Am I getting screwed?

[Ashly B.]

We made an offer of $95k + seller to cover $3k in closing costs for a 4 plex on May 8. Seller accepted the next day. Realtor apparently forgot to put the closing costs in the offer and no one noticed until now when the bank is drawing up the paperwork.  Our realtor admitted it was his fault and sent us an addendum yesterday stating that the costs would come from his commission. I was a bit confused because I wouldn't think his commission would cover $3k but I wasn't out any money so I signed. Today I get a second addendum with a note that says the bank doesn't allow seller paid closing costs to exceed $1900 on investment properties. 

I've never heard of this rule and it seems ironic that it just happens to be an amount low enough to where his commission would cover it... can anyone weigh in? Is this a real rule or is he covering his ***?

Regardless I feel pretty peeved that if this is a rule, my realtor wouldn't have been able to advise on that. 

[Gilbert Dominguez]

I would say this. If the real estate agent has agreed to pay the difference out of their commission make and keep friends and if later you want to buy your  loan down ask your mortgage company if you can buy down by an equivalent amount. Once the money is back in your hand from the agent you can use it to buy your loan down if possible. 

Honestly I would not sweat it and I would also not do anything to create bad blood between you and the agent. Things will happen. The agent also might have known full well the seller would not be allowed to pay the full $3,000.00 of the closing costs and might have thought the issue could be resolved easy enough. 

Think about it clearly because if the mortgage company would not have allowed the owner to pay $3,000.00 of the closing cost anyway your offer would not have been accepted. 

In either case you would have been faced with the same down payment, the same loan amount and the same closing cost because that is something dictated by the mortgage company, referring to what the effects would have been concerning the closing costs. I am saying the same as it is applies to what would be accepted. 

Your concern now is that had you known about the limits of the closing cost the seller would have paid you would have adjusted your offer. Its a personal decision as to what you will do now and how you will choose to handle this. In my mind its not worth the hassle to make a big stink about it now since the agent has agree to provide the needed funds to close out of their commission or has offered to reimburse you. As things stand now you have calculated that you can afford the monthly payments and are comfortable with that.