“Seller
to pay $_________ (or __% of sales price) to be used at buyers’ discretion and /
or as loan product guidelines allow.”
I recommend this to my
agents for all type loans. This will allow the buyer to utilize the
funds in any way they choose and will cover the below items
easily:
- Closing Costs
- Discount Points
- Prepaids
- Condo Fees for up to 12 months on
FHA loans
- Debt reduction / pay off on VA
loans
- Home Warranty Purchase if left over
funds exist
- Reimbursement of Home Inspection
costs if left over funds exist (you must obtain the cancelled check and
invoice).
Janet - since VA allows the seller to pay toward debt will this wording work that that or does it need to explicitly say that?
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