Posted by Brent_IL on February 23, 2004 at 14:53:15:
It isn’t illegal for a seller to pay you to take over his property.
Money Back at Closing? - Posted by PW
Posted by PW on February 23, 2004 at 10:55:38:
This is probably a dumb question, but I’m new at this, so bear with me.
I’m considering buying a house from an investor that’s trying hard to get rid of it. I’d live in the house for a year or two, and then rent it out when I move. I’m interested in creative seller financing, and the possibility of receiving cash back at closing (to pay off my car loan and make it easier for me to make the monthly mortgage payments). Do people actually do this…or is this one of those late night infomercial things that doesn’t ever really happen in real life? Any advice on how I should propose this at closing?
Thanks!
PW
Re: Money Back at Closing? - Posted by Brent_IL
Posted by Brent_IL on February 23, 2004 at 13:25:10:
Yes, it happens, but I don’t know about this case. Sufficient cash coming back from a simple mortgage transaction to pay off your car and make the mortgage payments for a while is unlikely without loan fraud. Think about it; an investor, presumably experienced, is trying hard to dump a property, but instead of selling, he decides to hook you up so that you can get cash back in lieu of him getting more money. Hmmm.
Re: Money Back at Closing? - Posted by PW
Posted by PW on February 23, 2004 at 13:53:32:
Except that without those terms, or something similar, I’m probably not willing to buy the property that they very much want to get rid of–the payments would be a stretch for me unless I could somehow get rid of the car payments. If it’s just done between us, with no lending institution, is that illegal?