Posted by Natlaie-VA on March 25, 2006 at 10:33:44:
Luke,
It sounds like the poster is trying to get cash back at closing. If the Seller gives him 50k outside of closing, this could be considered loan fraud.
–Natalie
Seller wants to give me $50K - Posted by Frank
Posted by Frank on March 24, 2006 at 17:26:57:
The Seller is wanting to sell a property to me for $350k. It comps for $350k. The seller wants to give me a $50k allowance but the banks will not allow it due to the States policy. How can I receive the 50K, legally and where the seller will not be penalized by the IRS?
The banks tell me that we can do whatever we want after closing by not before. Any ideas?
Re: Seller wants to give me $50K - Posted by KC Questions
Posted by KC Questions on March 28, 2006 at 11:12:28:
Can’t you have the seller give you (or your company) a $50k mortgage on the property? You could then record it, and then at closing, the title company would pay you off along with any other mortgages.
Any reason this won’t work?
Re: Seller wants to give me $50K - Posted by Luke Hoppel
Posted by Luke Hoppel on March 25, 2006 at 10:16:54:
Why is the seller be so anxious to give you 50K?
If he want’s to give it to you so bad just get the loan for 350K and once the seller gets his money, have him write you a check for 50K.
Re: Seller wants to give me $50K - Posted by The Frisco Kid
Posted by The Frisco Kid on March 24, 2006 at 20:32:34:
Frank
Why can’t he just sell it to you for $300,000? From the info you gave, that solves the problem.
Re: Seller wants to give me $50K - Posted by David Krulac
Posted by David Krulac on March 24, 2006 at 18:18:13:
some mortgages permit 3-6% seller’s help, which would be $21,000.
Re: Seller wants to give me $50K - Posted by John
Posted by John on March 24, 2006 at 17:36:49:
Just have sell give 3% at closing and lower the purchase price the difference