Seller mistake in home buyer contract (real estate, credit, loan)

[newhomebuyerva]

I put up a contact, applied for loan process. and the process is ongoing.

after looking in the contact in detail. i noticed a sellers mistake which would give me 15k additional closing cost credit (which I am due if I apply through their lender and use their settlement company). This is in addition to a 10k credit.

once loan process goes through i am planning to ask them about the 15k additional amount as per the contract. remember that the additional 15k was never mentioned to me while negotiating but its on paper and both parties signed on it.

what are the chances of the seller obliging to the contract to come to a settlement with me (either give me 15k credit or give me upgrades on the home)

[Margery]

No one, no matter how experienced, can answer this without reading the contract. If you do not have an agent have a real estate attorney review the contract. You can find one on staff at most title companies, or ask for referrals on this forum.

[boyd888]

Originally Posted by newhomebuyerva

what are the chances of the seller obliging to the contract to come to a settlement with me (either give me 15k credit or give me upgrades on the home)

Zero.

You better read the fine print to see what sort of outs the seller's has because if (when) they notice this during the process and you try to pull a fast one on them you could find yourself out a home. The house is not sold until you sign the docs at closing.

I would ask them about the 15K NOW and see what they say about it. Trying to be sneaky and weasel 15K out of someone is only going to backfire on you.

[donow]

You have to read the whole contract. There are often 'outs' so check carefully. The realtors both work for the owner so no use asking them. If you really think you have them by the balls have a lawyer standing by. If it was an error it will most likely come out of the real estate agents fee - they will get screwed.

In any event I would bring the issue up right away - no sense prolonging the drama. Maybe they intended to give you the extra credit. If they did not not addressing the issue wont help you and it might indicate that you never though it was part of the deal to begin with. Written contracts prevail over oral contracts but intent of the parties is a factor nonetheless.

Lastly consider doing the right thing whatever that is. Playing hardball hurts everyone but the lawyers.