You've asked 5 separate agents how to request seller credit, and gotten 5 completely different answers. Screw this up, and it'll cost your buyer.
you can structure the contract so that the seller agrees to pay all closing costs and even some repairs the house needs at settlement, up to 6 percent of the price or $12,000. On a $400,000 house,
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Technically, any deviation from the list price is a seller's concession.. buying home warranties, PMI policies and remodeling and repairs.
5 Seller Concessions 8-12 6 What Happens to Fees and Charges If the Loan Never closes 8-14 7 fees and Charges That Can be Included In the Loan Amount 8-15 8 The VA Funding Fee 8-17. improvement, or repair, then the lender may charge the veteran up to two
FHA Repair Requirements and Guidelines for Loans. Buyers’ agent can specify a limit or dollar cap on the repairs. Sellers might agree to go along with this, or buyers might be free to do their own lender-required repairs with the sellers’ permission.
Seller concessions are most commonly affected by the marketplace and attitude of the seller and listing agent. If the house is in some way defective, such as needing major repairs, a seller concession may be a way to negotiate compensation for what would otherwise be considered unacceptable condition.
Explaining the 4% VA Seller Concession Rule. VA rules say that the value of a seller concession can equal as much as 4 percent of the selling price. Again, that’s in addition to "normal" discount points and payment of the buyer’s loan-related closing costs.
Neither the seller nor the lender is likely to make repairs to the property.. a repair concession or lower price, it is far less likely to be approved.
In some cases, the seller might agree to pay some of the buyer's closing costs. This is called a “concession.” But there are a lot of important.
Seller Concessions Affect Mortgage Closing Costs. Now sellers concessions is an entirely different matter. Basically these are concessions that the seller pays and can be a set dollar figure or a percentage. You the seller agree to contribute this figure or percentage toward the closing costs for the buyer.
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