rent credits - Posted by b wade

Posted by Jim Holmes on March 25, 2000 at 01:03:53:


I am about to close on an apartment building that is pretty much a no money down deal. Usually in your “Good Faith Estimate” you will have an amount that you will need to bring to close. At closing your credits will be applied, reducing the amount needed to close.

In my case, I’m getting a 75% 1st and the sellers are carrying back 25%. With my credits offsetting the closing costs, I will probably leave the table with a little over $1,000.

Just remember to do a good analysis of your deal.

Good Luck.

Jim from Idaho

rent credits - Posted by b wade

Posted by b wade on March 21, 2000 at 15:49:49:

When using deposits, rent credits, and real estate tax credits towards or for a down payment, when and how does this take place?