- Joined
- Sep 18, 2007
- Messages
- 267
I am interested in purchasing a condo and the seller has offered to charge me an extra 10% on the property and then give me the cash back to supplement my down payment. He mentioned that he does this all the time and has used this technique to purchase many properties. He also mentioned that I should not tell my lender about this.
Is this legal? Do I need to tell my lender that this is happening? If this is not legal or ethical, please tell me why.
I do not want to enter into a grey area and will avoid this if there are any questions as to whether this is ligit.
Is this legal? Do I need to tell my lender that this is happening? If this is not legal or ethical, please tell me why.
I do not want to enter into a grey area and will avoid this if there are any questions as to whether this is ligit.