Help! I've Been Bested by Paying the Buyer's Closing Costs...

[Rob Roy]

Hello BP!

My house finally went under contract yesterday after lowering the price down $30,000 and having it sit on the market for over two months.  We agreed that I (the seller) would pay $5,000 of the buyer's closing costs.  However I just found out through my wife (who works at the same company he is going to), that the buyer is actually getting his closing costs covered by his new employer.  So I feel like I've been had and the buyer is going to just pocket that $5,000 cash, while I'm breaking even on my house.

The exact wording in the Purchase Agreement is “Seller to pay $5,000 of Buyer’s cost to close, to be used at the buyer’s discretion” and we just went under contract yesterday.  Is there anything I can or should do about this?  Or is it too late and better to just accept it as a lesson learned and declare him the better man...?

[Russell Brazil]

His employment contract, and where ever else he gets money for a down payment or closing costs isn't really any of your business. The only thing that is your business is your contract between him and you. If he was gifted the money for the down payment from his parents, would that mean he should have played you more money for the house?