Home > Blogs > Minnesota > Hennepin County > Minneapolis > Take advantage of Seller Paid Concessions!

Mark Claessens' Blog

By Mark Claessens, e-Pro, NHSS | Agent in Coon Rapids, MN

Take advantage of Seller Paid Concessions!

Do you do this?  Does your realtor do this?  Do you know HOW to do this?

Listen, we all have to agree that in an aggressive market there are sellers that can and actually WILL agree to pay for some or all of a buyer's closing cost. Whether this be a bank-owned proeprty, a short sale, or a traditional seller, this is always good.

Make sure that your real estate agent shares with you how he or she negotiates seller paid concessions BEFORE you start looking for a home or write an offer on one.  Your realtor should be able to give you an explanation of how and when they ask for the seller to contribute towards your closing costss.

I know for me and my buyers, I always discuss this right up front and give them some expectations of what to expect out there. Some of the banks will pay only up to 3% of the purchase price towards your closing costs.  Some, especialy on a FHA short sale with the buyer coming in with another FHA loan, are only allowed to pay out 1%.  You need to know these things right up front and be prepared, with your cash, to do whatever you have to do in order to get a deal through.  And the ultimate goal, as I explain to my buyers, is for me to allow them to keep as much money in their pockets as is possible. 

Please watch this video to gain some more insight into this!



Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer