 $10,000 (by John [NH]) Jul 14, 2017 9:36 AM
 $10,000 (by don [PA]) Jul 14, 2017 10:00 AM
$10,000 (by Nicole [PA]) Jul 14, 2017 10:05 AM
$10,000 (by John [NH]) Jul 14, 2017 10:06 AM
$10,000 (by John [NH]) Jul 14, 2017 10:08 AM
$10,000 (by NE [PA]) Jul 14, 2017 10:14 AM
$10,000 (by NE [PA]) Jul 14, 2017 10:14 AM
$10,000 (by Luba [NY]) Jul 14, 2017 10:18 AM
$10,000 (by Vee [OH]) Jul 14, 2017 10:41 AM
$10,000 (by S i d [MO]) Jul 14, 2017 10:54 AM
$10,000 (by Still Learning [NH]) Jul 14, 2017 11:18 AM
$10,000 (by Sisco [MO]) Jul 14, 2017 11:51 AM
$10,000 (by Sparky [PA]) Jul 14, 2017 12:09 PM
$10,000 (by John [NH]) Jul 14, 2017 12:10 PM
$10,000 (by Landlord ofthe Flies [TX]) Jul 14, 2017 12:28 PM
$10,000 (by Still Learning [NH]) Jul 14, 2017 12:45 PM
$10,000 (by cjo'h [CT]) Jul 14, 2017 1:13 PM
$10,000 (by CGB [MI]) Jul 14, 2017 1:15 PM
$10,000 (by plenty [MO]) Jul 14, 2017 1:23 PM
$10,000 (by cjo'h [CT]) Jul 14, 2017 1:27 PM
$10,000 (by LindaJ [NY]) Jul 14, 2017 2:18 PM
$10,000 (by tryan [MA]) Jul 14, 2017 2:18 PM
$10,000 (by William [AR]) Jul 14, 2017 6:08 PM
$10,000 (by Lynda [TX]) Jul 14, 2017 6:13 PM
$10,000 (by Frank [NJ]) Jul 14, 2017 8:40 PM
$10,000 (by BRAD 20,000 [IN]) Jul 15, 2017 11:04 PM
$10,000 (by Ray-N-Pa [PA]) Jul 17, 2017 7:13 PM
$10,000 (by John [NH]) Posted on: Jul 14, 2017 9:36 AM
Message:
I'm selling a 4-unit building and its an odd situation where the lender has put a cap on the sales price they'll allow in the contract, but the buyer is will to pay my price which is $10K higher. The lender will evidently allow the buyer to pay me an extra $10K for something "extra" which I can spell out in an addendum. I'm having trouble thinking up what I could include in the addendum that has a reasonable value of $10K. There may be some appliances in the building that I was going to throw in anyway, that have a value of $1K. The buyer says he doesn't really expect to receive anything for his $10K, so I'm hesitant to write in anything that he'll actually chase after me for later. Any thoughts on what else I could list in the addendum?
--76.19.xx.xxx |
$10,000 (by don [PA]) Posted on: Jul 14, 2017 10:00 AM
Message:
Management advice
--73.141.xxx.xxx |
$10,000 (by Nicole [PA]) Posted on: Jul 14, 2017 10:05 AM
Message:
be careful ... you're circling around loan fraud if this isn't structured correctly. you will both sign affidavits at closing stating there is nothing else to the deal other than what is showing on the CD --72.95.xx.x |
$10,000 (by John [NH]) Posted on: Jul 14, 2017 10:06 AM
Message:
Great idea! --76.19.xx.xxx |
$10,000 (by John [NH]) Posted on: Jul 14, 2017 10:08 AM
Message:
Lender will evidently allow it according to the buyer, as long as it is reasonable. So it shouldn't be loan fraud if I actually give them what I say I will. "Management advice prior to the sale" sounds fairly reasonable to me. --76.19.xx.xxx |
$10,000 (by NE [PA]) Posted on: Jul 14, 2017 10:14 AM
Message:
I would want to know why the lender won't allow it? Can't you just adjust the sales price and take into account that $10,000? This seems weird to me and I really wouldn't want to mess with any kind of money transaction that really wasn't on paper. I know people do it, but it's just as easy to do it right as it is to do it wrong. --174.201.xx.xx |
$10,000 (by NE [PA]) Posted on: Jul 14, 2017 10:14 AM
Message:
It sounds to me more like the seller wants to hide that 10 grand from taxes. Maybe not. --174.201.xx.xx |
$10,000 (by Luba [NY]) Posted on: Jul 14, 2017 10:18 AM
Message:
Land survey from the city or some other reports for water usage or heating, profit and loss report...
--161.69.xxx.xx |
$10,000 (by Vee [OH]) Posted on: Jul 14, 2017 10:41 AM
Message:
The continued use of the name on front of building, -mesa place- or soething. --76.188.xxx.xx |
$10,000 (by S i d [MO]) Posted on: Jul 14, 2017 10:54 AM
Message:
I'm with NE. This sounds VERY fishy.
I would want a signed affidavit from someone at the bank whose title is at least a VP, notarized, explaining WHY they want to structure the deal this way, and the bank accepting all responsibility from any future claim of fraud/wrongdoing/lending violations.
