Creative Gift of Equity Financing | Bank of Mom & Dad


By Nicole Rueth - August 13, 2019

Have deals with multiple offers?  Here's a story you don't want to miss!

Did you know the Bank of Mom and Dad is the 7th largest bank in the United States?  It even has it's own acronym.  I want to pair that factoid with the concept of a Gift of Equity.  

Here's a quick story...  we just had a young couple using a gift for their down payment from mom and dad.  They also had a desire to live in a super hot neighborhood.  We all know that real estate is hyper local... and the house they fell in love with happened to have 6 offers.  They were not going to get it.

My team got super creative.  We changed the deal to where mom and dad bought the home with cash and closed in 7 days, no contingencies.  That won the deal for my young couple!  On day 8, we had our buyers buy the same home, closing in 2 1/2 weeks from mom and dad with a 20% gift of equity.. alleviating mortgage insurance, giving them a payment that met their budget, and mom and dad got their money back right away.  All of this was still done within 30 days!

Do you need a creative solution?  Blessed with a family member who can provide assets?  We need to talk!  Give us a call today to discuss your options.

Real Estate financing in a way that builds long term wealth is what our team does best!   Want to learn more about how to utilize real estate in your investment plan?  Give me a call today to get started!  We want your success as much as you do!   
 
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