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Buying & Selling Real Estate

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Mark Cios
  • Rental Property Investor
  • Chicago
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36
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Seller Paying Downpayment?

Mark Cios
  • Rental Property Investor
  • Chicago
Posted Jan 21 2020, 14:16

A 4 flat near me is selling for $240,000. This is unfortunately just outside my capabilities of a down payment as my lending is requiring a 25% DP. At $200,000 I think i can make it work and I think the seller would budge to that as its been for sale for over 200 days and he purchased it for 88k in 2012. I then quickly thought, what if I could get the seller to put down most of my down payment for me. Would this be essentially a seller credit? Would I still need to have the funds for the total deal on my end and then recoup them in the form of seller credits after the transfer of the property? I would offer him maybe $250k in exchange for say $35k down payment assistance/seller credit (whatever the correct term may be). Am I far off from what I am trying to think of and what issues can you foresee. I would not have enough to proceed with a down payment for $250k so that is why I am hoping seller credit can be applied to my loan.

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