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.
Powered by Qumana
closing or looking to close