Quote:
Originally Posted by pylon
Not that it is entirely 'legal' and it may be too late to do now since the bank knows the terms... but you can, and I have seen it done in the past.... get the seller to front you 30k and you buy the house for 30k more. I have never personally done this, but know someone that has, it is do-able. You just have to make sure the money is filtered through a relative so the down payment looks like a gift, not from the seller. It is risky, and if you are caught, your bank won't like you.
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It works best on a private sale. I... I mean someone I know bought a house from a friend, who just never cashed the downpayment. The sales contract had purchase price, - downpayment, and the rest was financed. Only works with someone you trust though.
