Washington State Protocol??

[Theresa Nardello]

Hi.  I live in California and have a home in Washington that I'm flipping, and a serious buyer is asking me to cover his down payment and closing costs.  I'm familiar that closing costs are often paid by the seller, but have never heard of paying a buyer's down payment.  He is telling me this is common in Washington.  Has anyone ever heard of this?

Also, is it protocol for me to pay all closing costs or just a portion?

Thanks in advance!

Teri

[Brandon Turner]

Hey Teri, definitely not normal and usually never allowed by the bank that the guy is getting his loan from. The only exception I can think of is with VA loans- they'll allow some of that stuff but they have $0 down loans, so it's likely not even an issue if this was VA.

I would find out what kind of lender he is using and get that in writing that the bank is okay with you paying a down payment. It's likely not.  

Anyone else?