Hi all!,
Question about downpayments from the pros. Just a quick question on whether this scenario works legally and what the challenges of it may be (past experiences would help out too) with todays mortgage rules.
Country home Asking price - $100,000
Country home estimated value - $120,000
Can I offer $120,000 and receive $20,000 cashback from the seller in cash pre-deal?
The idea being that the buyer will end up with exactly what they were asking on the property and end up happy, as well as I get partial/full downpayment on property?
Basically looking at different financing options. The following is just an example so if you needed more information to answer this question, please let me know!
Much appreciated,
Mike
Question about downpayments from the pros. Just a quick question on whether this scenario works legally and what the challenges of it may be (past experiences would help out too) with todays mortgage rules.
Country home Asking price - $100,000
Country home estimated value - $120,000
Can I offer $120,000 and receive $20,000 cashback from the seller in cash pre-deal?
The idea being that the buyer will end up with exactly what they were asking on the property and end up happy, as well as I get partial/full downpayment on property?
Basically looking at different financing options. The following is just an example so if you needed more information to answer this question, please let me know!
Much appreciated,
Mike