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Sometimes "Cash Back" at Closing Is Allowed, But It's Often Illegal

Imagine this situation: A seller is desperate to sell his home and is willing to sell it at well below its appraised value. An interested buyer would like to buy the home at a reduced price, but also realizes he or she would need more cash in order to make needed repairs.

This hypothetical home is appraised for $320,000. The buyer is willing to pay $270,000 but knows an additional $30,000 will be needed for repairs – cash that is not readily available. So, working together (with or without a realtor), the buyer and seller determine that the selling price will be $300,000 and the seller will give back $30,000 in cash to the buyer at closing.

The bank’s loan is based on it’s own appraised value of the home, which is actually above the purported selling price. Property values are kept up in the neighborhood. The seller has sold the home and the buyer has the money for repairs. Everyone is a winner.

Unfortunately, it’s entirely illegal according to recent articles in RIS Media. In fact, it’s considered to be real estate and mortgage fraud.

FBI regulations state that it's illegal “to willfully overvalue any land or property in a loan or credit application for the purpose of influencing in any way the action of a financial institution.” Even though the bank’s own assessor valued the home at $310,000, the actual selling price for the home is what it is truly worth – in this case $270,000.

Even though it might seem fair to the lending institution to make a loan based on the assessed value, it is still not legal. This type of scheme actually puts the loan made by the lending institution at greater risk. There is an increased risk of foreclosure, property values are inflated, and property taxes can be raised without real justification.

However, there are a few situations where cash other than a home’s purchase price may legally change hands during a home transaction.

• A real estate agent may have agreed to refund a portion of the commission at closing.
• The buyer made a deposit on the home, which was put in escrow; however the subsequent mortgage loan was for a greater amount. In this case, the difference would return to the buyer because the money belongs to the buyer in the first place.
• An existing mortgage is refinanced to cash out some or all of the equity built up in a home.

If some other deal that results in a cash payment at closing is proposed – void it. You could be breaking the law.

Due to the general nature of the advice in this material, neither AmeriSpec®, nor its individual franchises assumes any responsibility or accepts liability for any loss, damage, or injury which may be incurred as a result of any action inspired by information, advice or suggestions through this material.

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Here’s what’s hot:

Master baths as retreats. Bathtubs are taking center stage, with TVs, wireless Internet, espresso machines and wine coolers all around to transform a bath into a private oasis. Obviously this trend is for high-end homes, but even moderate homes can include some of these amenities.

Home elevators. The boomers are feeling mileage, but with multi-story homes the rule rather than the exception, small and discreet home elevators are a growing trend.

Taking the indoors outdoors. Outdoor living spaces are looking more and more like indoor spaces with fireplaces, full kitchens, even all-weather art, accessories, and furnishings.

Pet baths. Homebuyers love dedicated pet showers that keep them from having to hoist Fido into the tub or kitchen sink. Usually in the utility room, garage or some other out-of-the-way place, they feature a three-foot square shower base and a flexible shower head.

Other growing trends include: kitchen appliances disguised by matching cabinet panels; homes that are more environment-friendly in construction and maintenance; homes that float on lakes or other still waters that look just like conventional homes without the yards; and remote control devices to handle blinds, lights, heating and cooling, or other homely tasks.

Here’s what’s not:

Formal living rooms. Great rooms are more in keeping with today’s more informal life – rooms where people can eat, cook, and play together. Homeowners with formal living rooms are increasingly transforming those rooms into offices, workout rooms, music rooms, or other customized rooms.

Soaring ceilings. Perhaps this is a result of increasing heating costs, but homebuyers are more interested in homes with ceilings that measure between nine and eleven feet.

Tiny balconies. If it doesn’t have room for a grill and a comfortable seating area, it’s a waste of space to many homebuyers. If it’s not functional, they don’t want it.

Pioneer homesteading. People aren’t taking chances with offbeat or questionable areas during the current market situation. This is no time to invest in an amazing loft in a commercial area.

Fancy mosaic tile. It’s beautiful, but it’s as personal as a piece of art. The more unique it is, the less home shoppers are likely to be interested in it. And, it isn’t at all cheap to replace.

Keep these results in mind when planning renovations, or any real estate transactions in the coming year. But, also keep in mind that every home and homebuyer is unique. Even if your home is a cave with flowing waterfalls (definitely not on the list), there’s probably someone else who would love it just as much as you do.


Due to the general nature of the advice in this material, neither AmeriSpec®, nor its individual franchises assumes any responsibility or accepts liability for any loss, damage, or injury which may be incurred as a result of any action inspired by information, advice or suggestions through this material.

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Most people know the secret to a healthier heart is exercise and a better diet. However, sometimes the vast amount of information and recommendations available are simply overwhelming. You add it all together, and it just seems like too much to implement.