If they won't give you that, you should RUN the opposite way. --173.19.xx.xxx |
$10,000 (by Still Learning [NH]) Posted on: Jul 14, 2017 11:18 AM
Message:
Does it have to do with appraisal value or they capped the loan amount they are willing to give the buyer? --24.61.xxx.xx |
$10,000 (by Sisco [MO]) Posted on: Jul 14, 2017 11:51 AM
Message:
$10,000 (by Sparky [PA]) Posted on: Jul 14, 2017 12:09 PM
Message:
Is this a FSBO or are there realtor commissions? --70.198.xxx.xx |
$10,000 (by John [NH]) Posted on: Jul 14, 2017 12:10 PM
Message:
It has to do with the appraised value not meeting the purchase price. --76.19.xx.xxx |
$10,000 (by Landlord ofthe Flies [TX]) Posted on: Jul 14, 2017 12:28 PM
Message:
Sell him the use of the name but make that transaction separate from the sale of the building and not related to the loan. If it's not related to the loan, it's not loan fraud. Let him make payments if he can't afford to part with that much cash.
If this sketchy stuff is part of the loan, there's no way this isn't loan fraud. And don't follow the suggestion a poster gave of having a banker sign something saying it's OK. That doesn't make it legal, and it is also proof you were a knowing and willing accomplice if it is proven to be loan fraud. --108.69.xxx.xxx |
$10,000 (by Still Learning [NH]) Posted on: Jul 14, 2017 12:45 PM
Message:
Have you seen the appraisal and the comps they used? Do you feel the appraisal is correct? If you feel it is low I am wondering if other comps might raise it by the $10,000 needed. --24.61.xxx.xx |
$10,000 (by cjo'h [CT]) Posted on: Jul 14, 2017 1:13 PM
Message:
John,there is nothing the bank or lender can really say,it's none of their business,if the buyer is willing to pay the price,and you're willing to a accept it, that constitutes a deal.I don't know what the price is,but no matter what it is,where you are,and in this area here,I'd hassard a guess that $10,000 would only be a drop in the bucket.Your neighbour "Still Learning" got back from a nice holiday,sorry I mean "Vacation".Was he able to say to the Airline, here's $500 for the airfare,lets call it even,Won't happen? You be the judge....Charlie.......................................................................... --174.199.xx.xx |
$10,000 (by CGB [MI]) Posted on: Jul 14, 2017 1:15 PM
Message:
It sounds like the bank has an appraisal value which is below sales price and will only offer the buyer a mortgage for the appraisal price. I am not sure why the bank is even involved with the additional $10,000 if they are not providing a mortgage for it. Usually what happens in these situation is the buyer will have to bring the extra money to the closing. Unless you make improvements to the property which increase the appraisal value, I doubt the bank would finance it. Either the buyer brings the additional funds to closing or you enter a separate contract for the additional money. Choose the first option. --50.77.xxx.xxx |
$10,000 (by plenty [MO]) Posted on: Jul 14, 2017 1:23 PM
Message:
Its only fishy if not disclosed! They are paying u a commission much like the realtor collects. Very common. --66.87.xx.xxx |
$10,000 (by cjo'h [CT]) Posted on: Jul 14, 2017 1:27 PM
Message:
John, Want to ruffle a few feathers, call the Consumers Affairs Division in your State Capital and talk to someone about what's going on. Live Free or Die ,See if the Motto is true or not?.....Charlie........ --174.199.xx.xx |
$10,000 (by LindaJ [NY]) Posted on: Jul 14, 2017 2:18 PM
Message:
The bank will only loan on a percent of the appraised value. the bank is concerned about the appraised value not the purchase price. If the buyer wants to pay more than the appraised value, they have to have the money to do that since the bank won't consider that amount. Not sure why you would need any such addendum. --96.236.xx.xx |
$10,000 (by tryan [MA]) Posted on: Jul 14, 2017 2:18 PM
Message:
Carry 10k in a second position ... oops, that was the "good ol'days". --198.168.xx.xx |
$10,000 (by William [AR]) Posted on: Jul 14, 2017 6:08 PM
Message:
I would advise you to consult a lawyer here. You don't want to be accursed of bank fraud. Even though this is between you and the buyer, the new laws are sometimes not very clear on everything and the law looks at things differently now than in the past. The new banking laws have changes a lot of things and you need to be careful here. --64.250.xx.xxx |
$10,000 (by Lynda [TX]) Posted on: Jul 14, 2017 6:13 PM
Message:
Appliance package: "All appliances on the property including (but not limited to) refrigerators, stoves, dishwashers, microwaves, washers, dryers, convection ovens, lawn mowers, leaf blowers, etc."
One of my local LLs did a similar thing a few years ago with the garage. He accepted extra money from the buyer: "Entire contents of garage including appliances, all tools, shelving units, extension cables, etc." --108.87.xx.xxx |
$10,000 (by Frank [NJ]) Posted on: Jul 14, 2017 8:40 PM
Message:
I think that "furniture, fixtures and equipment" could be the "phrase that pays" or in this instance the phrase that gets the job done.
--173.63.xx.xx |
$10,000 (by BRAD 20,000 [IN]) Posted on: Jul 15, 2017 11:04 PM
Message:
John,
Get the official word from the banker, not the buyer.
Basically the buyer can simply pay an extra $10k at closing. Sounds like he wants to roll the $10K into the loan.
If this helps: appliances, furniture, and storage sheds not on permanent foundations are not included in an appraisal, even built in ranges.
Be careful on this. Easy to be drawn into a suspicious action which will come back to bite you no matter what the buyer "says". Everything must be provable to the IRS and others later.
BRAD
--68.50.xx.xxx |
$10,000 (by Ray-N-Pa [PA]) Posted on: Jul 17, 2017 7:13 PM
Message:
Personal property associated with the real property. Most other items would be closely reviewed by the lender and the IRS. Real property and personal property are treated very differently by the IRS --24.239.xx.xxx |
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