Answer: Cash back at closing occurs when a buyer agrees to pay more for a property than its true market value, so he or she can borrow more money than the home is worth and receive the excess proceeds in the form of cash, credit, or something else of value when the transaction is completed (closed).
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If any defects are found, instead of me fixing them or hiring someone to fix them; I would prefer to just give cash back to the buyers at closing. (As long as we can agree on the amount of cash back of course). I live about an hour away from the house and waiting for someone to show up to repair any defects is really inconvenient for me.
Repairs made by the seller, credits for repairs and closing cost credits are not considered cash back. Most sellers do not want to bother with doing a small amount of repairs, and some may not have the money until after they go to settlement, so they negotiate a credit and offer to pay some money at settlement for these repairs.
In genuine repair situations, your best bet is to have the seller actually do the work before closing. This maximizes your mortgage amount and still gets the repairs done. heads up, lenders hate holdback clauses whether they be cash back, repair credits or repair holdbacks.
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Offer to buy it for the amount of the mortgage and pay all closing costs, if the seller gives you cash at closing. It could be worth it to them to get out from under a problem. Remember–the key to making a successful play for cash at closing is to ask. Motivated sellers could mean money in your pocket. Penciling out the numbers. Rebating cash to buyers is especially effective in bank-owned properties that may need repair work. Estimates for such work are often high.