Home Selling in 15106>Question Details

Mothclez, Home Seller in 15106

Whatis the affect of"Se;;er's Assistance" for the Seller ---is it a good thing or abad thing?

Asked by Mothclez, 15106 Mon Nov 8, 2010

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6
Mothclez
In our area, seller assist is the norm. If you offer seller assist you will get more showings and more is good. Keep in mind that most properties in and around Carnegie when they sold had seller assist that 2-5% is built into the sale prices. I or another local realtor can tell you in your neighborhood what the normal seller assist is. If you don't offer that amount know it is coming in the future offers if any and if you offer it you let buyers know you understand the market and are ready to go forward. Best of luck.
Benny Smith

C
0 votes Thank Flag Link Tue Nov 9, 2010
It could add to the sales price and the home may not appraise. Just make sure that you are comfortable with the sales price and the appraised value. Other than that, it sometimes makes a deal work!
0 votes Thank Flag Link Tue Nov 9, 2010
It really doesn't impact the seller at all, in theory. If the seller is netting an amount that is agreeable to him/herself the seller assistance can just be added on top. As long as the home appraises, everyone can get what that want and need out of a transaction. The biggest advantage to a seller is that by offering and "assist" they can dramatically increase the number of potential buyers for their home.
0 votes Thank Flag Link Mon Nov 8, 2010
A seller's assist allows for the buyer to purchase the property with less than normal costs.
Lets say the house is to be sold at $100,000 and the buyer needs a $3500 downpayment and $6000 in closing costs. That means the buyer needs $9500 in the bank to buy the house.
Howver if he offers $106,000 and a $6000 sellers assist, the seller still nets $100,000 and thew buyer only needs $3500 to bring to closing. Therefore as a seller, being open to offers including a sellers assist you are more likely to attract more buyers.

Best Regards,
Alan Openshaw
Cornerstone Lending Inc
720 Second St Pike Suite 104
Southampton Pa 18966
Office 215 953 0800
VOTED BEST IN BUCKS 2010
0 votes Thank Flag Link Mon Nov 8, 2010
It is great if it assists in getting the property sold. It also keeps the values in the neighborhood up.

The net to the seller is lower - but the seller paid costs are taken off the net when calculating tax due - if any.

Good Luck!

Gerry Dunn
Associate Broker
Maryland, Virgina and D.C.
703-216-9100
0 votes Thank Flag Link Mon Nov 8, 2010
It gets the home sold as long as the home appraises properly. For instance, if you are selling your home for $200K and it will appraise for $200K, then there is no way that the buyer can offer $212K with a 6% seller's assist (assuming the entire $12K is closing costs). The reason is that the home won't appraise for the $212K.

But if you are willing to be a little more realistic on selling your home, then offering a seller assist is great. Just remember that the home must appraise for the total price or it's a no go.
0 votes Thank Flag Link Mon Nov 8, 2010
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