Recently I wrote a contract for a client on a home located in Huntsville, Alabama. This buyer was an investor, looking to purchase a rental property. He had no emotional ties to the property we found. His focus was strictly on the bottom dollar, cash flow potential. In the written offer, we asked the seller to contribute $5,700 toward closing and prepaids. That is different than asking the seller to contribute only toward closing, which in this case amounted to about $3,500. What are closing costs and prepaids?
Posted in Contracts at July 31st, 2008. No Comments.