is that legal?

[milesgirl]

What is the name of your state? NC

I'm selling my primary home and I have someone that wants to buy. The question? They want to know if I can raise the price to include closing costs (which I know I can), and walk away with about 12k, after all attorney fees. Is this legal?

 

[kryzif]

The way this works in Pennsylvania, is you raise the sales price. Say you want 150 for your house, and they have closing costs of 5k. You raise the sales price to 155k to include closing costs and a credit of 5k seller assistance is put on the Hud-1 settlement sheet. The only way this would not be legal is if the buyer's lender says that they have to bring so much of their own money. As long as their lender is okay with it, I don't see how this would be illegal. Hope that helps.

 

[milesgirl]

I know you can include the cost of closing legally. My question is the other 12k he walks away with. Is that legal? Selling price is 142, wants to raise to 159.

 

[HomeGuru]

I know you can include the cost of closing legally. My question is the other 12k he walks away with. Is that legal? Selling price is 142, wants to raise to 159.

**A: A Seller can sell at whatever price he wants to but the controlling factor is the appraised value based on the lender's appraiser. EX: if the appraised value is 142, the lender will not loan money on a 159 value.