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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Credit backs with sellers in NOD Posted by Jerry - Ca. on April 21, 2008 at 2:45 PM In Reply to: Re: Credit backs with sellers in NOD posted by Jerry - Ca. on April 21, 2008 at 2:39 PM I didn't address your question about NOD. You must, of course, comply with all the statute 1695 et. seq. rules and regulations! Jerry - CA. XXXXXXXXXXXXXXXXXXXXXXXXXXXXX : In the first place it's illegal for a buyer to get money back from the seller in escrow! The only way that could happen ... is if wrong information is completed on the HUD-1 Form (Bank Fraud). : If you want to get "cash back" in escrow it must be received as a seller ... not a buyer. The way to do that is to have the seller set-up the property in a Trust ... and then Assign a Beneficial Interest in the trust to you ... so that you can receive funds ... as a Co-Beneficiary seller ... NOT as a buyer! : Jerry-Ca. : : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : Since it is a buyer's market, there are some sellers that can be very motivated in selling their home with lots of equity. Let's say we negotiate a transaction where they credit the buyer back some cash at close of escrow. Are there any ramifications for the agents/buyers involved when the seller has a NOD? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I didn't address your question about NOD. You must, of course, comply with all the statute 1695 et. seq. rules and regulations! : Jerry - CA. : : XXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : In the first place it's illegal for a buyer to get money back from the seller in escrow! The only way that could happen ... is if wrong information is completed on the HUD-1 Form (Bank Fraud). : : If you want to get "cash back" in escrow it must be received as a seller ... not a buyer. The way to do that is to have the seller set-up the property in a Trust ... and then Assign a Beneficial Interest in the trust to you ... so that you can receive funds ... as a Co-Beneficiary seller ... NOT as a buyer! : : Jerry-Ca. : : : : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : : Since it is a buyer's market, there are some sellers that can be very motivated in selling their home with lots of equity. Let's say we negotiate a transaction where they credit the buyer back some cash at close of escrow. Are there any ramifications for the agents/buyers involved when the seller has a NOD? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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