Posted by tom in IA on August 17, 2002 at 18:12:39:
Keith, My first deal I got 3K back for a new roof that the property probably needed in 3-5 years. I ended up putting $1,500 of my own money into the deal. As luck would have it 2 years later we had a hail storm and the insurance man bought the roof for me
Refund Ca$h back to buyer @ closing? - Posted by Keith
Posted by Keith on August 16, 2002 at 03:38:42:
does anyone know about writting in an addendum that would give the Buyer a ca$h refund at closing.
is it legal?
If I placed 20% into escrow Prior to closing a real estate deal.
and borrow 80% of the Selling price.(using a 80% convential loan)
could I write in an addendum that upon closing, the buyer is to recieve (X amount of dollars),(10% or even 30%) for repairs to the home.
have X-amount of dollars be given to Y-bussiness/ construction co.(your business or family friend)at closing for (repairs,finders fee, or what not).
I’m just trying to get Creative, and still come out ahead.
the way I’m looking at it, I put 20% of the sales price doun, kept the Area market “high” for the neighbor properties, and resale down the road.
(in the above example, the house is slighly run down and would appraise for 125% of the selling with X-amount needed for repairs)
Let me know what you think or have done, and did it work?
Re: Refund Ca$h back to buyer @ closing? - Posted by David A. Lewis
Posted by David A. Lewis on August 21, 2002 at 14:25:07:
I’m working a deal right now on a $130,000 home that will appraise at $160,000. I’m getting a $100,000 first mortgage and holding a $60,000 second, however the seelers have to cut me a check for $30,000 at closing to cover miscelanneous expenses. I get the house for $30,000 under appraisal and recieve a check for $30,000. The seller sells a house hes been trying at for a while, and we both win. You can put almost anything you want in a contract it is emminitely negotiable.