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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Credit backs with sellers in NOD Posted by cr38t8ve investor on April 21, 2008 at 3:40 PM In Reply to: Re: Credit backs with sellers in NOD posted by Jerry - Ca. on April 21, 2008 at 2:39 PM Thanks for the reply. That is a great example of how to do it through escrow. Sellers paying for closing costs at escrow is pretty customary/standard in CA. Well how about sellers paying for "repairs" if their homes are fixers? : 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: Re: Credit backs with sellers in NOD Jerry - Ca. 4:31 PM, 04/21/08 (3) Are you sure? Rick, the Probate Guy 6:44 PM, 04/25/08 (2) Re: Are you sure? Jerry - Ca. 10:47 AM, 04/27/08 (1) Re: Are you sure? Jerry - Ca. 3:04 PM, 04/29/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Thanks for the reply. : : That is a great example of how to do it through escrow. Sellers paying for closing costs at escrow is pretty : customary/standard in CA. : Well how about sellers paying for "repairs" if their homes are fixers? : : : 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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