Advice On This Deal, Please.

Looking to purchase a duplex that is a serious fixer. Asking price is 150K. I would like the seller to pay the down payment or credit us back repair costs. But when I drew up the offer today, my lender said they wouldn't allow us to this. It seems that I've heard of people doing this? Any suggestions? Thanks in advance.

Comments(1)

  • ram16th March, 2004

    Either structure the seller to credit the purchser at closing the desired amount for the purpose of remodeling/repairs, payable to your contractor/you jointly, or if you are an agent, pay you a fee at closing in the appropriate amount. Likely there are also items that such a credit may be classified at closing...these are the strategies I have employed.

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