone were to confront me with that again I would ask them if their source of information also told them how many thousands of dollars I spent fixing up the home??

Re: Any way your buyer can find out what you paid? - Posted by JHyre in Ohio

Posted by JHyre in Ohio on August 25, 2002 at 11:00:47:

In Ohio, it shows up on the transferred title (that is, the title that the seller signs over to the buyer). That’s why I offer a free service - buyer fills out the Power of Attorney that I give them, and I transfer the title into their name - and they never see the old title. I’m such a nice guy, lol.

John Hyre

Re: Any way your buyer can find out what you paid? - Posted by Tim (GA)

Posted by Tim (GA) on August 25, 2002 at 09:34:53:

My first deal the buyer asked the seller how much I purchased it for ($3600)My buyer confronted me and asked me “How can you sell it to me for $8400?” I told her that I would gladly give her the $500 she put up as a down payment back if she didn’t want the home. She declined and said she really wanted it. I also explained to her that she could have purchased the home for $3600 cash just like I did. She realized that she didn’t have $3600 and needed my financing to get the home. So, what could have turned into a bad situation turned out to be a good situation. I also did have 2 other prequalified couples that would have purchased the house if she backed out.
TIM (GA)

Sigh… - Posted by JHyre in Ohio

Posted by JHyre in Ohio on August 26, 2002 at 14:52:16:

You NJ guys remind me of my hometown, good ole Younstown. Yeah, I got it cheap…you gotta PROBLEM with that?

LOL,

John Hyre

Re: Any way your buyer can find out what you paid? - Posted by Matt (BC)

Posted by Matt (BC) on August 25, 2002 at 13:26:08:

Hi John,

Sounds like you’ve covered every angle :wink: Where is the title typically stored? Would the person selling me the MH have it at home, or is it stored at the DMV?

Would I be able to take the Power of Attorney sheet in the back of DOW, once it’s been filled out, to the DMV and do the title transfer there?

Is it best to keep the title at my home? Am I allowed to do that?

I’m about to go looking for homes this week for my two buyers and I’m trying to fill out the missing pieces. I’ll post updates as they come.

Matt

that’s Joisey…when I was born… - Posted by Ben (NJ)

Posted by Ben (NJ) on August 26, 2002 at 15:16:22:

the doctor slapped my butt. I turned to him and said
“Doc, you gotta problem?”. (credit-the Diceman).To see a real Jersey knock-down drag out go to trel.com and
read my thread with Mike-Texas!

Gentle Ben… - Posted by JHyre in Ohio

Posted by JHyre in Ohio on August 26, 2002 at 15:57:33:

7 cents on the dollar? Niiiiice. Good slamfest too!

John Hyre