Are any homes for re-sale offering concessions anymore? I have my down payment saved based on the high end

Asked by Florida40, 34677 Sun Mar 9, 2008

of my loan approval. However, finding properties where the seller will pay or help pay closing cost is hard to find. Most properties for sale are pre-foreclosures, foreclosures, or short sales. I can’t compete with the investors who are buying the foreclosures and short sales I have a limited amount of cash on hand. I don’t want to empty my bank account. Do concessions still exist?

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Cyndee & Jack…, Agent, Seminole, FL
Sun Mar 9, 2008
Every home we've helped buyers with for the past year have had seller concessions. We have 2 buyers that got homes with the 6% closing cost and even gifted the 3% downpayment assistance for an FHA loan so they actually got in with very little money out of pocket.

You need a strong buyer agent working and negotiating for you (plus a good lender) - our past clients have shared videos about their experience - it may interest you -

Good luck and yes it's a great time to buy don't miss out and feel free to search all the homes for sale by all real estate companies with photos on our website - no pressure ever! Enjoy!
2 votes
Bill Eckler, Agent, Venice, FL
Sun Mar 9, 2008
Florida 40,

There are sales that exist in addition to short sales, pre-foreclosures, and foreclosures that probably represent the best opportunities in today's real estate market.

These are normal sales of residential property that has been owner for a longer period of time....pre-2000. The owners of these homes, purchased their property well in advance of the "hot market" at much lower prices. Thus, they can afford to sell lower. It's a matter of identifying a highly motivated seller that has owned for 10....15.....20....years and negotiating the terms that fit your needs.

These opportunities truly's a matter of doing the leg work required to make it work.

Try looking in the Venice/Sarasota area. It's a wonderful location with opportunity that exceeds the real estate market.

Best regards,
The "Eckler Team"
Century 21 Almar & Associates
Venice, Fl 34285
1 vote
Rebecca Ivan…, , Charlotte, NC
Sun Mar 9, 2008
You have two options:

A . purchase a home not in foreclosure and negotiate concessions with the seller or B. choose a mortgage with a slightly higher interest rate that includes closing costs.

If you compare a mortgage with slightly higher interest payments with a mortgage with lower interest payments and upfront closing costs, it will take approximately 5 YEARS to hit equilibrium. In other words, if you pay closing costs and have the mortgage with lower interest for less than 5 years you are actually worse off than taking the mortgage with the slightly higher interest rate.

Consider how long you plan on staying in your property, as well as you may have the option to refinance after 5 years if you decide to stay in the home long term.
1 vote
Tommie Berry, Agent, Douglasville, GA
Thu May 28, 2009
Yes they do. Here in GA you can ask the seller to pay closing cost up to 6%. It depends on the purchase price of the home and how motivated the seller are.
0 votes
K. H., Both Buyer And Seller, 19050
Thu May 28, 2009
lemme, get this right. you don't wish to "empty YOUR bank account..but want to buy a home?"

what about the seller? what about he fact that the seller has to "empty their account" just to sell their home (even when bought wisely).

where is this idea that sellers are swimming in money coming from? get real people.

if you want to walk into to house with just a DP and expect others to pay your closing, then yes...compete with the the investors!
0 votes
Perry Hender…, Agent, Austin, TX
Tue Mar 25, 2008
Yes. I've seen 0% interest on homes too...
0 votes
Katrina Made…, Agent, Tampa, FL
Mon Mar 24, 2008
Almost every contract I write has consessions of 3%. Depending on the area, market , deal of the house etc, the banks will even approve buyer consessions on a short sale, especially with a down payment (and your starting point- offer price).
0 votes
Hi, , Virginia
Fri Mar 21, 2008
Cash is King
Keep saving
Market will be soft for a few years at the least
Some say longer
I hear condos are very cheap in Florida


good luck
0 votes
Tina Maley, Agent, Brandon, FL
Fri Mar 21, 2008
yes there are owners that are still willing to do this
0 votes
Steve Armstr…, Agent, Tampa, FL
Thu Mar 13, 2008
Yes, I have been surprised recently how willing sellers are to give to make a deal happen. Yes there are competing foreclosures, but sellers are mostly aware of the market. As you continue to look for homes, dont be afraid to include provisions in the offer or ask for what down payment concessions you need to make the deal happen. Just because one house cant always make concessions, it doesn't mean that others will not. Good Luck!
0 votes
Alma Kee, Agent, Tampa, FL
Mon Mar 10, 2008
Yes, concessions in Tampa Bay are very easy to get from Sellers at this point in time.

In a short sale, a lender can pay your closing costs and possibly your 3% downpayment, too via a FHA program. Go to:

The only thing the lender is concerned with is their bottom line, net amount, they will receive in a short sale, so you can absolutely compete with investors on short sales. Buying a foreclosure at the court house steps is another story since you have to pay 100% of your bid in "cash" (no time to finance) within 24 hours.

So I recommend finding a Realtor that specializes in the area of Tampa Bay that you wish to live. I wouldn't delay too much longer in buying since the FHA lending limits were just incrased to $292,500 and it should increase buyer activity and prices.
Web Reference:
0 votes
Octavia Chev…, Agent, Indian Rocks Beach, FL
Mon Mar 10, 2008
I understand your concerns but the seller wants now to sell so they will help the buyers. We do have FHA programs that allow the seller to pay for all or majority of buyers closing cost. Now the seller are verry motivated.We also have first time home buyers program. One of the mortgage broker I work with is working these programs. Please call me if you look in any of the area I will be able to help. I do work in Safety Harbor, Clearwater , Oldsmar and Pasco county. Thank you, Octavia
0 votes
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