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Vince Grove
  • Mount Joy, PA
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Cash back after sale??

Vince Grove
  • Mount Joy, PA
Posted Sep 8 2016, 06:00
Hello, So I'm new to BP, and the real estate investing business. I currently have been reading a lot of the books here on BP, and soaking in as much knowledge as possible. With that being said, I have been in the market for my first place. To shorten the story up, I am coming close to writing up a deal on a single family row home. (I'm the buyer) The house needs some work and the current seller mentioned that after the sale, they could give cash back to help fund the repairs. Sound sketchy? Yeah kind of without the back story. But, I know that you can write in a contingency saying seller will write check to "contractor A" for 3k upon sale of home. That check would be sent to contractor A from the bank and they can do the work needed with the amount of money they received. My question is, if that contractor doesn't use all of that money, where does the rest go? Does contractor A keep it? Do I get it? Are there laws with this? If anyone has any clarity they can bring to me on this I would greatly appreciate it! Thank you! Vince Grove Lancaster, PA

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