Re: is this legal - Posted by JohnBoy
Posted by JohnBoy on March 25, 2002 at 23:24:17:
Since the seller doesn’t want anything out of this then just buy it subject to. Then in about 6 - 12 months you just refinance it to pay off his underlying loans. You will save more in closing costs by doing it this way and getting refinanced VS. a new purchase loan is easier to qualify for. Plus you can get refinanced and be able to pull cash out from the equity without having to jump through all these other hoops to get your cash out on doing a new purchase.
Getting about 5% back from the seller for concessions is within reason. Trying to get back $20k is going to raise flags with the lender. Buying subject to and refinancing later after you have title in your name would be the easiest and best way to go on this.