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Old 03-13-2010, 09:53 AM
 
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DMenscha why would I need to pay $400/hour to an attorney For Sale By Owner sales agreement between the family with very simple terms. This is NOT rocket science. I already have hired the pros for the other parts of the closing process.

Anyway I figured it out: the escrow agent and the lender was happy with the following: Under A. INITIAL DEPOSIT section I checked the OR box and put "See Item D" in the description. Then under item D ADDITIONAL FINANCING TERMS I wrote down "Gift of Equity from Seller" and put the Gift of Equity dollar amount on this line.
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Old 06-18-2014, 02:30 PM
 
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For anyone who reads this thread in the future looking for answers regarding "gifts of equity". A gift of equity is involved when someone is buying a home from a blood relative for an amount less than the appraised value. For instance, Mother sells daughter home for $80000 that appraises for $100000. Thus a 20% gift of equity and no down payment is needed from the daughter at all. Very common for family members and have done a dozen over the years. From the lenders perspective the AOS just needs to say the purchase price of 100k and gift of equity of 80k. As long as it appraises for at least 100k you are all good. If you have additional questions you can contact me at [url=http://www.nationsloans.com]Low mortgage rate leader in PA and NJ home mortgage lending[/url]
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