Seller’s concession / Partners in Charity

riniko Posted: Mar 06, 2006 03:11 PM

Seller’s concession / Partners in Charity

Does anyone know what is meant by the term Seller’s concession??

Or know what Partners in Charity is?
http://www.partnersincharity.org/

csorisi Posted: Mar 06, 2006 03:13 PM

Re: Seller’s concession / Partners in Charity

A sellers concession is where the seller agrees to sell you the house for more than the selling price so that you can get money back at closing or to pay for your closing costs.

riniko Posted: Mar 06, 2006 03:15 PM

Re: Seller’s concession / Partners in Charity

So who bears the closing costs? The buyer or seller?

Blu-ize Posted: Mar 06, 2006 03:18 PM

Re: Seller’s concession / Partners in Charity

The buyer

csorisi Posted: Mar 06, 2006 04:08 PM

Re: Seller’s concession / Partners in Charity

The buyer still but by having a sellers concession it allows you to use that money to pay for your closing costs. Keep in mind though that you have to pay transfer tax on that money because the seller is transfering that money to you. Also the house has to appraise for more than the amount the sellers are 'selling' you the property for.