InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Credit backs with sellers in NOD Posted by Jerry - Ca. on April 21, 2008 at 4:31 PM In Reply to: Re: Credit backs with sellers in NOD posted by cr38t8ve investor on April 21, 2008 at 3:40 PM All the items you mentioned are negotiable in the purchase contract ... a lot different than getting "cash back" as a buyer through escrow! Jerry-Ca. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : 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: 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: : All the items you mentioned are negotiable in the purchase contract ... a lot different than getting "cash back" as a buyer through escrow! : Jerry-Ca. : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2008, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455