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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>

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