Question Details

Ben, Home Buyer in California

Scenario:A seller's concession is in place in a contract to pay the buyer's closing costs up to 3% of the

Asked by Ben, California Mon Nov 19, 2007

sale price.

Question:

If the closing costs do not add up to 3% of the sale price, is it OK for the buyer to add loan discount points into the closing costs to fully take advantage?

Thanks,

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Answers

2
It depends on how the clause is written. Does it say the buyer will pay up to 3%of closing costs, or does it say up to 3% of buyers closing costs, prepaids and discount points. If the verbage does not include the extra costs, then it is up to the seller if he is willing to pay the additional items. Most are willing to make the deal work. Also, some sellers do not read the closing documents carefully and may not notice as long as the net is right.
1 vote Thank Flag Link Thu Nov 22, 2007
We have done that for my buyers in the past, with the advice and encouragement of the lender, so, yes.
1 vote Thank Flag Link Mon Nov 19, 2007
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