Home Selling in 60563>Question Details

Magdalena, Both Buyer and Seller in 60563

I have rehabber specials with thousand in equity and cash back at closing. Are you interested?

Asked by Magdalena, 60563 Wed Dec 26, 2007

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4
Magdalena,

I am a mortgage broker. Trust me when I tell you... "cash Back" at closing more likely than not is illegal. If you don't like Prison. Stay away from that one.
1 vote Thank Flag Link Fri Jul 18, 2008
Are you and Rcardo (selling his home in Spain) the same poster?
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Wed Dec 26, 2007
Cindi Hagley, Real Estate Pro in San Ramon, CA
MVP'08
Contact
If structured properly, "cash out" to an investor is possible and perfectly legal. The structure itself is complex and varies state to state.
Please contact me with more information.
0 votes Thank Flag Link Wed Dec 26, 2007
Not the place to list this type of "question" and, cash back at closing schemes are.....ILLEGAL 99.9% of the time. Cash back at closing schemes are being scrutinized by lenders and the federal government landing many participants in a heap of trouble. Ignorance of the law is no defence.
0 votes Thank Flag Link Wed Dec 26, 2007
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