A seller concession is anything the seller is going to throw into the deal to make their home more enticing for you to buy. Generally this comes in the form of a financial incentive at the closing as a fixed amount or percentage of the selling price that is returned to the buyer at the closing. This is the most common form of seller concession, but by no means he only form. Basically a seller can offer you anything they like as an incentive to buy their home.
In a buyer's market, seller concessions are fairly prevalent and are not limited to financial incentives. If repairs or upgrades need to be made on the house, a seller can lower the asking price of their property to reflect the work that will need to be done to bring the house up-to-date rather than having to fix the issue themselves.
The current housing market leaves ample room for seller concession negotiations. When taken in conjunction with some of the more liberal home loans available offering no money down, an offer of a seller concession for no closing costs can mean the buyer can come to the closing without any money. This can be an invaluable asset to a buyer, since buying a home typically involves many hidden costs once you have signed the papers and moved in.
If you are interested in seller's concessions at your closing, be sure that your real estate professional is aware of your wishes and is willing to work with you regarding these issues.
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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Thursday, December 2, 2010
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