OfflineI need help understanding this addendum I got an offer accepted today on a house in a great private community I received the banks addendum's yesterday and one of them says The Buyer shall not be allowed, under any circumstance, to receive funds from the closing that exceed the amount of the earnest money plus prepaid deposits paid by the Buyer. In the event that the proposed HUD reflects proceeds to the Buyer in excess of the earnest money and prepaid deposits, the closing cost credit by Seller shall be reduced so that the Buyer receives an amount exactly equal to the earnest money amount, plus prepaid deposits by the Buyer does this mean I cannot make more of an assignment that my earnest deposit?? I need help with this
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Funds means money. Are they saying you can't sell the property?
Wait.. I think this refers to closing costs only, not your profit.
It sounds like they are saying that you will pay half of the closing costs and the seller will pay the other half.
Bring this to your RE attorney and ask he/she to explain it to you.
RENinja
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