Michigan, cash at closing - Posted by J.T.

Real Estate Investing Real Estate Financing
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Posted by J.T. on October 15, 2005 at 13:06:20:

Thanks for the response Patrick.

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Michigan, cash at closing - Posted by J.T.

Posted by J.T. on October 14, 2005 at 10:26:20:

Situation:
I am thinking about selling 4 current rental properties. I am going to pay a finder’s fee of $2,000 to someone who is going to refer a buyer of these properties. I will also pay buyers’ closing costs PLUS this buyer will receive $5,000 to $8,000 cash at closing for each property purchased. How would this be acknoweleged on the HUD statement at closing in order for Lender not to be discouraged? Will Lenders allow this? Is it necessary to tell the Lender?

Thanks

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Re: Michigan, cash at closing - Posted by Trena

Posted by Trena on October 15, 2005 at 11:03:41:

What’s the appraisal? Would you be willing to sell them at a discount?

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Re: Michigan, cash at closing - Posted by James Strange

Posted by James Strange on October 15, 2005 at 06:53:01:

Listen to Patrick, better yet talk to two or three title companies.

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Re: Michigan, cash at closing - Posted by Patrick S. Lawson

Posted by Patrick S. Lawson on October 14, 2005 at 11:11:34:

You need to speak with someone in a title agency in your home state. You must be carefull with this deal.

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Re: Michigan, cash at closing - Posted by J.T.

Posted by J.T. on October 15, 2005 at 13:05:12:

I currently have 7 rentals I would like to eventually sell. I have no problem discounting the houses $10,000 if appraisals come through.
All are located in Genesee County (in and around Flint).
Are you interested? Do you have investors, or buying as an investor yourself?

J.T.

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Re: Michigan, cash at closing - Posted by J.T.

Posted by J.T. on October 15, 2005 at 13:05:46:

Thanks James.