When Cash Back on A Real Estate Closing Is Legal
I face this questions on at least a weekly basis from either a phone call or email. Many people want to know just when they may receive funds from a closing that are not shown on the HUD or why they can not just "add" a line to the HUD, gain approval, and receive funds. In most cases these are legitimate requests and the party is trying to fund something to allow for actual repairs to the home they are purchasing. Ever increasing right now is the number of foreclosure/bank owned properties that contain frozen and burst pipes that may require significant repair.
In many of the cases we can find a way to escrow or prepay repairs so that the items are addressed, but not cash directly to the buyer for this matter. Occasionally on the bank owned homes we can not because the bank will not perform repairs for any reason.
A great article with some information on "cash back" is here.
Tags: Attorney, Christopher Sevick, Estate Plan, Real Estate, Trust, Will, Ypsilanti, www.SevickLaw.com, Ann Arbor, www.MIEstatePlanBlog.com, www.MIRealEstateBlog.com, Washtenaw, Michigan.
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closing or looking to close
As the latest round of tax bills came out a few weeks ago I've received more communication from upset people about their taxes. I'm sure to a large extent Proposal A and declining home values are the reason for it. 
of the tax advantages of home ownership. I personally and professionally believe that home ownership is still a strong investment and with our strong rates for mortgages we should still see home sales for long term investments. 
As the market has resulted in additional homes on the market and slower sales I've seen a significant number of homeowners turning to rental to pay their mortgage and ensure that someone is paying their utilities and keeping the vacant home from being stripped for copper. 
Walgreens Pharmacy is building a new store in the City of Ypsilanti, on the corner of Prospect & Michigan Avenue. The property was formerly owned by a local non-profit, SOS, and a private owner of a rental store. The store is a welcome addition to the tax rolls of the City, since SOS as a non-profit paid no taxes, and as an addition of approximately 25 jobs when completed in Summer 2008.