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.
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.