Your broker is full of BS. You absolutely can ask for seller concession. Will a seller agree to it or not, that depends on each seller and if they are willing to agree to it or not. There is many factors that come into play. I do loans in Suffolk, Nassau and Queens, and I can tell you that I have clients who get seller concession everywhere. If a broker tells you that "they don't do that in NY State", I would drop them because that is simply not true. Also, if a house you're interested in wouldn't work with a seller concession, you can always explore the option of doing a lender credit if your lender offers it. This is a credit from your lender which is applied directly to your closing costs as a seller concession would. Feel free to call me if you have any questions. Good luck.
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Senior Loan Officer
STERLING NATIONAL BANK
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Great Neck, NY 11021
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Old Question, Still a fresh topic, so I'm going to chime in.
We don't know the plans or size of the house, or anything about this project, so it is difficult to give a straight yes or no.
You negotiate with your builder what you can both agree upon.
For a high cost property with lots of site work, high cost add-ons and materials, this would not be out of line. The builder will be tying up alot of their resources between draw phases, and they are entitled to asking a buyer to put some 'skin in the game'.
If you don't feel comfortable with that much, then don't do the deal.... more
The question is subjective, and climate is really is a matter of personal preferences/tolerances; therefore consider visiting areas of interest more than once, then determine where your comfort level can best be reached....... more
This house is in nice condition.But the listing is to high.There asking 454.A house on the same block sold last year for 455 was a 4 bedroom 2.5 bath.Just around the block 4 bedroom 2.5 bath house sold for 425 couple of mounths ago.I think this house will sell for 400-420 what do you think... more
You can try to see what other similar homes have sold for nearby if you go on the mlsli website. Click on the sold properties tab on the left hand side, and put in the address. The map will populate with all the nearby homes that have sold in the past 6 months. You can look at the description of the house to see what sounds like a similar home. If you are working with a local realtor, they should have knowledge of the condition of those homes.... more