Cash Back At Closing??

Give me an example on how to word the contract in order to get cash back at closing even if you don't have a rehab project?

Comments(5)

  • cjmazur15th June, 2004

    cash back from whom for what?

    seller
    lender
    agent
    other?

  • joymarie15th June, 2004

    When purchasing a property at closing?
    example price:95,000.00
    apprasial 108,000.00
    and the buyer can get the apprasial price as the loan amount he/she requested. After downpayment, and closing cost of say example 5,000 down and closing 3,000 can the buyer receive the remaining loan proceeds as cash back to buyer. Which may be 5,000. according to this example? Any help would be greatly appreciated.

  • rmdane200015th June, 2004

    if your purchasing the property, the bank will use the lower of the appraisal or purchase price to establish the loan.

  • webicknell16th June, 2004

    I can yes... I closed on my first rehab yesterday. Purchased for $45K with an ARV (based on appraisal) of $78K. Lender (bank) gave me a 75 LTV 6-month interest only construction loan at 5.5% (1 point origination).
    Walked out at closing with check for $12.5K with estimated repairs at about $9.5K.
    Better the HML all day long.

  • rmdane200016th June, 2004

    What the previous poster was referring to was a rehab project...

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