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how can i get a rebate for repairs the legal way at closing

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Q

question mark

Junior Member
please help?

What is the name of your state? illinois
my question is this the seller want 275,000 for the house
that appraises for 300,000.
i qualify for 300,000 and the seller said he is willing to give me 25,000 back at closing if i give him 300,000 leaving him with 275,000 which he wants I am putting no money down and am getting 100 percent financing. how can i disclose this so it is legal can we do it for repairs? since i am going to use the 25,000 to remodel the basemant/ can it be done as a concession? i want to do it the legal way. will i have to pay taxes on the 25,000 ? does my lender have to know about the transaction between the seller for it to be legal? if anyone knows please give me some advice for i want to do everything legally thank you.
 
Last edited:


H

HomeGuru

Senior Member
question mark said:
What is the name of your state? illinois
my question is this the seller want 275,000 for the house
that appraises for 300,000.
i qualify for 300,000 and the seller said he is willing to give me 25,000 back at closing if i give him 300,000 leaving him with 275,000 which he wants I am putting no money down and am getting 100 percent financing. how can i disclose this so it is legal can we do it for repairs? since i am going to use the 25,000 to remodel the basemant/ can it be done as a concession? i want to do it the legal way. will i have to pay taxes on the 25,000 ? does my lender have to know about the transaction between the seller for it to be legal? if anyone knows please give me some advice for i want to do everything legally thank you.
Click to expand...


**A: there are several ways to do this but you need to see a local mortgage broker and your Realtor.
 
Q

question mark

Junior Member
yes i did get your first response but the problem with that response is that for one my mortgage broker said he doesnt want to know about any credit at closing that it would have to be done out of escrow. and secondly i dont have an agent it is fsbo thats why i asked how i could do it and how i could do it the legal way. so does anyone know how to do it
 
H

HomeGuru

Senior Member
question mark said:
yes i did get your first response but the problem with that response is that for one my mortgage broker said he doesnt want to know about any credit at closing that it would have to be done out of escrow. and secondly i dont have an agent it is fsbo thats why i asked how i could do it and how i could do it the legal way. so does anyone know how to do it
Click to expand...


**A: if it is a FSBO then the Seller does not have an agent, not you. Are you saying that YOU also do not have a Realtor?
 
Q

question mark

Junior Member
home guru you obviously dont know the answer to my original question thats why you pawned it off by telling me to ask my mortgage broker and realtor. i obviously already asked them and i know what they said but i wanted a second opinion and you obviously couldnt produce an intelligent answer. and for the record yes i have a mortgage broker and yes i have a realtor and yes he has an agent but what does that have to do with the original question if you dont know then say you dont know dont ask me to ask someone else. like i said i was looking for an a second opinion or other options. but turns out your the only clown . :eek:
 
P

PghREA

Senior Member
What you want to do is not legal in my state - which is why the lender and the realtor don't want to know about it.
 
P

PghREA

Senior Member
question mark said:
i do not have a realtor and the seller does not have an agent
Click to expand...
And in another reply you tell HomeGuru that you have a Realtor and the seller has an agent - which is it?
 
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