Cash In Hand At Closing?

Hey gang, question for you. We are purchasing a duplex FSBO that may need a little work. The seller has agreed to selling over purchase price and giving us cash back at closing of $35000. How do we make sure we get this cash back from them because they do not have the funds to bring to the table before it closes? Please advise

Comments(3)

  • tinman17559th September, 2004

    The easiest way would be to have a payoff on the HUD for $35,000.00 on the Seller's side made out to whom you want

    Lori

    [addsig]

  • ray_higdon9th September, 2004

    BE CAREFUL!

    If that 35k puts it over the market value/appraised value it is considered illegal.

    I don't know how many get caught at this but I would be careful.

  • classimg10th September, 2004

    Speak to your attorney!

    Be careful!

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