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I am selling a commercial property in SI, Is There a max of sellers concession I can agree too? The buyer

is looking for more then 20% of the purchase price
Tue May 13 2008, 11:55 - Staten Island - Home Selling - 4 answers
 
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John
Home Seller
in Staten Island
John, Home Seller in Staten Island in Staten Island
Answers (4)
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Janet Torres was FIRST TO ANSWER
Hi John,
You should check with a commercial lender to find out that information. If there is a max and you find out what it is, have a market evaluation done on the subject property to make sure it will still be able to pass the appraisal.

A.T. REAL ESTATE SPECIALISTS LLC
Arlene Trunzo, CRS,GRI,SRES / Broker Owner
(BCREP) Board certified
718-317-0949 0R 917-359-1985
cmyrealtor@aol.com

Sun Jun 29 2008, 11:09
Web Reference: http://atrealestatespecialists.com
 
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It's difficult to find a bank that will approve the sellers concession thse days. It looks like the buyer does not have the money to purchase if they are asking for it. Banks are more cautious than ever. The buyer should have a substantial down payment and good credit in order to make sure this deal doesn't fall apart. As far as an appraisal, the value must be there in order for the loan to happen. Banks are hesitant to give loans to properties with a sellers concession. That means the actual value is less than the loan. I would recommend no seller's concession. Good luck.

Tue May 20 2008, 06:55
 
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The appraisal will hold the answer, 20% is a substantial amount for a concession. On the conservative side, because banks are scrutinizing everything, it going to be a stretch from a traditional lender. There are some creative ways of working a commercial transaction, they should be explored.

Anthony Licciardello

Tue May 13 2008, 15:29
Web Reference: http://www.Realestatesiny.com
 
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FIRST ANSWER
John,
You should check with the mortgage company or bank. I just went thru a commercial loan with my nephew and we were told it was not allowed. Your best bet is to hear it from the horses mouth.

Tue May 13 2008, 12:08
 
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