Offering more then asking and requesting cash back upon closing.
Let's take this example, the property is for sale for $300,000 worth about $320,000, we make an offer of $320,000 with the contingency that the owner gives us back $20,000 after closing and title.
My thinking is it's better to have 20k in the bank for moving, furniture, etc, versus an extra $80/mo payment for 30 years. Yes, I know in the long run it's a crazy amount with interest and all, but as the first property for my family, we don't plan on being there more than 5 years.
Can someone tell me if they did this, what I should watch out for, any hints, any tips and advice at all would be appreciated.
Re: Offering more then asking and requesting cash back upon closing.
If the property does not appraise for $320k, then the whole deal may be in jeopardy. Also, in a seller's market, the seller may be looking for the offer which comes with the least amount of strings. By adding clauses, you might wind up making your offer look less attractive.
April 2021 Snapshot -
Scorecard: Clean, Thick, Mature, New Account FICO8: VantageScore3: Inquiries: New Accounts: 2/24, 1/12, 1/6 AAoA: 10 years AoOA=AoORA: 33 years AoYA=AoYRA: less than 1 year
Total Credit Card Limits: $375k (includes $42k AU and $32k business) Utilization: less than 1%
Installment Loans: none open (all mortgages, auto loans, and student loans FINALLY paid off, though 5 closed tradelines are still reporting)