I called a mortgage loan officer yesterday to try to assist in a referral situation because the MLO was not returning the agent's calls. The agent allegedly tried to call the MLO all morning and no response, no return voice mail calls.
I called at 1:15 PM and the MLO immediately picked up the call, even though the MLO was in the middle of a settlement closing, or so the MLO said. I think the MLO saw a phone number on the phone that wasn't the buyer's agent or any other person the MLO knew and figured it might be a new customer, so the MLO answered the phone.
Last time I bet that happens.
Something buyers might not realize is a seller cannot pay any part of a borrower's down payment. Agents can't pay it either, nor can lenders. Further, lenders will not allow a credit toward repairs. Which is usually why there is a seller credit involved.
But what happens when the closing credit is larger than the buyer's closing costs? Well, there are solutions when the closing cost credit exceeds the buyer's closing costs. There are ways to address this issue that make sense for all sides of the transaction, including lowering the purchase price by the amount of the deficiency. You can read more in my personal blog today at this link: Squeeze Every Dime From a Seller Credit to Buyer Closing Costs.