For a 1BR/1BA in Uptown $5,000 should cover everyting....but in no way will it be well over what closing costs are. Last thing I will say is be careful how the wording is with the closing costs credit as some lenders are funny about credits. Make sure it is stated clearly that these are to go towards closing costs.
As far as seeing the money....you will probably never hold it in your hands or roll around on yoru bed with it. It will more than likely be less money you will have to bring to the closing table.
Good Luck!! If you worked with an agent hopefully they're telling you all of this. This is day one information that my clients get. This is why we get paid....driving you around and looking as places anyone can do.
Windermere West Valley
Of course you may still offer less than the list price and ask for the closing costs in addition to the price reduction.
Best of luck with your purchase,
it is critically important that you coordinate this with your mortgage lender, as not all lenders and not all types of loans ("programs") allow for closing cost credits and the amount allowed can also vary