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Updated over 7 years ago,
2% max seller concession on investment???
So I bought a property for 72k and seller to pay all closing cost. When time to close rolls around, my loan officer tells me seller can only pay 2%max as of May1st2017. Bc the contract language said the seller was to pay "up to 6%" they are now saying they will pay 2% and that's it. A- I'm frustrated with my agent for not knowing that B- I'm frustrated for the language my agent used in the contract and C- I'm frustrated at my loan officer for telling me 1 day prior to closing. It's a lesson learned and shame on me for not knowing but am I right to be upset with my agent and loan officer????
I can't back out bc I lose my earnest money. Tried get price reduced but seller says no. Looks like im stuck!