Help me Ed!! - Posted by Julia

Posted by Ed Garcia on March 23, 2001 at 10:37:24:


One thing that concerns me is your thinking. You bought the house with out the down payment and closing cost, and I’m kind of wondering, what your thinking was when you did it? Perhaps there were some changes on where you originally was going to get the money needed to consummate the deal.

Julia, some investors do as you discussed in your post and inflate the price, create a false down payment, there by showing the lender a false LTV (loan to value).

Julia, that’s loan fraud. There are other ways it could be done depending on the circumstances of both the buyer and the seller. I can’t recommend anything for you right now because I don’t have enough information. If you would like, you can call me over the weekend at (909) 944-0199 and we can discuss your deal.

Ed Garcia

Help me Ed!! - Posted by Julia

Posted by Julia on March 22, 2001 at 15:22:22:

Hi Ed,
I’m a newbie in REI, and I just purchased my first SFH, which is being rehabbed. I have received some inquiries from people “interested” in purchasing the property but do not have much for down payment or the closing costs. I’ve been told I can increase the sales price to reflect a greater down payment (or something to that effect,I’m not quite sure how that works) and that way I would be getting my bottom line price. Have you heard of this? If so can you HELP ME!! and shed some light on how it would work??