Eyerishgold
Recycles dryer sheets
- Joined
- Aug 14, 2007
- Messages
- 224
My brothers and I inherited a house from our father a few years back. We decided to put in on the market a few months ago and we recently received an offer on the home but it's structured in a wierd way.
We have the house listed for 224k. The offer from the buyers was 230k with us giving them 6% cash back at closing. 3% to be used for the down payment and 3% to be used for closing costs. We're thinking about accepting this offer but the 3% back for closing costs seems a little excessive to me. I can't understand how closing costs could approach 7k. My thoughts are that this customer might pay the closing costs with part of the funds and then pocket the remainder. This doesn't seem right or legal to me. It's almost like we're giving them a kickback to buy our house.
Have any of you ever seen a deal structured this way and is it legal? I've already faxed a copy of the contract to our attorney for her to review but I'm waiting to hear back from her. The dollar amount we'd walk away with is acceptable to us but I don't want to get involved with anything illegal.
Any advice offered would be appreciated.
We have the house listed for 224k. The offer from the buyers was 230k with us giving them 6% cash back at closing. 3% to be used for the down payment and 3% to be used for closing costs. We're thinking about accepting this offer but the 3% back for closing costs seems a little excessive to me. I can't understand how closing costs could approach 7k. My thoughts are that this customer might pay the closing costs with part of the funds and then pocket the remainder. This doesn't seem right or legal to me. It's almost like we're giving them a kickback to buy our house.
Have any of you ever seen a deal structured this way and is it legal? I've already faxed a copy of the contract to our attorney for her to review but I'm waiting to hear back from her. The dollar amount we'd walk away with is acceptable to us but I don't want to get involved with anything illegal.
Any advice offered would be appreciated.