Posted by Rick Wheat on February 26, 2001 at 06:57:20:
you seem to have a handle on it. Whatever you agree to with the seller, goes. For instance, if you agree to pay him $x.xx as a down payment, and he agrees to let you have $y.yy for repairs you do to the propety, then he refinances it just like you said. He then gives you a check right after the closing, (or you might want to get a personal check beforehand from him, to swap out after the closing with a cashier’s check). This keeps him from getting any bright ideas about keeping YOUR money.
You then have the property put into a Trust that you control, and take over the payments of the new loan. Pretty simple, and a good way of solving the downpayment problem when you don’t want to use any of your money for it.