Need help with Seller Credit vs Clossing Cost.

mailming · Joined: 21 Aug 2009 Posts: 1

Hi,

I am having an urgent problem,

the seller give us $9000 fixing credit, and turns out I can only use it against closing cost of Mortgage,

However, the closing cost is only $7800 after 0.35 point origination fee, and now they are asking me at buy more expensive points to use up the credit.

What else can I do?

Thank you

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

Have them use the difference to actually FIX something in the home. Or, then can pre-pay a service for you. An example would be if you have to pay for garbage collection. They can potentially pay that well in advance for you. Just think creatively how to utilize those funds. If you have a lot of work to do in the house, have them buy you some Home Depot gift cards. It is the same as cash and never expires.

Roger_Silvester · Joined: 29 Jun 2009 Posts: 51

EricJ wrote: Have them use the difference to actually FIX something in the home. Or, then can pre-pay a service for you. An example would be if you have to pay for garbage collection. They can potentially pay that well in advance for you. Just think creatively how to utilize those funds. If you have a lot of work to do in the house, have them buy you some Home Depot gift cards. It is the same as cash and never expires.

Thanks a very nice idea given by Eric. You can use the excess amount towards fixing your home. Be very creative at this and make the optimum use of the funds being provided to you.