Updated over 12 years ago on . Most recent reply
Lender imposed limit on credits from seller??
I have never heard of this, neither has my agent...
Long story short - seller had agreed during inspection period to do some repairs and he has not. Sale was actually scheduled to close today - and I agreed to a credit of $2000 in lieu of certain repairs.
However, today - my lender through a curve ball and stated that I can not have more than $1,000 (approximately 2% of purchase price) as credits from the seller on my settlement statement - or my loan can't be funded.
Has anyone heard of that before? Have any ideas for a creative work around? Seller apparently has zero cash and the $2000 credit was going to be ALL of his proceeds from the sale.
A little stumpted... mostly frustrated. Any insight is appreciated! Thanks!