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How does seller assist work? If the seller is willing to pay 6% of the closing cost , does that 6% get added
on to my morgage. Ex. the house is 100,000 the seller pays 6,000 at closing, do I then take a morgage foe 106,000. Help!!
Thu Apr 24 2008, 16:31 - Pennsylvania - Home Buying - 7 answers
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Our Home Seller Assist works quite differently since there is no bank qualifying and we can deal
with credit scores as low as 500. Agents can use it as well as FSBOs and investors who are selling. We normally can close in 30 days and sometimes as quickly as 2-weeks. We have a live presentation each Tues and Wed followed by a Q&A session where you can get all your questions answered. I will be at both of them myself. Tue Jul 8 2008, 07:47 Web Reference: http://weprovidethecash.com/?id=wallmann
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No. It would come out of the seller's proceeds. Just make sure the loan product you have allows for 6% Seller assist. Some limit you to 3%. Let me know if you need any help.
Jason Tue Jul 8 2008, 07:15
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The seller assist come out of the seller proceeds.
Sun May 18 2008, 20:24 Web Reference: http://getprequalified.com
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Melissa,
Sellers assist works in many different ways. With the realtors I work with we do it based off of what we want the seller to net for example if you want your seller to net 100k you take 100k and divide it by 94% and you get a mortgage and purchase price of 106385(roughly). If you would of done it by just taking 100k time 6% you acutally get 385 less of sellers assist. Please let me know if I can be of any further assistance. Thanks and good luck Fri Apr 25 2008, 06:48 Web Reference: http://www.myeasyhomemortgage.com
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Hey Melissa, how are you?
To answer your question that would depend on how your offer was structured. Was it presented as $100,000 with $6,000 back or was the offer $106,000 with $6,000 back? In either case you are mortgaging the amount credited to you. John Agnello Realtor® Long & Foster, Real Estate Inc. (609) 320-6700 –Cell (856) 856-2338 –Office Thu Apr 24 2008, 19:04 Web Reference: http://johnagnello.lnfre.com/default.aspx
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Hi Melissa:
My learned colleagues below provide a good response. Also, I would like to add that whatever you intend to do with Seller Assist, check with your lender to see what they will allow depending on the type of mortgage (FHA, VA, Ginnie, Freddie, etc.). Pay very close attention to make sure repair credits don't exceed your allowable Seller Assist amount, and also, that the appraisal will not be compromised because of the Seller Assist. Your Lender and Realtor will guide you on this. Thu Apr 24 2008, 17:48 Web Reference: http://www.SubPhillyHomes.com
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FIRST ANSWER
You can do either or. The seller assist is a huge misunderstanding in the real estate market. There are many ways to explain it. In your case above, a deal can be 100K with 6 percent assist where the seller nets 94 or it could be 106K wih 6K assist where the seller nets 100K.
Either way, the contract price becomes what you are mortgaging or at least what your downpayment is based off. Thus, in essence, your sellers assist is being financed over the term of the mortgage instead of paying for it today. It works well with buyers who need the money to close on a house or who need some money leftover for potential repairs and/or upgrades. For more helpful hints, visit our website below. Good luck ! Thu Apr 24 2008, 16:49 Web Reference: http://www.thesomersteam.com
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