Posted by Alicia Stump on September 25, 2003 at 24:47:21:
How much does your buyer need down? For example, if he only needs 3% down, see if you can carry the other 7% on a second (if you don’t mind doing this). Banks usually don’t mind this. If they need more, check with your local city or county to see if there are any grants available for buyers. A lot of cities have down payment assistance programs where they will loan the buyer up to a certain amount and if they live in the house for a certain amount of time, they never have to pay it back. Hope this helps…
legally contributing to buyers down payment? - Posted by chris
Posted by chris on September 24, 2003 at 17:14:35:
I found a buyer for an investment property that I’m selling. My motgage broker told me he can qualify for 90%LTV. The problem is that the buyer has no down payment $. My broker tells me that the lender that we are going through does not require that the down payment be “sourced or seasoned”, as long as it comes from the buyers bank account. In other words, I could give the buyer the down payment money and just raise the sales price by that amount. Is this legal? My broker says that the lender not requiring the down payment money to be “sourced or seasoned” is “just one of those niches that you take advantage of while you can”. Any thoughts? I want to sell this property but I don’t want to do anything that will come back to bite me. Thanks