Hi my question this, I plan to buy a home very soon, Can i have my friend put a contract on it for example for $150,000 and have him assign it to me for $160,000 only saying if its okay with the seller. Then at closing he would get $10,000. Is this okay to do? Can we make this friendly deal work? Thank you.
It is possible but you would be putting yourself at heavy risk for mortgage fraud along with some other tax implications such as elevated SEV’s (in my area that is how it works), plus someone is going to have to account for the 10k. I would steer clear of this.
This is clear mortgage fraud! FRAUD!