Posted by Tim Fierro (Tacoma, WA) on July 13, 2002 at 13:27:39:
I don’t remember seeing the other message, but have you thought of having the contract reflect the seller giving you $xxxx for carpet replacement or some other type of fix?
John - Need your help! - Posted by Charles (OH)
Posted by Charles (OH) on July 12, 2002 at 15:02:59:
John,
I posted a message about a week ago about a realtor/seller breach of contract. We have come to a settlement that they will give a discount on the other property we were buying.
The problem is that the discount lowers the price below the minimum amount my lender will lend. So is there anyway that I can keep the price the same and have them cut me a check for the agreed upon discount. My lender we only allow a 2% seller contribution, so I can not just attach this to the closing. I know that getting cash outside of closing is considered loan fraud, but in this case the cash would actually be a settlement of the breach of contract.
So is there anyway I can structure this deal to get the cash.
Thanks,
Charles Kirkendall