short sale compensation for seller
So, Ive been a memeber for a little while and have really benefited from the knowledge posted on this site. But, I have come across an issue I am not sure about. So, before I go to a real estate lawyer, I wanted to pose the question here...
I am starting my career in RE as a wholesaler. I have a potential short sale deal in progress, but the seller wants $8K at closing. Now, I know that the lender will not allow this. It is actually going to be in writing as part of the documents needed to be signed before Bank agrees to the short sale, and I cannot go behind the bank's bank and do it anyways... That's fraud. But, what if I give the seller, outside of the transaction, a check for $8,000 as a gift? From what I know of IRS tax stuff, you can give anyone a tax free gift up to $13,000 per year (i think as of 2009 or 2010). Is there any reason why I couldn't do that and stay within the confines of the law? If not, why not?