Posted by Bruce on August 11, 2001 at 21:12:34:
You didn’t give any details of your transaction, but if you are taking back financing, you could alter the terms (increase the interest rate you would get) to offset the credit back.
credit back closing costs - Posted by Ann in HI
Posted by Ann in HI on August 11, 2001 at 20:54:34:
Maybe someone out there with more experience than I can help with this situation. I have an offer on my house, and the buyer and I have agreed on everything but a clause asking me to credit back d3% toward his closing costs. I can see the obvious advantage for him. Is there any advantage for me? It looks like I would loose 3% of my profit just to make the deal sweet for him. Advice, please.
Re: credit back closing costs - Posted by dewCO
Posted by dewCO on August 12, 2001 at 11:57:05:
Yes, you are correct, you will net 3% less (does it specify 3% of the purchase price or 3% of the loan amount, could be a big difference). No advantage to you, unless this is what is needed to help get your house sold and closed NOW as opposed to waiting!!! The time value of money.