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How can I walk away with money after closing (for repairs)

I would like to know how I could have money for repairs to a house rolled into my mortgage.  I have heard that if the seller agrees to a higher purchase price than I pay, I could use the extra money for repairs.  Is that true?? How does that work?? And what if  the seller doesn't agree, is there anything else I can do.
I am looking for a house in NY and to fit my budget I will be buying a house that will no doubt need a lot of repairs.  Any information would be appreciated
  • March 05 2009 - US
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Answers (2)

And even then you cannot receive cash at closing..as the buyer.  the only way is a renovation loan.
  • March 05 2009
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They cant ethically raise the price to the house unless it will appraise for it. Try an FHA 203k loan. Call your FHA appoved Broker or Lender.
  • March 05 2009
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