Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago,

User Stats

11
Posts
0
Votes
Vince Grove
  • Mount Joy, PA
0
Votes |
11
Posts

Cash back after sale??

Vince Grove
  • Mount Joy, PA
Posted
Hello, So I'm new to BP, and the real estate investing business. I currently have been reading a lot of the books here on BP, and soaking in as much knowledge as possible. With that being said, I have been in the market for my first place. To shorten the story up, I am coming close to writing up a deal on a single family row home. (I'm the buyer) The house needs some work and the current seller mentioned that after the sale, they could give cash back to help fund the repairs. Sound sketchy? Yeah kind of without the back story. But, I know that you can write in a contingency saying seller will write check to "contractor A" for 3k upon sale of home. That check would be sent to contractor A from the bank and they can do the work needed with the amount of money they received. My question is, if that contractor doesn't use all of that money, where does the rest go? Does contractor A keep it? Do I get it? Are there laws with this? If anyone has any clarity they can bring to me on this I would greatly appreciate it! Thank you! Vince Grove Lancaster, PA

Loading replies...