How Does Sellers Concession Work?

Answer

A seller concession is money that the seller pays back to the buyer to help with their closing costs. Essentially, depending upon the restrictions of the mortgage company, the buyer will borrow more money than they are paying for the house and get the difference back to help pay their costs. This happens at closing and is shown on the closing statement, or HUD1, as a charge to the seller and a credit to the buyer. This money goes to pay the buyer's closing costs only and usually can't be more than those costs, so there's no money back at closing.
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