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From: dgh@sun.uucp (David Hough)
Newsgroups: net.invest
Subject: Re: Cash advances are not interest free!
Message-ID: <3106@sun.uucp>
Date: Thu, 2-Jan-86 16:49:33 EST
Article-I.D.: sun.3106
Posted: Thu Jan  2 16:49:33 1986
Date-Received: Sat, 4-Jan-86 05:39:33 EST
References: <228@decwrl.DEC.COM>
Organization: Sun Microsystems, Inc.
Lines: 11

> >I heard an interesting one on TV the other night.  It goes like this:
> >     Find a house to buy, offer seller CASH TOMORROW ... for 70-80%
> >of the market value. 
> >     Refinance the house for 80% of the value and pay off the VISA
> >cards within 30 days (to avoid the interest payments).

I am curious about where in the country you can close real estate deals
in escrow in just a few days, even for all cash, then obtain bank
financing in a few days more!  The bank for sure will demand that the 
refinancing close in escrow.  The short-term financing starts to cost you,
whether obtained by credit cards or otherwise.