Home Buying in Hempstead>Question Details

Nona Fontnel, Home Buyer in Hempstead, NY

When should a seller's concession be introduced in an offer on a house?

Asked by Nona Fontnel, Hempstead, NY Thu Aug 25, 2011

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Ira’s answer
The seller would like you to introduce the request for a concession with the initial offer. From a buyers prospective a seller's concession could be inroduced during the negotiation phase. In the Hempstead NY area the buying procedure usually does not go to contract until after the home inspection. The accepted offer is considered as a binder, the home inspection follows, then a contract of sale is presented to the buyer's attorney. Negotiations can still be continuing regarding the defects found during the inspection and remedies could be included in the contract.
1 vote Thank Flag Link Wed Sep 21, 2011
This is a contingency in the offer. All of the contingencies should be presented in the intial offer. If you are negotiating the deal and the numbers are getting over you top limit, adding the sellers concession into the process may help you obtain an acceptable offer between you and a seller.
0 votes Thank Flag Link Sat Oct 8, 2011
Thank you for all of your responses.
0 votes Thank Flag Link Thu Aug 25, 2011
If you are asking for the seller to pay a portion of or all of your closing costs than you need to introduce this during your initial offer.

If you are asking for concessions for items that need to be repaired or fixed, this should be apart of your home inpsection requests.
0 votes Thank Flag Link Thu Aug 25, 2011
You stated below "And if you do have an agent???"--if so, he/she should already know when to introduce the concessions; therefore consider a consultation...
0 votes Thank Flag Link Thu Aug 25, 2011
In New Jersey a seller's concession is presented on the last page of the standard contract, before the signatures. You can also negotiate a concession for repairs after the home inspection has been concluded. I wish you luck in your purchase.
0 votes Thank Flag Link Thu Aug 25, 2011
Hi, It should accompnay the inital offer because it is part of the terms.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Thu Aug 25, 2011
It should be introduced with your initial offer. You can not renegotiate after making an offer. Your agent should be guiding you through the buying process.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Aug 25, 2011
And if you do have an agent???
0 votes Thank Flag Link Thu Aug 25, 2011
If you don't have an agent, consider the idea--concession should be introduced when making an initial offer...
0 votes Thank Flag Link Thu Aug 25, 2011
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