613,494
These are 2 different things.
The $3K Closing Cost Contribution, the buyer would get for sure.
The $3K credit for inspections is probably the most the seller will pay for deficiencies. If deficiencies are only $1K, than the buyer would only get $1K on that part. If deficiencies are $4K the buyer would only get $3K, the limit on inspections.
Eve
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Fred Griffin Florida R...
Tallahassee, FL
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Lyn Sims
Schaumburg, IL
3,074,716
Subject to approval by the Buyer's Lender!
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Nina Hollander, Broker
Charlotte, NC
3,764,341
Any credits have to be cleard with the lender, and they really don't like to see home inspection credits. You usually have to call them an increase in the closing cost credits.
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Nina Hollander, Broker
Charlotte, NC
1,472,185
2,448,181
It also depends on what the lender will allow. And they may not like that big a seller credit for repairs
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Nina Hollander, Broker
Charlotte, NC
1,231,853
Ditto under Fred Griffin comment.
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Fred Griffin Florida R...
Tallahassee, FL
1,872,948
I'm with Mike & Eve. Seller 'could' credit buyer a total of 6K at closing.
It's important to put it correctly on the HUD or the lender will have a fit.
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Fred Griffin Florida R...
Tallahassee, FL
2,714,348
I would have to read the fine print.
The home inspection $3K may be simply a cap on how much the Seller is liable for.
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Nina Hollander, Broker
Charlotte, NC
2,343,813
It depends on how the contract was written and what kind of repairs are needed / requested in the inspection addendum. The lender may require a withholding at closing. The actual cost of repairs will be deducted from the escrowed amount and the rest returned to the seller.
The 3K credit toward closing costs will be applied direct to the bottom line of the buyer(s).
4,770,880
If a train leaves the station in Chicago at 4PM Tuesday going 100 mph and a car leaves Washington at noon on Monday -- what time will lunch be served?
Unlike the question I posed -- everything in real estate should be clearly defined in the contract. Ambiguity is not our friend.
1,618,024
The buyer gets what ever was negotiated and signed between two parties.
3,417,356
It would depend how written and also need the approval of the buyers mortgage company. If written straight up $3000 credit to closing costs, points etc than yes 6000, if not, it will depend on what the wording states
5,359,005
I have no idea what you are asking? And the lender will determine which and how many credits can be applied to a specific loan product.
8,204,484
2,600,370
I don't have anything additional to add in terms of an answer, but I just wanted to agree with the responses that indicate the contract should spell this out. The $3K seller concession for closing help will be credited to the buyer at closing to cover closing costs. The $3K inspection would be handled as indicated in the contract.
634,582
Mike & Eve Alexander cover the possibilities on this one. Maybe $6K or maybe less depending on cost of repairs.
4,322,295
If the additional $3K is also credit towards closing, it will be total of $6K. However, if it is just a credit, it may be towards the purchase price.
It's how it is written in the contract.
3,219,042
Must be lender approved and yes it "could" total $6K, but depends on the terms and amount of loan.
42,670
3K towards closing but you will have to ,read the contract to see how the 3K credit is applied to inspection items.
3,988,144
The contract is your roadmap so follow how it will be applied, toward repairs or all credits at closing.
1,157,847
1,466,257