sitedrifter
Member
What is the name of your state? NJ
What is the actual difference?
The home I want to purchase needs a few $$$$ of repairs and my lawyer advised me to request a credit to be applied at closing. What is the difference between a credit being applied at closing or having the seller reduce the purchase price or are they actually the same thing ? From the way my lawyer explained it to me, there will be no cash in my pocket from this credit but he went on to (what I call) yap away about how it works however, I am sorry but did not follow to well. What I got out of it is that I will actually pay $$$$ less for the house if they agree to the credit and my loan ratio won't change. If that is the case, why do they call it a credit as opposed to just changing the purchase price? Is it because there is already an agreed price?
Thanks for any insight
Site
What is the actual difference?
The home I want to purchase needs a few $$$$ of repairs and my lawyer advised me to request a credit to be applied at closing. What is the difference between a credit being applied at closing or having the seller reduce the purchase price or are they actually the same thing ? From the way my lawyer explained it to me, there will be no cash in my pocket from this credit but he went on to (what I call) yap away about how it works however, I am sorry but did not follow to well. What I got out of it is that I will actually pay $$$$ less for the house if they agree to the credit and my loan ratio won't change. If that is the case, why do they call it a credit as opposed to just changing the purchase price? Is it because there is already an agreed price?
Thanks for any insight
Site