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Sellers Concession??

Suzanne Posted:

Sellers Concession??

Anyone do this?

LizD Posted:

Re: Sellers Concession??

I never heard of it, what is it?

Suzanne Posted:

Re: Sellers Concession??

Its when you dont have enough closing costs, so you take the mortgage out for a little more and then then seller pays..

wacky Posted:

Re: Sellers Concession??

Many people do this now. But just make sure that the bank will approve a higher mortgage for you.

LizD Posted:

Re: Sellers Concession??

Oh. I have heard of a lot of people doing that. They incorporate the closing costs in the mortgage. I am sure it won't be a problem
Marcela1654 Posted:

Re: Sellers Concession??

We did that. We got a $12,000 seller's concession. What do you need to know?

MarcellaBella Posted:

Re: Sellers Concession??

Posted by Marcela1654

We did that. We got a $12,000 seller's concession. What do you need to know?


We did a $10,000 concession.. whatcha need to know =)
Suzanne Posted:

Re: Sellers Concession??

Well, The real estate says that they have to speak with the seller, but they did not seem to be very happy about it.

I was just wondering if anyone else encountered any problems with the sellers?
wacky Posted:

Re: Sellers Concession??

The reason sellers dont like it, is because if the bank wont approve you for the additional monies. then the deal usually falls thru

Suzanne Posted:

Re: Sellers Concession??

ohhh.. We have already been approved for the additional 10K.. i hope that they are ok with it. If not we will do a 80 10 10

wacky Posted:

Re: Sellers Concession??

Then there shouldnt be a problem. The owners she go with it.

Lots of luck sweetie
MarcellaBella Posted:

Re: Sellers Concession??

Posted by Suzanne

Well, The real estate says that they have to speak with the seller, but they did not seem to be very happy about it.

I was just wondering if anyone else encountered any problems with the sellers?


WHAT?? why are they telling the seller's ANYTHING....all the seller needs to know is whether or not you're approved and how quickly they can get the paperwork moving along..

The reason for some sellers not liking the seller's concession is b/c alot will feel that hey you negotiated down my selling price but yet you can take out an additional 10k?
Marcela1654 Posted:

Re: Sellers Concession??

I agree with Marcella. A seller's concession has NOTHING to do with the seller.

Suzanne Posted:

Re: Sellers Concession??

So we didnt have to tell the Real Estate?

MarcellaBella Posted:

Re: Sellers Concession??

Posted by Suzanne

So we didnt have to tell the Real Estate?


who's real estate?? yours or hers? This should be between you and your mortgage people..
Suzanne Posted:

Re: Sellers Concession??

im so confused, MY mortgage guy called the real estate on my behalf (because i didnt have the pre approval letter) and explained to them that we were doing a sellers consesision and the real estate called me and said that he would now have to talk to the seller..
MarcellaBella Posted:

Re: Sellers Concession??

well he is an *******.. pardon my french.. don't you have a real estate broker working with you?

MarcellaBella Posted:

Re: Sellers Concession??

Posted by MarcellaBella

well he is an ASS hole.. pardon my french.. don't you have a real estate broker working with you?
Suzanne Posted:

Re: Sellers Concession??

Its the real estate from the seller, and the mortgage guy is ours..

MarcellaBella Posted:

Re: Sellers Concession??

Posted by Suzanne

Its the real estate from the seller, and the mortgage guy is ours..


oh no.. I'm sorry to scare you but that is NO good.. are you officially in contract? this may very well break the deal. or you're seller can come back with a higher number being that you are getting a higher mortgage.. just lettting you know the specifics..

Also, the fact that you are using their real estate makes things worse, b/c the agent works for the SELLER.. not the buyer.. therefore the sellers' interests are their main goal..

It's not as if they won't find out about the sellers concession, but you don't want them to find out before going into contract...

Your mortgage guy should have just told them that you're mortgage is approved and the paperwork is under way.. period.. no need to go into specifics..

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