The asking price for a home is $180,000 but the home needs several improvements and repairs. If the offer price is lowered to $170,000 is the cost for the repairs included in the mortgage? If so, how does the buyer pay for the improvements if all of the money goes to seller?
If the agreed price is $170,000, the money goes to the seller. If the house is a "fixer upper", you'll need to have some other source than the purchase-money mortgage to make the needed repairs.
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If the agreed price is $170,000, the money goes to the seller. If the house is a "fixer upper", you'll need to have some other source than the purchase-money mortgage to make the needed repairs.
