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
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 D Delp
4802 Old Bethlehem Pike,
Telford Pa. 18969
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).
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.