Well, not sure what your contract states, but it might have been a good idea to get a dollar value for the amount the seller is contributing to closing and to state 'toward closing and prepaids'. That way, some of those costs may be paid for out of the seller's money.
My realtor was really good about telling me to stand firm with prepaids such as home and pest inspections, radon inspection, etc. He was right that the inspectors asked immediately following the inspection how I wanted to pay (implying cash, check, etc.). I told them it would be rolled into the closing. Other than a puppy dog look of disappointment on their face, I had no issues with that. So as far as inspections, I would tell them you want that paid at closing. That will allow at least a portion of the reserves to remain in your account.
As for the appraisal fee, do you have anything in writing from BoA that they will pay appraisal? If so, then I would say that's for real. If not, get it in writing/contract.
@Anonymous wrote:
well my "reserves" are in my account phsyically as of right now, but after the appraisal fee, home inspection, and earnest money deposit, they are going to take a tremendous hit. My downpayment is being gifted, so I'm good there, I just would like my reserves to at least be respectable to increase my approval chances.
