I have a mess and need advice. I currently have a contract that states buyer is ---- or assigns. So, can it be assigned without my sellers approval or even knowing who the assignee is?
This sounds like an exact deal my sister has with her seller all the costs rolled into the mortage and the seller taking 6% concession the difference being no money changes hands at closing or afterwards so is what my sister is doing illegal too. please reply.
[addsig]
Quote:
On 2005-11-22 21:04, ctrakker222 wrote:
This sounds like an exact deal my sister has with her seller all the costs rolled into the mortage and the seller taking 6% concession the difference being no money changes hands at closing or afterwards so is what my sister is doing illegal too. please reply.
No. What your sister is doing is not illegal -- providing everything is disclosed on the HUD1.
Most lenders will allow anywhere from 2%-6% in seller concessions. Some will only allow it to be applied to non-recurring closing costs.
But as has been pointed out, if you’re doing some type of agreement outside of escrow where you’re getting cash back, as the original poster did – it’s lending fraud.
This sounds like an exact deal my sister has with her seller all the costs rolled into the mortage and the seller taking 6% concession the difference being no money changes hands at closing or afterwards so is what my sister is doing illegal too. please reply.
[addsig]
Quote:
On 2005-11-22 21:04, ctrakker222 wrote:
This sounds like an exact deal my sister has with her seller all the costs rolled into the mortage and the seller taking 6% concession the difference being no money changes hands at closing or afterwards so is what my sister is doing illegal too. please reply.
No. What your sister is doing is not illegal -- providing everything is disclosed on the HUD1.
Most lenders will allow anywhere from 2%-6% in seller concessions. Some will only allow it to be applied to non-recurring closing costs.
But as has been pointed out, if you’re doing some type of agreement outside of escrow where you’re getting cash back, as the original poster did – it’s lending fraud.