Investment Question
I have found a property and the seller wants 75k and the appraised value is $105k. I have a buyer wanting to purchase it for 90k.
How do I set it up so a check is written to me/my company at closing for the $15k?
I read on this site to open an escrow account with an assignment and I could close on behalf of the buyer. Could someone please detail me the process regarding this option specifically how to get paid at the closing table instead of the buyer giving cash upfront?
1)Doesn't the buyer have to be there at closing to sign all the paperwork from the lender since the loan is in the buyers name?
2) Can 2 seperate checks be cut, one to my company and one to the seller if I open an escrow account?
Please someone walk me through this step , or any other idea, step by step because I am looking to stop requesting the seller to sign an addendun signing any thing over thier asking price to me then taking them to the bank to cash check and receive my amount over the asking price.
I am looking to legitimize and pay taxes and relieve myself of that extra headache gragging the seller to the bank; it is getting harder for them to cough up that money.
Bottomline, I am trying to have a check cut to my company at closing; how can I accomplish that legally?
Thanks in advance for any and all assistance...
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