Counter offer question

[NinaN]

Originally Posted by Chickrae

What happens to the extra money? My agent said I get it back, but not sure as I have never done that.

It depends on the contract. Our default contract in CA states that if the seller agrees to contribute toward closing costs more than what the closing costs are, the seller keeps the difference. But your contract might say something different. If your agent says you get it back, ask to see that part of the contract that states it.

I had an inexperienced agent bring an offer a couple years ago with a 3% closing cost credit on a $625K house. They couldn't get over $12K in costs to cover and the seller got to keep the other $6K. The buyer was not very happy with her agent, but that's what happens when you don't read the contract.

[Chickrae]

Originally Posted by NinaN

It depends on the contract. Our default contract in CA states that if the seller agrees to contribute toward closing costs more than what the closing costs are, the seller keeps the difference. But your contract might say something different. If your agent says you get it back, ask to see that part of the contract that states it.

I had an inexperienced agent bring an offer a couple years ago with a 3% closing cost credit on a $625K house. They couldn't get over $12K in costs to cover and the seller got to keep the other $6K. The buyer was not very happy with her agent, but that's what happens when you don't read the contract.

In the initial offer they wanted 5,000 closing, and with my counter I said I would pay up to 3% of closing, so now there won't be extra money that I paid.

[Chickrae]

Update on the sale of my home. Got my seller disclosure in before the deadline. Appraisal came back at our asking price and then yesterday the buyer and one of their parents wanted to do their own inspection. I agreed to let them in and to my surprise 14 people showed up...parents, sisters brothers aunts uncles..not really sure who. They seemed excited to see it so I guess that's a good sign. Today was the deadline for sellers due diligence. I heard nothing from my agent, I guess that's a good sign? The next deadline is Sept 23. I will keep my fingers crossed until then. My agent says they can always back out until then. I hope not, but anything can happen.