Buying Property? How To Get Some Money Back!
It sounds too good to be true, but under certain conditions you can actually make
some money off property you're in the middle of buying! In other cases, you can, in effect, get some of your money back soon after the purchase. This article shows you how! But do note that it's only under certain conditions that such options are available, so, as almost always in this business, your mileage may vary. Also be sure to consult properly licensed professionals when making business decisions of consequence, professionals such as lawyers and accountants.
And it''s not a fortune we're talking about here, though some money is always better than none! But it can be quite easy, so very much worth the time and minimal effort required. The most important thing, however, is to get everything in writing!
An easy and fairly obvious way of making some money even while you're in the process of buying the property is to get the seller to pay for the closing costs. That's right, have the other part pay for your lawyer or accountant! Closing costs are generally not a lot of money compared to the price of the property, so it's not uncommon for sellers to agree to this kind of a "discount."
Another common and popular method is to get some of your money back by having the seller pay the taxes on the property for the rest of the year! Again the actual amount involved will be fairly small compared to the price of the property, but that's still a few thousand, if not a few tens of thousands, of dollars, which is always a good thing to find in your pocket!
Last but not least, there's also getting the seller to pay for repairs and so forth. This third way typically only amounts to a few hundred dollars, but it also happens to be the one with the best chance of actually happening, as sellers would really be loathe to let go of a sale on account of just a few hundred dollars. From a psychological point of view, most sellers probably find it more understandable to "eat" the costs of a repair than those involving closing the deal or local property taxes because of the notion that one should be handing off a quality product, something that is in a good usable condition.
And there they are, three tried-and-true ways to earn some money while you're buying the property or shortly after the sale. While getting all three in any one real estate transaction is still considered lucky, getting just one should be quite do-able, especially in these recessionary times of depressed housing markets!
by: Barbra Miller
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