Posted by John Smith, IV on September 24, 2003 at 01:28:12:
In short YES!
The 20K will go to an escrow account.
The 100K will also go to the same escrow account.
When the closing agent closes the deal she will distribute the money due to each party accordingly.
In your case, there will be 120,000 credited, but after the whole transaction costs are deducted there will still be a credit.
They will have to cut a check for you.
Sheriff sale 20% - Posted by nj
Posted by nj on September 23, 2003 at 14:19:32:
Is it possible to get back the 20% down payment made at the sheriff sale if you give them 100% at closing. For instance, if the final purchase price was $100,00. you give them your 20% of $20,000. Before the 30 day grace period, you bring a check for $100,000. Will it be possible to have a check cut for $20,000. The reason I ask it that I can get 100% financing from my mortgage company, but I won’t have it of course until after the auction. This will be for a New Jersey property. Thanks
Re: Sheriff sale 20% - Posted by Troy
Posted by Troy on September 28, 2003 at 02:54:43:
I would like to know info on a mortgage company financing 100% of the sale price.
Thanks
Tbyrd