asking price and seller credit

[tnt777]

What is the name of your state? ca
saw a house we wanted and contacted a realtor to show us.. loved the house.little tlc.
home going for 280k and is in pre-foreclosure. sale is at the end of the month..
relator said our 1st offer could be 239k. great!!! told realtor we needed seller to pay for closing.. she said great!!! we will put a total of 15k for the seller to CREDIT the buyer for closing and repairs..
wife brought up a question.. why is our asking price 255k instead of 239... i know she said asked for repairs of 6k and closing about 8k. realtor says we collect the 6k at closing for repairs, but i thought the seller would pay for closing! instead we are actually paying for the closing cost and its in our loan.... i will talk to the realtor tommorrow but i just wanted to know if the realtors being on the up and up.... our am i just seeing things.. thanks..

[justalayman]

Well, the agent said your first offer could be 239k. Then you wanted to toss in 15k worth of money to benefit you so effectively you want to pay 224k for the house.

The agent said to start as 239k, not 224k.

Of course, you can offer whatever you want. The agent is simply advising you to what they believe will get things rolling.

[PghREA]

Having a seller pay for the closing costs is just a fancy way of you being allowed to finance the closing costs. Your Realtor and lender will be able to explain it better.

[REB]

Price inflation and credit back for non existent problems might border lender fraud. If you are unsure, call your lender to make sure the amount going back is ok.

[nextwife]

Of it's preforeclosure, the realtor probably gave you the bottom line price needed to close. The mortgages and seller closing costs have to be paid from proceeds. So they must need X dollars of sale price to pay off everything. If there are to then be closing cost credits, etc, it must still end up with a net sale price sufficient to complete the necessary payouts at closing.