question mark
Junior Member
its neither this nor that neither here nor there.
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how can i get a rebate for repairs the legal way at closing
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question mark said: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 .
**A: if you checked out the last 25 closings that I assisted similar to your requested scenario, you would see that the Buyer's got big checks after closing.
All legal. The reason that I requested that you ask your mortgage broker and Realtor was to get their opinion so I could compare it to my method.
Now let's think about this for a minute. You are too damn cheap to get your own Realtor and think you can also save money by negotiating with a FSBO too.
Then you have the audacity to now post that you have a Realtor. You are not wanting SECOND opinion, you wanted a FIRST opinion. You are a big liar.
I get paid big bucks for writing real estate contracts and I am not going to waste my time giving you free information when you are cheap, unappreciative and a liar.
I do not mind being called a clown or any name in the book because I know my craft and know it well. So well that I pay Realtors to find investment properties for me all the time. Good luck and I see that you still have a question, Mark.
question mark
Junior Member
wow u caught me guru you should be a detective i am so shocked by how smart you are.... hey forget detective you should try brain surgery. man you the man ! nobody can compete with your almighty knowing. i have no agent no realtor i am cheap i am buying fsbo u left out the fact that i am actually not even buying a house rather just asking for ANOTHER FRIEND who wanted me to find out because she is buying her uncles house so i just used myself for the scenario in the thread for the fact of not explaining but hey you already new i wasnt buying a house because hey im too cheap. and besides im still in college and couldnt afford to buy a house but hey you already new that right guru. lol
S
seniorjudge
Guest
This is a scam, Mark. Avoid it.question mark said:
question mark
Junior Member
great comback some lair you got buddy wowwwwwwwwwwwwwww
i guessed u climaxed at the foreplay ha
i guessed u climaxed at the foreplay ha
Hmm..
I'm not sure how Illinois works, but I work for a title company in Pennsylvania, and if you handle this off of the settlement sheet, you might be able to get away with it. I'm not sure if you'd have to pay taxes on this or not. In Pennsylvania, any information that you don't disclose to your lender or mortgage broker regarding your finances is considered to be bank fraud, so be careful about how you handle it. Perhaps the best way is not to call it a repair on the Hud-1 Settlement Sheet, but just a credit for improvements, that way your bank knows about it, and everything is legal. But again, as far as paying taxes on it, I'm not really sure. You said you're borrowing 100%. Is that 100% of the worth of the house (300k) or is that 100% of the sales price (275k)? What did you tell your bank the sales price was? It would all depend on what you tell your bank and how you handle it. I would say the best way is to put it on the HUD as improvements that you want to make to the property and have the seller credit you for it. I would check with your bank to make sure that this is all legal and not considered bank fraud, since you have no money down and you're getting a large sum from the seller. Maybe the best way is for the sales price to be adjusted to 300k, and the seller give you the 25k as improvements, as I said before. Again, I would check with your bank and your local legislation to make sure that is legal. In PA, that wouldn't be a problem to do that on the Hud, but the bank would have to know about it, and be okay with it. I hope this helps.
I'm not sure how Illinois works, but I work for a title company in Pennsylvania, and if you handle this off of the settlement sheet, you might be able to get away with it. I'm not sure if you'd have to pay taxes on this or not. In Pennsylvania, any information that you don't disclose to your lender or mortgage broker regarding your finances is considered to be bank fraud, so be careful about how you handle it. Perhaps the best way is not to call it a repair on the Hud-1 Settlement Sheet, but just a credit for improvements, that way your bank knows about it, and everything is legal. But again, as far as paying taxes on it, I'm not really sure. You said you're borrowing 100%. Is that 100% of the worth of the house (300k) or is that 100% of the sales price (275k)? What did you tell your bank the sales price was? It would all depend on what you tell your bank and how you handle it. I would say the best way is to put it on the HUD as improvements that you want to make to the property and have the seller credit you for it. I would check with your bank to make sure that this is all legal and not considered bank fraud, since you have no money down and you're getting a large sum from the seller. Maybe the best way is for the sales price to be adjusted to 300k, and the seller give you the 25k as improvements, as I said before. Again, I would check with your bank and your local legislation to make sure that is legal. In PA, that wouldn't be a problem to do that on the Hud, but the bank would have to know about it, and be okay with it. I hope this helps.
question mark
Junior Member
thanks kryzif
wow!!! kryzif thanks, i finally got an intelligent/helpful response after 20 somethin posts on this thread. its nice to see someone can give me some good advice other than "ohhhhhh go ask your agent or your mortgage broker."
actually this was great i will be able to give my friend your advice she is looking to buy a place in the near future and is looking to do something of this nature and she had heard of a couple ways of doing it but i will definately share the good advice you gave me.. and oh sorry if i mispell a word or two i am not an not an english major like the rest of these people.
so let me get this straight you suggested that a credit for improvements is better than a credit for repairs ha. interesting. is this because a credit for repairs throws up a red flag that the house is not worthy of the full amount borrowed? and your next question was is the house appraised for 275 or 300 i believe it is 300 i will ask her though.
once again thanks a bunch you have been more than helplful. now i know who the real home guru is.
wow!!! kryzif thanks, i finally got an intelligent/helpful response after 20 somethin posts on this thread. its nice to see someone can give me some good advice other than "ohhhhhh go ask your agent or your mortgage broker."
actually this was great i will be able to give my friend your advice she is looking to buy a place in the near future and is looking to do something of this nature and she had heard of a couple ways of doing it but i will definately share the good advice you gave me.. and oh sorry if i mispell a word or two i am not an not an english major like the rest of these people.
so let me get this straight you suggested that a credit for improvements is better than a credit for repairs ha. interesting. is this because a credit for repairs throws up a red flag that the house is not worthy of the full amount borrowed? and your next question was is the house appraised for 275 or 300 i believe it is 300 i will ask her though.
once again thanks a bunch you have been more than helplful. now i know who the real home guru is.
S
seniorjudge
Guest
question mark said:
Remember...I told you this was a scam.
Mark,question mark said:
Usually when you have a credit for repairs, it says that there is something WRONG with the house, and the lender might question it. If it's for improvements that you (or your friend) want to make to the house, then that should not raise any red flags. If you have any other questions, just let me know and I'll try and help you out. I know what you mean about some actual advice. I'm having trouble getting that on here as well!