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Old 11-28-2011, 10:45 AM
 
1 posts, read 1,159 times
Reputation: 10

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Hello

I am finally closing on my dream home tomorrow. However, there is a minor snag that I need clarification ASAP

I had an oral agreement with my realtor that he would credit me with $1300 at closing. However the lender says that he cannot factor in that amount at closing because underwriting laws prevent him from paying all the closing costs IF he were to factor in the $1300 (currently, I am going through this lender as they are paying total closing costs)
I hope I have made my dilemma clear.

How do I get the $1300 legally ? I don't want anything illegal nor want the realtor to be in any sort of trouble but I badly need that $1300. I feel betrayed as this is totally last minute....

Can the realtor give me a personal check post closing for the said amount ? That is the only thing I can think of right now but I need some experts help on this one.

Thanks a bunch

Krib
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Old 11-29-2011, 07:42 PM
 
Location: Coral Springs, Fl
1,086 posts, read 3,062,904 times
Reputation: 606
Quote:
Originally Posted by kribnutz View Post
Hello

I am finally closing on my dream home tomorrow. However, there is a minor snag that I need clarification ASAP

I had an oral agreement with my realtor that he would credit me with $1300 at closing. However the lender says that he cannot factor in that amount at closing because underwriting laws prevent him from paying all the closing costs IF he were to factor in the $1300 (currently, I am going through this lender as they are paying total closing costs)
I hope I have made my dilemma clear.

How do I get the $1300 legally ? I don't want anything illegal nor want the realtor to be in any sort of trouble but I badly need that $1300. I feel betrayed as this is totally last minute....

Can the realtor give me a personal check post closing for the said amount ? That is the only thing I can think of right now but I need some experts help on this one.

Thanks a bunch

Krib


Maybe you can buy an extra quarter of a point on your interest rate to assist with closing costs.

If $1,300 will make or break you on a house then perhaps you may be a little over your head.
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Old 11-30-2011, 11:38 PM
 
Location: SE Florida
1,194 posts, read 3,808,226 times
Reputation: 754
Very good advice eger
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Old 12-01-2011, 08:19 AM
 
Location: Fort Lauderdale
423 posts, read 1,503,866 times
Reputation: 85
The real estate broker should be able to write you a 'rebate check' after closing. It is allowed by law.
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Old 12-01-2011, 02:59 PM
 
Location: Miramar, FL
389 posts, read 956,700 times
Reputation: 106
Quote:
Originally Posted by eger View Post
If $1,300 will make or break you on a house then perhaps you may be a little over your head.
This...

When we bought our home we made sure we had at least quite a few months of mortgage saved up.

And if you need this so badly, how did you get financed in the first place?
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