Reply to thread

Message: <blockquote data-quote="pluckem" data-source="post: 181022" data-attributes="member: 843"><p>I sold my previous house by myself and the buyer was looking to buy the property as a rental property. His offer was $6k over asking price but he wanted $6k in return. Basically I would walk away with full ask price and he would finance $6k under his loan on the property. </p><p></p><p>The potential issue I saw with this, is the property needs to appraise for whatever the selling price is regardless of the cash back the buyer wants.  So I added some verbiage in the contract that he would have to cover the difference (if there was any) between the appraised price and selling price.  I did not want to have the deal go south after missing 2 of the prime home sales months. </p><p></p><p>I did have an attorney look over the documents. There were no issues in the process and closing went smooth.</p><p></p><p><span style="color: silver"><span style="font-size: 9px">- - - Updated - - -</span></span></p><p></p><p></p><p></p><p>Thinking about this some more, the 6% is coincidently the standard real estate agent costs and $5k would be a good estimate to cover all of closing.  If I had to speculate he might be interested in flipping the property and doing so without any cash out of his pocket.</p><p></p><p>You cover closing costs and the 6% to cover the future real estate agents costs and he will some cash in hand to cover the interest and other costs associated with the flip.</p></blockquote><p></p>

Verification: What is the most common fish caught on this site?

Recent Posts

Health Care Cost
- Latest: lunkerslayer
- 12 minutes ago
T
A.I. Are you Excited?
- Latest: Twitch
- 18 minutes ago
Western ND river ice
- Latest: Jiffy
- 31 minutes ago
C
NDSU to the FBS???
- Latest: camper
- Today at 6:25 AM
Marijuana News Tidbits
- Latest: 1bigfokker
- Today at 12:12 AM
Hobby
- Latest: grantfurness
- Yesterday at 11:54 PM
Concealed carry
- Latest: svnmag
- Yesterday at 10:40 PM
Customer service
- Latest: jr2280
- Yesterday at 10:17 PM
Catfish anyone?
- Latest: svnmag
- Yesterday at 8:15 PM
Generation X
- Latest: wslayer
- Yesterday at 5:04 PM
NFL News (Vikings)
- Latest: Eatsleeptrap
- Yesterday at 4:47 PM
The Decline of Devils Lake
- Latest: Eatsleeptrap
- Yesterday at 3:28 PM
T
Buying gold and silver.
- Latest: Traxion
- Yesterday at 2:12 PM
Wood Stoves
- Latest: KDM
- Yesterday at 9:47 AM
500,000 acre habitat program
- Latest: Obi-Wan
- Yesterday at 9:30 AM
A
Bitcoin
- Latest: Auggie
- Yesterday at 6:25 AM
CCI Uppercut JHP ammo?
- Latest: svnmag
- Thursday at 10:31 PM
Model 12 Winchester
- Latest: svnmag
- Thursday at 8:29 PM
Outdoor photo request
- Latest: Maddog
- Thursday at 5:42 PM
ICE Fishing videos
- Latest: tikkalover
- Thursday at 3:24 PM
ND concealed Weapons Permit
- Latest: Maddog
- Wednesday at 6:45 PM
Heated jackets
- Latest: wslayer
- Wednesday at 4:36 PM
T
Cheaper Lithium for FFS shuttl
- Latest: Traxion
- Wednesday at 12:52 PM

Friends of NDA

Top Bottom