3 days from closing. We thought everything was good. Our realtor told us that we could ‘split’ our concessions, some into closing costs, and some as a general credit. This is called ‘inducement to purchase’ and has been a federal felony for 20 years. Your concessions have to be either for closing costs, or for a service like paying a contractor to fix something on your home.
Realtors will just make up anything, say anything to get a sale. They’re totally under-qualified (and the bar of entry is way, way too low) to handle complex fraud/real estate laws. They also have little to no knowledge of home inspections, or how to even recommend a decent home inspector. Our mortgage underwriter said she would have gone to prison if she had approved this contract. Realtors insert themselves needlessly into a transaction that has been democratized long ago (been to Zillow lately? You don’t need a realtor, you can find your own homes to buy).
Our realtor will still get her commission though, despite being a complete moron.
Thanks for letting me rant, sub, and hear my call: Stop using realtors all together. Drive them out of business. They take a ton of money for doing little to nothing.