Can a home seller buy something from the home buyer contingent on the home sale?
May 11, 2010
For example, "if you buy my house from me, I will buy your car from you."
And can the money for the car be used for the down payment on the house?
i would think that would be fine.
as long as their lender knows where down payment is coming from. make sure buyer does not get a new car loan before the closing.
this will be very weird for their lender so assume a much longer loan approval process.
May 11th, 2010 at 3:50 pm
A contract can be written for that. A value of the car would need to be made and agreed upon for the sale and tax purposes. Most likely , the contract/contracts would be different ones.Have a great day.
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May 11th, 2010 at 4:17 pm
Sure, absolutely…the only problem is you are going to need the money before you actually buy the home, so the contingency gets a little tricky…However if they want to sell the home bad enough they’ll figure something out.
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May 11th, 2010 at 4:30 pm
i would think that would be fine.
as long as their lender knows where down payment is coming from. make sure buyer does not get a new car loan before the closing.
this will be very weird for their lender so assume a much longer loan approval process.
References :
May 11th, 2010 at 5:18 pm
While most real estate transaction include "personal property", there is not separate value given for the items. And no there would be no value or money’s exchanged for the car. If there were to be some cash exchanged, it would have to be handled outside of the house transaction.
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