First some background:
A home we are looking at buying apraised for $340K a year and a half ago. It has sat empty in a high tax area since then, and friends are offering it to us for $250K. I've done the research with realtor friends and everyone agrees its a good deal. It needs about $20K of work (windows, ventilation). In researching ways to finance the mortgage and/or repairs, one of the places I've received quotes from suggested the buyer change the price from $250 to $275, then give me $20k back. Obviously a red flag or two went up here.
It doesn't seem the house would have any problem legitimately appraising for $275, but I'm concerned about the legality of this. Is this a legit solution to my financing issues?
Please only people with real knowledge or experience, not someone dropping a sarcastic comment looking to add more points to their name.
2007-10-26
07:39:42
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13 answers
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asked by
Anonykris
2
in
Renting & Real Estate