Grant Question
I have a buyer lined up for two of my foreclosure properties. I am willing to sell them to the investor with quite a bit of equity on the backside due to my position in the property. This buyer wants to buy the properties at the appraised value and would like me to contribute an amount of proceeds to a non-profit grant organization. They are stating they would then apply for the grant to rehab the property. Is this legal???? Should I contribute such funds???
Thanks Robert H. I am just concerned with any legal consequence involved. Is the seller (ie me) at any legal consequence with the grant program or what the buyer does with the proceeds from the grant program. I just want to make sure that I am not legally tied to what the buyer does with the proceeds.
This is a grant program to help the buyer to come up with closing or down payment costs. The seller can use any amount that they contribute to the non-profit company for a tax write off.
There are many ways to finance a property.
Good Luck,
Robert