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  • January 13, 2008 at 10:35 PM #135619
    Anonymous
    Guest

    All I know is that this real estate flipper got a cash back check from the seller at closing. It sounds like it could be something like the seller sold the house for 50k more than it was appraised for or the asking price? then he cut the buyer a check for 50k at closing.

    January 13, 2008 at 10:38 PM #135335
    Anonymous
    Guest

    SD, if my friend is to be believed and I think he is, yeah this is what I heard from the chatting. Again, I don’t know the details but believed it or not, it’s up to me :).

    January 13, 2008 at 10:38 PM #135531
    Anonymous
    Guest

    SD, if my friend is to be believed and I think he is, yeah this is what I heard from the chatting. Again, I don’t know the details but believed it or not, it’s up to me :).

    January 13, 2008 at 10:38 PM #135537
    Anonymous
    Guest

    SD, if my friend is to be believed and I think he is, yeah this is what I heard from the chatting. Again, I don’t know the details but believed it or not, it’s up to me :).

    January 13, 2008 at 10:38 PM #135593
    Anonymous
    Guest

    SD, if my friend is to be believed and I think he is, yeah this is what I heard from the chatting. Again, I don’t know the details but believed it or not, it’s up to me :).

    January 13, 2008 at 10:38 PM #135634
    Anonymous
    Guest

    SD, if my friend is to be believed and I think he is, yeah this is what I heard from the chatting. Again, I don’t know the details but believed it or not, it’s up to me :).

    January 13, 2008 at 10:50 PM #135345
    Anonymous
    Guest

    Thing is…I can get get the details if I want to. This has been and can be done. There seems to be some legal loophole that those who do this utilize. That’s all I have to post about it, it’s hard to state anything on this board without the ridiculous, stupid comments coming right at you. I’m not talking about you SD Realtor.

    January 13, 2008 at 10:50 PM #135541
    Anonymous
    Guest

    Thing is…I can get get the details if I want to. This has been and can be done. There seems to be some legal loophole that those who do this utilize. That’s all I have to post about it, it’s hard to state anything on this board without the ridiculous, stupid comments coming right at you. I’m not talking about you SD Realtor.

    January 13, 2008 at 10:50 PM #135547
    Anonymous
    Guest

    Thing is…I can get get the details if I want to. This has been and can be done. There seems to be some legal loophole that those who do this utilize. That’s all I have to post about it, it’s hard to state anything on this board without the ridiculous, stupid comments coming right at you. I’m not talking about you SD Realtor.

    January 13, 2008 at 10:50 PM #135603
    Anonymous
    Guest

    Thing is…I can get get the details if I want to. This has been and can be done. There seems to be some legal loophole that those who do this utilize. That’s all I have to post about it, it’s hard to state anything on this board without the ridiculous, stupid comments coming right at you. I’m not talking about you SD Realtor.

    January 13, 2008 at 10:50 PM #135644
    Anonymous
    Guest

    Thing is…I can get get the details if I want to. This has been and can be done. There seems to be some legal loophole that those who do this utilize. That’s all I have to post about it, it’s hard to state anything on this board without the ridiculous, stupid comments coming right at you. I’m not talking about you SD Realtor.

    January 13, 2008 at 11:08 PM #135355
    SD Realtor
    Participant

    Guys if it is in the HUD then the lender will be aware of it. Something happening IN escrow will be on the HUD report. Plenty of monkey business happens outside of escrow, off books so to speak. The lender would not know about it. Marion how your friend did it is something they know. Again, if your friend got his money from private investors or some flunky lender then maybe that is how he worked it out. Again, if he did a backdoor deal then no it is not legal nor is there some loophole. sdhome, again, I don’t know what to tell you other then ask your friend to show you a copy of his closing statement.

    sdhome, your original post questioned the validity of the recorded sales price on the tax roll verses what essentially would be the sales price on the HUD report. I question this.

    Perhaps something like this happened. I had a client who bought at Winward recently. The price of the condo was like 520k but they had this big promotion of like 70-80k off one weekend. These clients ended up paying 465k. Now the home was advertised for 520k all summer. Yet this one weekend it was 465k. They also got another 20k of upgrades plus another 10k in closing costs incentives. Yet on the tax roll it says 465k. Which is exactly what is on the HUD.

    So I seriously doubt that the tax roll represents a price that is not accurate, especially from the builder.

