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Asked by Ron, Los Angeles, CA Fri Jan 16, 2009

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CJ Brasiel, Agent, San Jose, CA
Sat Jan 17, 2009
Ron -

1.) Use toward insurance and property tax impounds
2.) Buy a home warranty. There is a company that will allow you to purchase a two-year warranty for about $800 (including AC) HMS 1-800-247-3680
3.) Buy down points
4.) Hold in escrow for repairs like Fumigation etc. (Some lenders will require 1.5% of estimate to be held.)

Good luck,
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Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Fri Jan 16, 2009

If your agreement was for seller to pay towards recurring and non-recurring closing costs, and you are not impounding, have them pre-pay the 2nd half of this years property taxes (due and payable now, but not delinquent until April 10). In Los Angeles that might well solve your problem.

If the agreement was to pay towards repairs, then have your contractors submit their bids to escrow and have escrow hold the funds, to be disbursed when the work is completed.

Speak with your lender and real estate agent, get creative, and between the three of you, you should be able to come up with a beneficial way to use the whole credit. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes
Steven Ornel…, Agent, Fremont, CA
Fri Jan 16, 2009
Hi Ron, it’s harder without seeing how your seller credit was specifically worded; however, consider these two suggestions that may be options:

1) Good news, you still should be able to buy down your locked rate - talk to your Broker/Banker ASAP. Typically, you are allowed to further buy down your rate based on the pricing on the day of the lock to do so.

2) If you do have repairs that need to be made and are running out of time you should also be able to get quotes for the repairs and have those amounts held in escrow until the repairs are completed. Most escrow companies will hold these funds for at least 30 days.

Best, -Steve
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jan 16, 2009
It all depends you MIGHT be able to request seller pay you $4k as cash back at closing certified funds paid to you. Check could bounce. Or apply towards your mortgage amount. Check what restrictions are that apply ask your mortgage broker
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