NYorker
07-09-2006, 06:24 PM
Situation: the house is appraised at $110000. It is offered for sale at $100000. The question: can seller make one concession of 6000 to cover closing costs and another concession ($4000) for repairs? Is it legal to make such big concessions? The bank will make a $110000 loan to the buyer, all right. If it is legal, what is the procedure? Will something like notarized promise to pay $4000 to the buyer within a week after closing do? Will it be legally enforceable?