Based on the way you have that written I would say that the $3000 is going toward covering your closing costs. The agent is probably asking the seller for a sale price of $88000 and $3000 closing cost assistance. However; the agent should have been upfront with you and explained everything to you.
This is the largest purchase you are going to make in your lifetime. It is imperative that your agent explain everything in detail to you and make sure that is what you want. becuase if you have the money to cover your closing costs in addition to the down payment; you can ask for less on the price.
You should know from your lender how much you would need approximately to close with down payment and all closing -osts. Based on that number see how much you have and what you miht need and add a little to that to give you some wiggle room.
but this is a conversation you and your agent need to have. Your agent works for you; if you do not understand something do not be afraid to ask him/her questions.
Coldwell Banker United-
Best of luck!
Wilkinson & Associates
Good luck with buying a home!
Coldwell Banker United, REALTORS
Benham Real Estate Group
If you have not signed an agency agreement, you might want to interview a few other agents. You should have a Realtor who can explain things fully and to your satisfaction so you have an excellent clear understanding of all aspects of your real estate transaction. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
I would suggest simply asking your Realtor to explain things to you, there's absolutely nothing wrong with asking questions, it's their job to make certain you do understand what it is your signing.
Best of Luck!