Posted by Ed Copp (OH) on February 19, 2001 at 11:27:19:
who the seller is. Sounds to me like it is probably the real estate “lady”, and it also sounds like she will be keeping the prepaid rent.
It also sounds like “she” the real estate “lady” is in bed (so to speak, or not perhaps) with the mortgage broker, since there is a $3,000 kickback to get you into the deal. This “MAY” possibly, perhaps, maybe be legal; but it could very easily be a “cloudy area”.
If the seller (this may be the real estate “lady”), and the real estate “lady”, and also the mortgage broker all have a good payday; then who cares if you get a good deal or not.
Posted by steve ross on February 18, 2001 at 22:18:52:
So I made an offer an a investment condo! offered $68,000
the rents were paid up until AUG. all that money sitting there!!! Real estate lady says I cannot use rents, had to rework in form of 72,000 loan seller gives back 3,000 for down payment!!! Only problem is mortgage broker, needs additional 3,000 closing costs!! And because of debt to cash ratio, wont give me good loan anyway!!! What to do???
Here I think I got it !! 3,000 back from seller, 0 money down - but now bahm $3,000 more for closing costs!!!
Is 0 money down a reality???