seller carryback. Please tell me if I can do this - Posted by Monique
Posted by Monique on February 07, 2002 at 22:20:37:
Hi. I need some help. I have a contract on a home I would like for myself. The asking price is 130,000. We agreed to this price. We were going to do a no money down gift program and therefore we had to inflate the price to about 137500. We thought the house would appraise to at least 140000. The house appraised at 133000 and the seller is required by our lender (FHA) to do some repair work. Now that the appraised price is lower, we cannot do the gift money to include down payment and closing cost and keep the cost on paper at 133000. I was considering offering the seller a note consisting of the down payment, but I dont know how that would be structured in a contract. There are 2 realtors involved so I would obviously have to use their contracts (as opposed to Someone elses like Ron Legrand). Can someone help me on this. I really like the house for my family. Time is of the essence.