purchase agreement: Seller Concessions
- 08/28/06 03:09 PM
I commented on another blog post about seller concessions, but I thought I'd expand on it here for a wider audience. Twice recently I've had deals hit speed bumps because seller concession limits weren't understood by the agents and the purchase agreement called for a greater contribution that the loan guidelines allowed. So, just in case you need a refresher, here ya go: These are for conforming loans. If the client is going non-conforming, particularly subprime, concessions are usually a flat 6%. First, seller concessions must be related to the financing. They are not for new furniture and they are definitely not for … (1 comments)
I commented on another blog post about seller concessions, but I thought I'd expand on it here for a wider audience. Twice recently I've had deals hit speed bumps because seller concession limits weren't understood by the agents and the purchase agreement called for a greater contribution that the loan guidelines allowed. So, just in case you need a refresher, here ya go:;)
;)
