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Old 01-08-2008, 01:54 PM
 
28 posts, read 28,949 times
Reputation: 15

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Quote:
Originally Posted by Bill Keegan View Post
Signing a mortgage agreement & taking mortgage money based on a certain sale price and then taking money back unreported after the closing will be considered, by most banks & in most locations, mortgage fraud. I recommend against it.
I'd suggest holding on at the moment. You've gotten agreement to keep all the stuff in the house that you want. You've gotten a price that you like. Wait for the inspection to be completed, make sure there isn't anything that you don't know about. Ask them to put the extra $1,000 into an escrow account so that you can wait until summer to make sure the air conditioning is working properly. Have your attorney word the escrow agreement so that you have the option to use the money not just for repair, but even if you feel the system needs to be updated or upgraded.

GREAT advice. Thank you!
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Old 01-08-2008, 03:34 PM
 
Location: Philadelphia
691 posts, read 3,055,071 times
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I'm in the process of buying a condo as well. In my case, after the inspection was performed there were some repairs needed. Therefore the seller is going to give additional funds at closing. So you may be able to get the extra $1k that way after you have your inspection.


Just out of curiosity - where is the condo located?
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Old 01-09-2008, 05:17 AM
 
28 posts, read 28,949 times
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Quote:
Originally Posted by JerzBoy View Post
I'm in the process of buying a condo as well. In my case, after the inspection was performed there were some repairs needed. Therefore the seller is going to give additional funds at closing. So you may be able to get the extra $1k that way after you have your inspection.


Just out of curiosity - where is the condo located?

Yes, I think it's a very good idea for me to wait and see what the results of the inspection are. The condo is in the South Jersey area. What about you?
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Old 01-09-2008, 06:16 AM
 
Location: Philadelphia
691 posts, read 3,055,071 times
Reputation: 204
same-MtLaurel
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Old 01-09-2008, 06:17 AM
 
Location: Vermont
5,439 posts, read 16,831,630 times
Reputation: 2651
Quote:
Originally Posted by Bill Keegan View Post
Signing a mortgage agreement & taking mortgage money based on a certain sale price and then taking money back unreported after the closing will be considered, by most banks & in most locations, mortgage fraud. I recommend against it.
I'd suggest holding on at the moment. You've gotten agreement to keep all the stuff in the house that you want. You've gotten a price that you like. Wait for the inspection to be completed, make sure there isn't anything that you don't know about. Ask them to put the extra $1,000 into an escrow account so that you can wait until summer to make sure the air conditioning is working properly. Have your attorney word the escrow agreement so that you have the option to use the money not just for repair, but even if you feel the system needs to be updated or upgraded.

Bill thanks.

I think what I was suggesting was, if the full X dollars couldn't be used towards closing, have the selling price of the home lowered to compensate during attorney review. But Having the 1000 in escrow or otherwise available is probably more valuable than having it off the price of the condo.
I don't know the specifics like you do and was definitely not suggesting she try to do anything "on the side" or outside of anything that is official and in writing. This is why I had an attorney although our purchase was very cut and dry.

My point was mainly that if the seller agreed in writing to giving her $4000 dollars the buyer is entitled to it and should get 4000 not 3000.

Nobody getting a mortgage says hey why don't I give you an extra grand just for fun!
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Old 01-14-2008, 07:18 AM
 
28 posts, read 28,949 times
Reputation: 15
Red face *update*

I had the inspection on Sat., the inspector found a handful of minor things, but 2 major things that concern me are the heater and air conditioner. Both are 30 + years old, and may need to be replaced in the near future, according to the inspector.

I went to Home Depot to find how much it would cost to replace both units, but they need to physically come out to the condo in order to give an estimate. So I had to go with my gut. I typed a letter asking for the seller to have the heater certified before closing and give $2500 at closing for the maintenance/replacement of the heater and/or air conditioner. I am waiting for her to respond. Does this sound "fair" for both sides? What is the least I should take if she counters?

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Old 01-14-2008, 07:48 AM
 
Location: Weehawken, NJ
2,179 posts, read 6,707,576 times
Reputation: 1167
Quote:
Originally Posted by Tam27 View Post
I had the inspection on Sat., the inspector found a handful of minor things, but 2 major things that concern me are the heater and air conditioner. Both are 30 + years old, and may need to be replaced in the near future, according to the inspector.

I went to Home Depot to find how much it would cost to replace both units, but they need to physically come out to the condo in order to give an estimate. So I had to go with my gut. I typed a letter asking for the seller to have the heater certified before closing and give $2500 at closing for the maintenance/replacement of the heater and/or air conditioner. I am waiting for her to respond. Does this sound "fair" for both sides? What is the least I should take if she counters?
This sounds fair enough. Those units are 30 plus? The seller should have known they are/going to be breaking down very soon.
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Old 01-14-2008, 08:09 AM
 
28 posts, read 28,949 times
Reputation: 15
Quote:
Originally Posted by HobokenGuy View Post
This sounds fair enough. Those units are 30 plus? The seller should have known they are/going to be breaking down very soon.
Yes, the seller was at the inspection and she seemed worried about the heater/air conditioner. The inspector took me to the heater to show me how to change the filter, and the seller followed right behind us like a lost cat, lol. She also asked the inspector if the air conditioner was working . Hmmm.
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