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Rainmaker
613,494
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

These are 2 different things.

The $3K Closing Cost Contribution, the buyer would get for sure.

The $3K credit for inspections is probably the most the seller will pay for deficiencies.  If deficiencies are only $1K, than the buyer would only get $1K on that part. If deficiencies are $4K the buyer would only get $3K, the limit on inspections.

Eve

Jun 20, 2016 08:38 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Subject to approval by the Buyer's Lender!

Jun 20, 2016 09:16 PM
Ambassador
3,727,873
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Any credits have to be cleard with the lender, and they really don't like to see home inspection credits.  You usually have to call them an increase in the closing cost credits.

Jun 20, 2016 01:39 PM
Ambassador
1,452,819
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

The contract will spell it out for you!

Jun 20, 2016 12:19 PM
Rainmaker
2,362,948
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

It also depends on what the lender will allow. And they may not like that big a seller credit for repairs 

Jun 20, 2016 11:00 AM
Rainmaker
1,231,853
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Ditto under Fred Griffin comment.

Jun 20, 2016 10:40 AM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

I'm with Mike & Eve. Seller 'could' credit buyer a total of 6K at closing.

It's important to put it correctly on the HUD or the lender will have a fit.

Jun 20, 2016 10:27 AM
Ambassador
2,684,009
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

    I would have to read the fine print. 

    The home inspection $3K may be simply a cap on how much the Seller is liable for.

Jun 20, 2016 07:14 AM
Ambassador
2,178,603
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

It depends on how the contract was written and what kind of repairs are needed / requested in the inspection addendum.  The lender may require a withholding at closing.  The actual cost of repairs will be deducted from the escrowed amount and the rest returned to the seller.  

The 3K credit toward closing costs will be applied direct to the bottom line of the buyer(s).

Jun 21, 2016 01:06 AM
Rainmaker
4,572,183
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

If a train leaves the station in Chicago at 4PM Tuesday going 100 mph and a car leaves Washington at noon on Monday -- what time will lunch be served?

Unlike the question I posed -- everything in real estate should be clearly defined in the contract.  Ambiguity is not our friend.  

Jun 21, 2016 12:47 AM
Rainmaker
1,617,916
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

The buyer gets what ever was negotiated and signed between two parties.

Jun 20, 2016 10:51 PM
Rainmaker
3,416,038
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It would depend how written and also need the approval of the buyers mortgage company. If written straight up $3000 credit to closing costs, points etc than yes 6000, if not, it will depend on what the wording states

Jun 20, 2016 10:51 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I have no idea what you are asking? And the lender will determine which and how many credits can be applied to a specific loan product.

Jun 20, 2016 10:18 PM
Rainmaker
7,836,134
Roy Kelley
Retired - Gaithersburg, MD

Two different items. Follow the terms of the contract.

Jun 20, 2016 09:06 PM
Ambassador
2,436,099
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

I don't have anything additional to add in terms of an answer, but I just wanted to agree with the responses that indicate the contract should spell this out. The $3K seller concession for closing help will be credited to the buyer at closing to cover closing costs. The $3K inspection would be handled as indicated in the contract.

Jun 20, 2016 08:45 PM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Mike & Eve Alexander cover the possibilities on this one. Maybe $6K or maybe less depending on cost of repairs.

Jun 20, 2016 06:19 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

If the additional $3K is also credit towards closing, it will be total of $6K. However, if it is just a credit, it may be towards the purchase price.

It's how it is written in the contract.

Jun 20, 2016 04:30 PM
Ambassador
3,164,294
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Must be lender approved and yes it "could" total $6K, but depends on the terms and amount of loan.

Jun 20, 2016 03:55 PM
Rainer
42,670
Fred Hafdelin
Weichert Realtors - Mountain Lakes, NJ

3K towards closing but you will have to ,read the contract to see how the 3K credit is applied to inspection items.

Jun 20, 2016 11:01 AM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

The contract is your roadmap so follow how it will be applied, toward repairs or all credits at closing.

Jun 20, 2016 10:06 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

The contract would provide the information.

Jun 20, 2016 09:55 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

What does the contract say?

Jun 20, 2016 08:34 AM