Asked by inerrant, Gainesville, VA • Mon May 14, 2012
Im currently in the process of buying a foreclosure and my offer was accepted. The bank sent me the standard one-sided counter offer which I'm okay with except for one part. I have requested closing cost help (which they have agreed to) but in the counter offer they stipulate that "Seller agrees to contribute up to XX$$XX toward buyers closing cost and or lender required repairs (which includes up to $500 toward FHA non-allowables).
What exactly are they saying?....If the lender (which also happens to be the bank I'm getting the loan from) requires repairs to be done that they will take it out of my closing cost credit.....? (I just want to be sure)
Thanks for the help!
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