    Marion yes absolutely please do get the details. Ask your friend to show you his previous closing statements. If as you claim there is some legal loophole that this can be done then the closing statement WILL show the supposed 50k going back to your friend.

    It should be very easy to see.

    SD Realtor

    January 13, 2008 at 11:08 PM #135551
    SD Realtor
    Participant

    Guys if it is in the HUD then the lender will be aware of it. Something happening IN escrow will be on the HUD report. Plenty of monkey business happens outside of escrow, off books so to speak. The lender would not know about it. Marion how your friend did it is something they know. Again, if your friend got his money from private investors or some flunky lender then maybe that is how he worked it out. Again, if he did a backdoor deal then no it is not legal nor is there some loophole. sdhome, again, I don’t know what to tell you other then ask your friend to show you a copy of his closing statement.

    sdhome, your original post questioned the validity of the recorded sales price on the tax roll verses what essentially would be the sales price on the HUD report. I question this.

    Perhaps something like this happened. I had a client who bought at Winward recently. The price of the condo was like 520k but they had this big promotion of like 70-80k off one weekend. These clients ended up paying 465k. Now the home was advertised for 520k all summer. Yet this one weekend it was 465k. They also got another 20k of upgrades plus another 10k in closing costs incentives. Yet on the tax roll it says 465k. Which is exactly what is on the HUD.

    So I seriously doubt that the tax roll represents a price that is not accurate, especially from the builder.

    Marion yes absolutely please do get the details. Ask your friend to show you his previous closing statements. If as you claim there is some legal loophole that this can be done then the closing statement WILL show the supposed 50k going back to your friend.

    It should be very easy to see.

    SD Realtor

    January 13, 2008 at 11:08 PM #135557
    SD Realtor
    Participant

    Guys if it is in the HUD then the lender will be aware of it. Something happening IN escrow will be on the HUD report. Plenty of monkey business happens outside of escrow, off books so to speak. The lender would not know about it. Marion how your friend did it is something they know. Again, if your friend got his money from private investors or some flunky lender then maybe that is how he worked it out. Again, if he did a backdoor deal then no it is not legal nor is there some loophole. sdhome, again, I don’t know what to tell you other then ask your friend to show you a copy of his closing statement.

    sdhome, your original post questioned the validity of the recorded sales price on the tax roll verses what essentially would be the sales price on the HUD report. I question this.

    Perhaps something like this happened. I had a client who bought at Winward recently. The price of the condo was like 520k but they had this big promotion of like 70-80k off one weekend. These clients ended up paying 465k. Now the home was advertised for 520k all summer. Yet this one weekend it was 465k. They also got another 20k of upgrades plus another 10k in closing costs incentives. Yet on the tax roll it says 465k. Which is exactly what is on the HUD.

    So I seriously doubt that the tax roll represents a price that is not accurate, especially from the builder.

    Marion yes absolutely please do get the details. Ask your friend to show you his previous closing statements. If as you claim there is some legal loophole that this can be done then the closing statement WILL show the supposed 50k going back to your friend.

    It should be very easy to see.

    SD Realtor

    January 13, 2008 at 11:08 PM #135613
    SD Realtor
    Participant

    Guys if it is in the HUD then the lender will be aware of it. Something happening IN escrow will be on the HUD report. Plenty of monkey business happens outside of escrow, off books so to speak. The lender would not know about it. Marion how your friend did it is something they know. Again, if your friend got his money from private investors or some flunky lender then maybe that is how he worked it out. Again, if he did a backdoor deal then no it is not legal nor is there some loophole. sdhome, again, I don’t know what to tell you other then ask your friend to show you a copy of his closing statement.

    sdhome, your original post questioned the validity of the recorded sales price on the tax roll verses what essentially would be the sales price on the HUD report. I question this.

    Perhaps something like this happened. I had a client who bought at Winward recently. The price of the condo was like 520k but they had this big promotion of like 70-80k off one weekend. These clients ended up paying 465k. Now the home was advertised for 520k all summer. Yet this one weekend it was 465k. They also got another 20k of upgrades plus another 10k in closing costs incentives. Yet on the tax roll it says 465k. Which is exactly what is on the HUD.

    So I seriously doubt that the tax roll represents a price that is not accurate, especially from the builder.

    Marion yes absolutely please do get the details. Ask your friend to show you his previous closing statements. If as you claim there is some legal loophole that this can be done then the closing statement WILL show the supposed 50k going back to your friend.

    It should be very easy to see.

    SD Realtor

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