Asked by Matt, Ohio • Mon Sep 8, 2008
I am in the process of purchasing a new construction home whereby the seller has agreed to pay for closing costs and our 3% FHA down payment. We got in right before the government ended the buyer assistance program. As a result of all the funds we had to ask from the seller, we ended up agreeing to a purchase price that was $10,000 higher than the list price. The appraisal came back and was $12,000 below the purchase price. We don't have the $12,000 cash to make up the difference. The seller said that he would agree to give us a loan for $12,000 with terms being 15 years @8% that ballons at the end of 5 years. I don't believe he plans on taking a lien out on the home. It's basically a deal between us and the builder. Is there any legallity issues with doing this? I don't want to commit to anything that could get me in trouble down the road.
Popular Categories in Ohio
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!