Posted by Sheik on March 27, 2000 at 10:17:17:
I find that those ads that offer to pay closing costs (in my area) are most often investors (rehabbers) attempting to resell the fixed-up property.
Finance Question. - Posted by Len (NYC)
Posted by Len (NYC) on March 27, 2000 at 09:49:01:
I have noticed a couple of ads in my local paper, with many people stating that they will cover all closing costs, it seemed that 8 out of 10 ads were like this. Does this mean that they are motivated sellers, or am I reading it too much, is that just common?
Also what exactly is covered by C.C?
What is escrow closing, or just escrow?
Re: Finance Question. - Posted by T Jent
Posted by T Jent on March 27, 2000 at 22:23:51:
This may be a way to facilitate a quick sale. One can offer to pay the closing costs to a cash poor buyer, but make an understanding with them that the amount for those costs will be added to the purhase price (the buyer’s loan). Thus a cash poor buyer can get into the property more easily, and the seller makes the same amount of money…provided the home will still come in at the appraisal with the extra tacked on. Technically, this practice is not really kosher, but it’s rather common.