Seller Credits, Can I Negotiate For Them??

[Jake DeAtley]

Hey BP Members!
I currently have a property under contract and just had the inspection done last week. There are a couple major issues, one being that we need a complete re-pipe of the units. I initially wanted to go in with the strategy to renegotiate by requesting a seller credit on the back end so that I can take care of the various repairs myself. I am financing with an FHA, so 3.5% down would be close to $20,000 after closing costs. I wanted to negotiate for about $30,000 seller credit, however my agent initially had never heard of this tactic, and then came back and is telling me that the lender (not my mortgage broker) would not allow this. Has anyone used this tactic before? Is there a possibility that the lender would prevent this type of negotiation?

Thanks!

Key words: Thurston County, Olympia, Pierce County, Seattle, Tacoma, Rehab, Washington, contractor, GC, Grays Harbor County, Mason County, Lewis County