http://www.overeagerly.com/finance/how-to-sell-your-real-estate-investment-with-seller-finance Tue, 30 Nov 2010 08:39:59 -0500 http://wordpress.org/?v=2.8.4 hourly 1 http://www.overeagerly.com/finance/how-to-sell-your-real-estate-investment-with-seller-finance/comment-page-1#comment-3221 Steven M Mon, 14 Jun 2010 13:25:29 +0000 http://www.overeagerly.com/finance/how-to-sell-your-real-estate-investment-with-seller-finance#comment-3221 <b>I have a question about investing in real estate, tell me if you think this is legal?</b><br>OK, so I read in this book a technique to obtain 100 percent financing on an investment property since most conventional lenders won't allow 100 percent financing. Tell me if you think this is legal. First you need to find a property that is selling at a large discount to the appraisal value. To make this example easy I'm going to use round numbers. Say you find a property appraised at 100K and the owner is willing to sell it for 80K. You agree with the seller that you will purchase the property for the full 100K but they will give you a 20K allowance for repairs and updates. So you go to your lender, get 80 percent financing, which will give the seller his 80K and then his 20K allowance covers your down payment so you put no money down at closing. I know that was a lengthy example but is this legal? It seems too easy and I have asked several ppl and no one can give me a straight answer. I have a question about investing in real estate, tell me if you think this is legal?
OK, so I read in this book a technique to obtain 100 percent financing on an investment property since most conventional lenders won’t allow 100 percent financing. Tell me if you think this is legal. First you need to find a property that is selling at a large discount to the appraisal value. To make this example easy I’m going to use round numbers. Say you find a property appraised at 100K and the owner is willing to sell it for 80K. You agree with the seller that you will purchase the property for the full 100K but they will give you a 20K allowance for repairs and updates. So you go to your lender, get 80 percent financing, which will give the seller his 80K and then his 20K allowance covers your down payment so you put no money down at closing. I know that was a lengthy example but is this legal? It seems too easy and I have asked several ppl and no one can give me a straight answer.

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