Hi Brian... In this Buyer's Market, Seller's Assist is quite common, although many sellers do not understand the concept. Depending on the lender you are using, there are some limits on the amount you can ask for in assist. The assist is negotiated at the time the Agreement of Sale is presented to the Seller's agent. For example, FHA has some assist limits.
Yes, the assist is a credit on the HUD1 and can be used to defray some of the closing costs, which as a buyer, would include the 1% transfer tax to Pennsylvania, and mostly the cost of borrowing the money for the home.
Please call me, and we would be happy to help you find a home.
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- Yesterday, 12:06