Instead, try these suggestions from The Franklin Institute to make small changes that can really add up.

Here are some easy, everyday things you can do to add more exercise in your life without spending hours at a gym:

• Take the stairs instead of elevators or escalators. Start with just one floor then add to it gradually.

• Park at the far end of parking lots instead of close; that short walk can make a difference.

• On your lunch break, take a short stroll. No need to power walk or jog, just a simple walk can help your heart, as well as keep you more alert in the afternoon.

• Treat housework like exercise. Move briskly and not only do you help your heart, but you get the job done more quickly.

• Yard work can be exercise, too. Think of mowing, raking, and pulling weeds as accomplishing two things at once, and you’ll probably be extra motivated.

• If you have a dog, take it for walks; you’ll be doing both of your hearts a favor.

• Make walking the neighborhood a family activity. Not only is it a healthy activity, you might get to know your neighbors better.

For a healthier diet, you mainly want to control the amount and type of fat, saturated fatty acids, and dietary cholesterol you consume. Here are some suggestions:

• Pick cooking methods that don’t require fats, or at least very little. There’s many to choose from: boil, broil, bake, roast, poach, steam, sauté, stir-fry, or microwave.

• Select main dishes that are built on pasta, rice, beans, vegetables or any combination. Think of meat as a flavor ingredient instead of the main ingredient of your entrée.

• Skin poultry and trim off any visible fat from meats before you cook.

• Try to allow time to chill stews, soups and dishes like chili or spaghetti sauce. Fat will congeal on the surface, where you can easily remove it before reheating.

• Pick dairy products that are nonfat or low-fat.

• Replace fatty side dishes with fruit and vegetables – you should eat five or more servings a day.

• Select whole-grain breads, cereals, and other grain products – six servings a day are recommended.

• Make sure you know what size a “serving” is – it’s a lot smaller than restaurant portions! The website below can help you.

Visit www.americanheart.org for more information about steps you can take for a healthier heart, as well as information on warning signs.


Due to the general nature of the advice in this material, neither AmeriSpec®, nor its individual franchises assumes any responsibility or accepts liability for any loss, damage, or injury which may be incurred as a result of any action inspired by information, advice or suggestions through this material.

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Protect Yourself From Identity Theft

The good news is that most cases of identity theft do not result in out-of-pocket expenses. However, victims can spend a lot of time clearing their names. With a little forethought, you can better protect yourself and reduce the inconvenience if your identity should be stolen.

Here are some recommendations from the Federal Trade Commission:

• Keep your Social Security number secure. Don’t carry it with you or put it on checks. Only provide the number when absolutely necessary (typically governmental or financial situations). Even then, ask how your number will be safeguarded and see if another identification number could be accepted instead.

• Only carry a couple of credit cards with you at any time; and be sure to have a written record of all your credit cards in a secure place. You may consider making a photocopy of both the front and back of each card for your files.

• Use computers wisely. Create passwords and PINs that would be hard to guess – a random combination of numbers and letters. Be aware of phishing techniques, where people try to gain information about you through fraudulent means. Visit http://www.OnGuardOnline.gov for suggestions about safer Internet use.

• Watch your trash. Invest in a cross cut paper shredder and use it on all financial statements, pre-approved credit offers, and other sensitive material.

• Check out credit card and other financial statements carefully each month for any unauthorized use. If you see any discrepancy, alert your creditor immediately.

• Know if your state lets you “freeze” your credit. This restricts access to your credit report unless you lift the freeze, making it harder for an identity thief to open up a new account in your name. Details vary from state to state.

• Keep purses and wallets secure at home, at work, and while you're out on the town. Don’t casually hang a purse on the back of a restaurant chair or tuck it into the kneehole of a desk. Either put it out of site completely or where your eyes are on it at all times.

• Make sure personal information is securely stored at home. This is particularly important if roommates, outside help, or others have access to your residence.

• Decide if you need identity theft insurance. However, be sure to consider what you’re getting for your fee. While insurance won’t stop identity theft, it may reimburse you for deductibles, lost wages, or other incidental costs. You may want to check out any insurance company offering identity theft protection with the Better Business Bureau or a consumer protection agency.

If, despite your precautions, an identity theft occurs, it’s crucial to act fast to minimize problems. Alert creditors and any other pertinent institutions immediately, and make notes about how they ask you to proceed. When it comes to identity theft, your creditors are just as interested in protection as you are.


Due to the general nature of the advice in this material, neither AmeriSpec®, nor its individual franchises assumes any responsibility or accepts liability for any loss, damage, or injury which may be incurred as a result of any action inspired by information, advice or suggestions through this material.

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