I worked all week in the office, sorting out a handful of loans that I was working on and thinking about the relationship between the realtor, home buyer, and loan officer...
Many times, before we are even brought in to work on the loan, the customer is in the process of putting an offer on the house. Part of this offer is "seller concessions"... My thought was the conversation that should take place before signing the P+S...
I see it on my end...the customer decides to put down 10%....then they start the financing process. We get back info together, IRA statements, 401k statements....When it's all said and done, AND YOU ADD IN CLOSING COSTS AND PRE-PAIDS, they are close to the totla figure in their accounts... Lenders get nervous and it makes everyone jumpy at this point.
THE CONVERSATION should include....if you are close to "not having enough cash" to buy this house, but really want it...let's add in some seller concessions in the P+S... For most people, it's not going to change their taxability of their house (some may have issue with the commission structure...but they can discuss that with the realtor), so it's really something that can make it a little easier for people to get into a house and have a little nest egg left to start with.
This is just a thought..but it makes the lives of your customer a little easier if they know that the realtor is working with them to make the financial matters go more smoothly...and some of that is the "hey, if you would like to to it, we can ask the seller for a seller's concession of $x,000 at closing to cover X,Y,and Z..."
See you out there!
and, of course, for some non-financial stuff to read.. (my fishing page..we got another nice shark yesterday!)