While going through the process of purchasing his home, Craig noticed some items around the house that he would like repaired. Craig will ask his attorney to get a CREDIT or to have the sellers repair them, before the sale.
Now, this doesn’t mean the sellers will, but your attorney and realtor will assist you in deciding what to ask for. If you do receive a credit, it CANNOT be called a “REPAIR CREDIT.” It will be titled, “CLOSING COST CREDIT,” and used towards closing costs, at closing. Fannie Mae doesn’t allow the term REPAIR CREDIT because it indicates that the home is uninhabitable.
This credit will be an amount agreed upon by the seller and buyer. It usually is an overall estimate of what is believed to be the total cost of the repairs. Examples like this and other questions that you may have about the home buying process, is what we’re here for at A and N!
Animation/Editing: Matt Nikkila
Music by: David Kornfeld
Theme Song Lyrics by: Ricky Glore
Vocals by: Ali Delianides, David Kornfeld and Ricky Glore