Investor · Clear Lake, TX · Member since 2015 · 14 posts · 7 votes
I am interested in purchasing a property that could use about $8000-$10,000 in cosmetic upgrades (change carpet for laminate, retexture and paint walls + ceiling, upgrade appliances, upgrade countertops to granite, upgrade kitchen+bathroom cabinets).
How can I structure an offer offering full asking price but at closing the seller gives me back $10,000 cash? Is there another way to do this?
I would be purchasing as a Owner Occupied primary and can put 20% down payment. Houston, TX.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y
Anything not on your purchase contract, and revealed to your lender would be mtg fraud. You can get a repair credit or your closing cost paid by the seller. There is a limit to this, ask your lender.
I am interested in purchasing a property that could use about $8000-$10,000 in cosmetic upgrades (change carpet for laminate, retexture and paint walls + ceiling, upgrade appliances, upgrade countertops to granite, upgrade kitchen+bathroom cabinets).
How can I structure an offer offering full asking price but at closing the seller gives me back $10,000 cash? Is there another way to do this?
I would be purchasing as a Owner Occupied primary and can put 20% down payment. Houston, TX.
Put the credit on the closing statement. I’ve done it 1000 times. Specifically to lower cash to close