Can anyone provide an example of a contract for sale that shows where an investor and seller get money back at closing? I am trying to make an offer for purchase but I want to make sure I do not sign a contract that I can not afford. If this example already exists please point me to the link to find it. Thanks for the help.
if you are looking for the actual purchase agreement, you should find one locally so that all applicable laws are addressed. Then add an addemdum that address this. Here are a few ways this can work.
Here is an idea that would work best for your primary residence… Do a sales lease back. You rent the house back to the seller for 1 day or 1 week for $x, this will put you under short term rental, and according to federal tax law this would not be taxable. This is basically what they do on extreme home makeover.
If there are realtors involved and your state allows buyer rebates, you could have your agent recieve X for commission and receive a buyers rebate for what would be above the agreed commission amount.
You could also have money transfer for repairs. But most lenders do not like this.
There are also downpayment asistiance programs where the seller gives x to a non profit, and they give you x as downpayment assistance. This one has been popular for a while, but many of these companies are under scrutany right now.
The main this is that the money is on the HUD, and disclosed to the mortgage company. If it is not disclosed it is mortgage fraud.
Thank you for your help. Where can I find an addemdum?
here is an addendum to purchase agreement http://www.rentalcashflow.com/addendum.asp
Thank you for the addendum! Do you have a sample of one sort of like a template?
a sample of what?
I am looking for the verbage to place on the addendum so that I walk out of the closing with a check. So I am looking for a template of an addendum that has been used and works well.
Thanks, I needed this info too