Quick, What forms to Use? - Posted by Chris in L.A.
Posted by Chris in L.A. on August 27, 2003 at 13:26:56:
Quick Scenario: Got a property under contract for 299,000, with a ARV of 380,000. I need 320,000 to purchase, repair, hold and sell.
My lender says the cheapest way to get the funding would be to bump the purchase contract up to 320,000 and simply have the seller give me the 21,000 outside fo escrow. Seller says that is fine, but what can I get him to sign or fill out to make sure that this in fact happens once the deal is done. Does anyone out there have a form, promise to pay, etc.?
Also what would the seller benefit in doing this? He won’t have to pay taxes on the money he didn’t even get will he? Thanks to All