seller concessions: What Are Seller Concession Offers?
- 02/26/09 10:05 AM
Seller's Concessions/Buyers Assist is where the seller agrees to pay part or all of the buyers closing costs. The seller must agree to the seller assist and it must be stated in the sales contract. Most banks allow 3% seller concessions. Some lenders will limit the seller concession based on the amount financed. If you are taking a loan for more than 90% then the lender may only allow a 3% max seller concession. Under 90% they may allow 6%. The seller assist is not a part of the loan and cannot be financed. The seller is lowering their gain from the sale … (0 comments)
*If you want the seller to pay the costs, discuss that concession upfront, before you sign a purchase contract because it affects the seller's net proceeds from the transaction. **Borrowers can reduce or even eliminate closing costs by paying a higher interest rate on their mortgage. The rule of thumb is an additional 1/8% higher interest rate will net a credit against closing costs … (0 comments)
Seller's Concessions/Buyers Assist is where the seller agrees to pay part or all of the buyers closing costs. The seller must agree to the seller assist and it must be stated in the sales contract.;)
;)
