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The engineer and appraiser went fine, and actually we went and signed all the paperwork for the mortgage but I am having a problem the #'s and whats called a sellers concession. Has anyone gone through this or does anyone know about it? I did ask my mtge person and on Mon I will ask my atty but I was hoping someone hear could help explain in layman terms. Thanks.
sellers concession is when you mortgage the closing costs- you request this when you make an offer and the seller has to accept-- The thing to be careful is that the house appraisal encompasses the concession--- for example-- lets say the house is 300k and you ask for a 6k sellers concession. That means you are mortgaging 6000 of the closing costs. That means the seller still gets 300k but the house has to appraise at 306k for the bank... hth.
