I like to think outside the box.
Structuring the financing the best way could allow the borrower to afford more home and the seller to get closer to the asking price. I would call it a win win.
Your home is listed for 309,900.
In the last 6 months the average list price has been $296,000 in Attleboro the average sales price has been $284,000. This by no means indicates that your home should sell for 4% less than the listing price. That is the average and includes homes that were over priced as well as under priced but I have to start somewhere.
For argument sake buyer comes in and offers you 5% below your asking price $294,400. If they are financing 95% of the purchase the loan amount will be $278,684 with a payment of $1,767.80 plus mortgage insurance of $195. Total Payment of $1,962.
If you countered that Borrower to a full price offer with a seller concession of 3%. They would be financing $294,405 Monthly Payment of $1,860.84. The buyers can opt to have mortgage insurance paid as a single premium. In this case the seller concession would pay for the one time cost of MI and the buyer would have a monthly payment of $102 less per month by making a full price offer. You the seller would have a net sales price of $300,603 minus realtor fees rather than a sales price of $294,400 minus realtor fees. That is an increased sales price of $6,203 or 1/3 or the realtorâ€™s 6% fee.
Win for the borrower in the form of a lower monthly payment.
Win for the seller in the form of higher net proceeds.
If you have any questions or you would like me to explain it to your realtor I would be happy to do so.