What are seller concessions? A minute with The Real Estate Guy™
By Chris Dunham, The Real Estate Guy™
(NexGen Brokered by eXp Realty)
What are seller concessions? A minute with The Real Estate Guy™Let's talk about money shall we? Seller concessions, what are they, how does it work and who benefits? First of all, it benefits everyone as it ensures costs are covered at the closing table for the buyer (maybe not all, but quite a bit can be covered).In my world of representing buyers (annually, if I close my normal of 40 transactions, I'd say 20 of those are home buyers, and I always ask for some love).So what is the "rule of thumb" for closing cost concessions? 3% for any FHA product and if the buyer is putting 10% down and using a conventional loan product, the same percentage applies. So how does this affect the seller? Simple, it does take 3% away from their bottom line, but in a buyers market, most sellers (that get...
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