Credit From Seller

Can A seller credit back money to the buyer at the close of a sale for rehab? Can I take what is left over after rehab and "pocket" it or what is the "rule" about that. Are there any banks that will allow this?

Comments(5)

  • jcmoney18th May, 2004

    usually lenders don't like to see that. A buyer walking away with cash at closing but, get a friend or someone you know who can get you a receipt for the repairs done. Just get it a little higher then what he actually charged you. WINK wink...

  • Boston18th May, 2004

    Yes, a seller can give a cash credit at closing. However, a bank does not want to see a large amount of $$$ going back to the buyer. It rings memories of the S & L failure of the late 80's.

  • Stockpro9919th May, 2004

    There are all kinds of credits, carpet roof, landscape, paint, et al..

  • tinman175519th May, 2004

    There are banks that allow unlimited seller credits in Ohio. As long as it is not in Cleveland,Ohio.

    Lori
    [addsig]

  • tess20th May, 2004

    Thanks all-helpful as usual. :-D

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