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BUYER ASSISTANCE PROGRAM vs. CLOSING COST CREDIT - HOW DO YOU WRITE IT?
As everyone is aware there has always been the ability to have the Seller Credit the Buyer towards closing costs, whether recurring or non-recurring. There is now a variety of Buyer Assistance Programs for either down payment or closing costs as well (ie; Nehemiah, HART, CHDAP). However there IS a difference in how you write it in your offers. I have an escrow that is closing tomorrow and in the offer the Selling Agent states that the Buyer is pre-approved for Nehemiah and Seller to credit $8,000 towards Buyers Closing Costs recurring and ... that's it nothing else the final word was "and"
So after reading that, what does it say? Technically that the Seller will give a TOTAL of $8,000 to Buyer for said costs. Well, now I'm going to docs and I receive the Nehemiah paperwork and there is a minor glitch. The Nehemiah Program is $8,000 and they also have on top of that a $399 processing fee to also be paid by the Seller which was not disclosed. Luckily when I emailed the Seller the Nehemiah paperwork, including the additional $399 he signed. Yeah, we're good to go!
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