Posted by d hoover on January 27, 2002 at 24:44:10:
I do not have any insight for you on how this would work but I am very interested in additionally responses or to know how the situation worked out for you. I am considering doing a similar deal but have not figured out how it would actually work.
Forgot to ask Ed, over 100% financing? - Posted by brad b
Posted by brad b on January 23, 2002 at 14:21:40:
If I get the bank to commit to 80% and the seller to commit to 30% financing, how does that work at closing? Does the bank cut me a check for 80%, I take out 10% and give the seller 70% at closing or does the mortgage company just give the seller his 80%, the buyer, seeing this, changes his offer to 20%, and my 110% deal is shattered. I’ve read a lot on discussion forums about financing over 100% but never got a clear understanding of how it works before and during closing.