Not it’s not. Any down payment is instant equity. It’s not like that money is in your pocket.
Continued fraud opportunities for the elites.
Which will come out of govt salaries? Or out of taxpayer salaries?
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keep thinking that. willful ignorance is still ignorance
Explain how the seller would know that the buyer is using down payment assistance?
it was before the government took it
1st time buyer.
the real estate agent will know
Just because I’m a first time buyer doesn’t mean I’m using DP assistance.
Also, even if the seller knew… why would they be compelled to raise their selling price by 25k? That’s not how it works.
If I’m selling a 800k home and a buyer has a down payment of 200k… my home isn’t suddenly worth 1 million. It’s still worth 800k… regardless of how the buyer pays for it.
are you being purposefully stupid? There’s a shortage of housing, buyers will bid the price up, especially with their new free 25K.
and why wouldn’t you use it? It’s free money.
and if its the buyers money, of course they will try to keep the price down. Thats the point, 25K that’s not their money is easy to spend.
The only thing this will end up being is the new zero down. And when the deadbeats start defaulting and all those inflated houses hit the market everyone else is going to end up under water. We’ve seen this trick before.
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Are you?
First… it’s up to 25k. Most people will get far less than that.
Second… again… as a seller.. I wouldn’t know how much down the buyer has. It’s none of my business and has nothing to do with the selling price. That is between the buyer and the mortgage company.
Third… I suspect not everyone will be eligible for any down payment assistance. I’m certain there will be an income cap.
not when the dust clears
and the real estate agent, who has every reason to bid up the price.
and yes you will know, do you actually believe the government is going to give the buyer 25K to go house shopping? It’s going to be part of the paper work and the seller is going to have to claim it to have it deposited in their bank.
how many first time homebuyers will that apply to?
not to mention, thanks for making my argument, the ones who get the most will be those who can afford it the least
Why would a buyers agent bid up the price?
the buyer will… housing shortage. The agent won’t care… commission!
There is zero reason to inform the seller of where your down payment came from.
The paperwork would be between the mortgage company and the government and the buyer.
except if they want the money they’re going to have to sign something to get it. And the seller’s agent will tell them at the outset, they will have to.
false. its the seller who gets paid
Why would I give my down payment money directly to the seller?
The down payment money goes to the bank.
Have you ever bought a house?
of course I have. have you ever bought one a bank didn’t own?