Posted by River City on June 16, 2004 at 11:15:15:
It’s only legal if the lender says it is. Don’t hold your breath.
Is this legal? - Posted by Terrence Thomas
Posted by Terrence Thomas on June 16, 2004 at 24:47:36:
- House originally selling for 50K
- House appraises for 90K
- House needs NO repairs
- Seller raises selling price to 90K and gives 40K cash back to buyer at closing. (per buyer’s request)
- House gets rented, everyone happy, investor moves on to next one.
Is this okay? I know people doing it. Has anyone out there done it?