Question on no-money down deals - Posted by Michel

Posted by Michel on February 09, 2001 at 06:32:08:

Thanks a lot! I think I’m getting the idea!

Question on no-money down deals - Posted by Michel

Posted by Michel on February 08, 2001 at 13:30:07:

Hi!

I purchased CS manuals 4 months ago . I have read them a few times, but I’m still missing something here.

Let’s say I purchase a home for $100,000. The seller is willing to carry a second mortgage of $20,000. So, technically the first loan would be carried by a morgage company at 80%. So far so good. How can you get around not to have to pay the escrow and closing costs to make a 100% no-money down deal?

Can someone help me here?

Thanks!

Re: Question on no-money down deals - Posted by Brent_IL

Posted by Brent_IL on February 09, 2001 at 24:17:02:

Seller has to give more. Ask seller to give you a credit in escrow for new paint and new carpeting (not repairs). Make the cost equal to the escrow and closing costs.

Otherwise, find a partner.

Re: Question on no-money down deals - Posted by Tim

Posted by Tim on February 17, 2001 at 20:39:32:

What exactly is escrow?