Posted by Mark (WV) on March 09, 2001 at 15:46:27:
Ed you get my vote, like dealing with a seller that doesn’t want to sell, NEXT
I NEED A STRAIGH ANSWER/CASH BACK at CLOSE - Posted by B
Posted by B on March 09, 2001 at 13:04:48:
OK…I find a house, have it appraised at 200,000. SELLER says 190,000 he’ll take, will not assume any loans or anything. just wants completely OUT. Ok. WILL BANK SEND ESCROW 200,000 and escrow will give check for 10,000 to me? YES OR NO, PLEASE PLEASE explain the the way a check is put in my hand, is it only BY REFINACE after closing?, Repair?
Meaning what are the ways or THE only ways TO HAVE A CHECK handed to ME AT CLOSING or shortly after and HOW
Re: I NEED A STRAIGH ANSWER/CASH BACK at CLOSE - Posted by Sakiy Muhammad
Posted by Sakiy Muhammad on March 10, 2001 at 12:26:30:
Send complete info. Thank you.
No money at closing - Posted by George
Posted by George on March 09, 2001 at 18:25:49:
In this case, I don’t think you have a chance to get money at clossing… Also,there is not enough profit…don’t like a bit…
Re: I NEED A STRAIGH ANSWER/CASH BACK at CLOSE - Posted by Shaun
Posted by Shaun on March 09, 2001 at 18:25:18:
Perhaps we can help. The only legal way we know of for you to get cash back at closing is to have it show as cash or amount due to you on the closing statement. The closing company will cut you a check for the amount that shows as due to you on the closing statement. Now, how do you get the closing statement to show an amount due to, in this case senario, the buyer? Either you have credits due to you or the amount of the new mortgage exceeds the amount due to pay off the seller’s mortgage. This can be a new commercial mortgage or a seller financed mortgage if there is not another mortgage, or a wrap. Credits could be taxes, rents, security deposits, deferred maintenance, carpet allowance, or any of a number of things. The bottom line is that the amounts on the closing statement must exceed the amounts for which you are liable, to get cash back at closing. Does this help?
Here’s Your Straight Answer - Posted by Ed S.
Posted by Ed S. on March 09, 2001 at 13:50:02:
No.
Howz that?
BTW, you set yourself up for that answer, as it is the only answer you will accept. If you block every possible avenue ahead except the one with the ‘Dead End’ sign directly in front, it doesn’t take much to predict how you’ll fare in REI; I predict you will fail.