Home buyer is asking for 12.5% cash back from home seller without disclosing on HUD? Is it Legal?

Answers:1   |   LastUpdateAt:2012-10-01 09:19:02  

Question
Ted
Asked at 2012-09-29 07:09:03
I am selling a house for say 175K . A home investor approached me and said he was going to buy my house for 200K , but I'll have 25K cashback him without revealing that the HUD . He was my property appraised for 200K and is able to get a loan of 200K . As a seller it's okay for me to go to this agreement without further implications ? Do Leagal ? I'm not doing any fraud and I'm not selling the property at a higher price than the appraisal. Thanks for your answers
Answer1julyAnswered at 2012-10-01 09:19:02
Fraud - flee. The lender normally provided to each appraised value or purchase price , whichever is lower . This is your baseline. It will be difficult ( not necessarily impossible , but difficult) to buy it for 175k and then two days later trying to get a mortgage - regardless of the assessment. MedlinePlus MedlinePlus Call a lawyer - in fact, call your attorney general. Assessor could be in the mix too. There are plenty of real estate fraud that follows . They have good people to join in. involuntarily affable MedlinePlus MedlinePlus Hope that helps . MedlinePlus MedlinePlus Joe ...
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