Larger down payment credit

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Posted by Ronn on January 06, 1999 at 17:02:57:

I recently read a little blurb that alluded to the possibility of negotiating a larger down credit with the seller.

Example;
Actual down = $5,000.00
Seller reported down = $10,000.00

Is this legal? How's it done? Are there any negative tax consequenses for the seller? Does it make any difference if the seller is holding a second with the bank holding the first?

Thnx
Ronn
Fresno, CA

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Re: Larger down payment credit Terry 06:34:34 1/27/99 (0)

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Comments:
: I recently read a little blurb that alluded to the possibility of negotiating a larger down credit with the seller.

: Example;
:          Actual down = $5,000.00
:          Seller reported down = $10,000.00

: Is this legal? How's it done? Are there any negative tax consequenses for the seller? Does it make any difference if the seller is holding a second with the bank holding the first?

: Thnx 
: Ronn
: Fresno, CA


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