Home Selling in 19116>Question Details

Clara Lee, Home Seller in 19116

What is seller's assist? Will seller be repaid by the buyer at a future date?

Asked by Clara Lee, 19116 Mon May 25, 2009

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A seller assist is a great feature that allows the seller to pay some of your closing costs, each lender has its own specific guidelines, to how much assistance lender allow from the seller, it's another form of seller assist to, where the seller assists the buyer with a cash to buy down buyers interest rate, this form is very useful for many first time home buyers, because it helps to reduce monthly mortgage payment.
0 votes Thank Flag Link Wed May 30, 2012
Sorry I basically answered the same way that Chris did...I should have read the responses first :-(
0 votes Thank Flag Link Wed Jun 3, 2009
Clara,

The seller usually does not get back this money. It helps the buyer to pay any closing costs at settlement. What some seller do add the amount of the assistance into the price of the home. For example, if you list your home for $100,000 and the buyer asks for 6% sellers assist, what some sellers do instead of accepting these terms and net $94,000, they would renegoiate the price with the buyer for $106,000 and give the buyer back $6,000. The seller will then net $100,000 asking price.

This may work if the buyer is motivated and have limited cash on hand. If you have further questions, give me a call at 215-687-2629.

Samantha Weekes, Realtor
Exit Realty "The Waterfront Group"
1080 N Delaware Ave Ste 200
Philadelphia PA 19125
0 votes Thank Flag Link Wed Jun 3, 2009
Clara,
Sellers assist is a way for a buyer to buy your home with less money out of pocket. You will not be re-imbursed for this amount. On the downside, you will net less money from the sale of your home. On the upside, by accepting the sellers assist you open up more buyers who can possibly buy your home. It all depends on how bad you want to sell your home and how quickly.
The very best of luck to you!

Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net
http://www.mortgagepro.instantlender.com
0 votes Thank Flag Link Wed May 27, 2009
Basically, it sounds like you're talking about some form of seller financing (most likely a purchase money mortgage or seller carry back).

Yes, the seller will be repaid, and you can structure your mortgage note to specify the time when you'd like to be repaid. For example, let's say the buyer put down 20%, obtained conventional financing for 70%, and asked you to carry 10%. You could structure your loan with a fixed rate, amortized for 30 years, and with a 2 year balloon payment (meaning that the buyer would have to pay off your note within 2 years).
0 votes Thank Flag Link Mon May 25, 2009
Hello,
Are you talking about this being in a Contract of a home that you are selling?

Contracts are written where the Seller helps to pay for the buyers closing costs. You as the seller, are not paid back this in cash after closing. You are getting what you are needing for the Sale of the home.

Ex: Sale price of Home: $100K
Buyer offers you $106K with you paying $6K of their Closing Costs.
You will still net out the $100K.

Hope this helps.
Chris Suarez
Mortgage Broker\
0 votes Thank Flag Link Mon May 25, 2009
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