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Seller-paid concessions, when used properly, can mean the difference between closing a home sale and losing one. A concession is anything of value added to the transaction by the seller, builder, developer, salesperson or any interested party. A concession may also include any closing costs that would normally be paid by the buyer or cash given to the buyer to lower non-housing debts. Funds received from a relative to assist with a home purchase, or cash contributed from an employer as part of a corporate transfer are not considered seller concessions.
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∙ 18y ago
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Can you get sellers concession on short sale?
Yes, but the amount of the concession depends on the type of short sale. An FHA Short Sale (under the HUD Pre-foreclosure Sale Program) can include up to a 1% seller concession only if the Buyer is utilizing FHA financing in the purchase. A HAFA Short Sale will allow a seller concession, but the amount depends on the proposed net proceeds to the mortgage servicer.
Is it a good idea to do sellers concession?
How desperate are you to sell? It all depends on what is being asked, how much it will cost and whether you think the next buyer will make those same demands.
When does a buyer receive the seller's concession?
At the closing table when all funds from the sale/purchase of the home are exchanged.
Is the seller concession tax deductible?
is seller concession a tax deduction for me the seller
Is there any way to add fee to the total loan amount?
I am not quite sure what the question exactly pertains to, as far as "fees". If by fees you mean closing costs then yes you can. In a purchase you can include your closing costs into the loan by getting what is known as a "sellers concession" Basically the closing costs are added to the purchase price and that is now the new purchase price. To do that first off you have to get the seller to agree to let you do that. Secondly the home must appraise for that amount. Say for eample you are buying a home for 100,000 your closing costs are 5,000. The new purchase price with a full sellers concession is 105,000 on the contract, on your mortgage and on the appraisal. The house must appraise for atleast 105,000, if it appraises for 100,000 then you can't do it. It has to be written in the contract and the seller must agree because they are conceding they could have sold the home for 105,000 but they are selling it for 100,000 and letting the buyer include their closing costs. Sellers concessions can cover all or half of the closing costs. In a refinance you can roll your closing costs into the refinance as long as your loan to value doesn't go over 100%, though some banks will go as high as 125% on your loan to value though I don't recommend it in most cases. Loan to value is your current debt on the home divided by its current market value. A home worth 100,000 with a 50,000 mortgage has a LTV of 50%.
What is the meaning of concession?
A concession is when someone is granted access to a portion of land for a specific purpose. Like how a concession stand is OK to sell hot dogs in a stadium for example.
Can you get sellers concession on short sale?
Yes, but the amount of the concession depends on the type of short sale. An FHA Short Sale (under the HUD Pre-foreclosure Sale Program) can include up to a 1% seller concession only if the Buyer is utilizing FHA financing in the purchase. A HAFA Short Sale will allow a seller concession, but the amount depends on the proposed net proceeds to the mortgage servicer.
Where could I get a concession truck?
Custom Concessions has many different options for concession trucks as well as some specifically designed for the vending of hot dogs. Their home page is: http://www.customconcessions.com/custom-concession-trailers.php
What did home theatre mean for the popularity of the cinema?
higher concession prices
What is the purpose of a market system?
Keep buyers and sellers into contact
Is it a good idea to do sellers concession?
How desperate are you to sell? It all depends on what is being asked, how much it will cost and whether you think the next buyer will make those same demands.
What is the past participle for concession?
Concession.
What purpose do commodity exchanges serve?
The commodity exchanges are organizations that are owned by their members for the purpose of bringing buyers and sellers together
Sample letter on how to apply for a concession?
Concession letter
When does a buyer receive the seller's concession?
At the closing table when all funds from the sale/purchase of the home are exchanged.
Where can one purchase a Kohler Generator?
A Kohler generator may be purchased from online or local sellers. Online sellers include electric generator direct. Local sellers include The Home Depot. Both sellers carry various models.
What is a concession vendor?
the person in the concession stand selling the products.
