Really it doesn’t happen as often as they would have you believe. Sometimes you can get the seller to credit you after closing for some fix up costs but most lenders don’t allow that. Perhaps some of those folks are buying with a contract for deed and aren’t actually closing on the purchase for some time. In which case when they do actually take title they are refinancing and getting some cash after they pay off the seller. You might hear about people buying and refinancing to get “tax free” cash, however understand it usually takes at least a year until most lenders will recognize any value for the home that is higher than your purchase price. There may be other ways but I havn’t heard them yet.
I have ordered a course but I would be interested in someone telling me in a brief note just how Carlton Sheets says that all those people on his add get money out at closing?
Posted by Brad Crouch on May 26, 2000 at 02:32:25:
Steve,
Not sure that the Sheets material mentions this, but here is one way:
The person selling the property does so with the offer of “owner financing”. Then the note is sold at closing with a discount to a note buyer. This is called “table funding”.
Posted by Fred Chambers on May 23, 2000 at 09:53:10:
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