Posted by Natalie-VA on April 24, 2005 at 09:11:57:
You need to ask the lender what credits they will allow from the seller to the buyer. You might be able to raise the sales price by the amount of the closing costs and repair estmate and then be credited back for these items. The lender might require that the repair money be held in escrow and disbursed as you use it. Every lender has different requirements, so ask them.
With that said, this looks like a pretty bad deal. You are going to end up upsidedown in it. You should either walk away or offer a much lower amount than the list price.