Seller Rebate at Closing - Posted by Kat
Posted by Kat on January 26, 2000 at 20:42:32:
I’ve got a chance to buy from friends a sideXside duplex, great area, etc. May be able to get appraisal for $60k. They will take about 40k or less (desperate). I would like to make offer for purchase price at 60,000 so that I can get the full $40k financed easily, or even finance $48k to help with siding and windows.
How does the seller rebate (12k) at closing work? Do they have to claim the income, or is it legit to claim only the 40k they actually got?
Also, I don’t want to pay for an appraisal if this is not going to work (it’s not high enough, or financing doesn’t go through). I can’t image paying for an appraisal on every property that I make an offer on. How do you all handle this??
Any advice on how this should be played out would be appreciated…I’m kind of lost!