All cash transaction, can you get a credit from the seller?

[Jean Sanchez]

Hi Everyone,

Working on my first cash deal for a duplex. Are inspections it is clear that about $10,000 of pretty much mandatory improvements need to be made to bring it to code and for safety. I understand that laws went into place after 2008 that stopped the practice of buyers with mortgages walking away with cash in hand and only allowed credits to be used toward closing costs (or something to that effect, it was confusing). I would like to keep the sales price at the previously agreed upon position in order to take greater depreciation, so is it legal for me to request a “credit” at closing for a cash deal when the credit I am asking for is 10k and my closing costs are only around $600? Or do I legally have to do it as a reduction in price? Thanks in advance for any insight you have to offer 😉