Posted by James Strange on September 11, 2004 at 12:59:27:
So you want to know if this is legal right?
When you fill out the loan aplication if you say that the purchase price is higher than what it is then, no its not legal in any state.
CASH BACK AT CLOSING LEGAL IN CALIF?? - Posted by cjmcdo
Posted by cjmcdo on September 11, 2004 at 09:50:54:
i have a seller who agreed to sell me a prop for 200k i can get it to appraise for 235k & im getting a loan for 235k we agreed 2 write the contract for 235k i want that $ to cover my 10%down and my end of closing costs and the bal n my hand at closing for minor fix up. they dont have the 35k 2 deposit into escrow. how do i get these funds back at closing and protect myself? i was told any overage @ closing will go back to the seller i was also told by my broker this cant be done. thanks cj
Re: CASH BACK AT CLOSING LEGAL IN CALIF?? - Posted by Rob
Posted by Rob on September 16, 2004 at 13:38:35:
Check out www.legalwhiz.com. They have an article about how to avoid seasoning. This will allow you to purchase the property for 200K and refinance to pull the equity out.