Topic: Seller Concession
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Answers to Common Questions
What Is a Seller's Concession Mortgage?
In a purchase transaction, when a seller gives the borrower funds from the closing to assist with the down payment or closing costs, it is known as a seller's concession. This is allowed in certain purchase transactions. Read More »
Source: http://www.ehow.com/facts_6149017_seller_s-concession-mortgage_.h...
What is a seller's concession?
Answer It works like this: suppose you agree on the price of the house at, say, $200,000. You then ask the seller for a 3% seller concession. What this means is that you add 3% to the price of the house. That's right, you're now going to pa... Read More »
Source: http://wiki.answers.com/Q/What_is_a_seller's_concession
What is the definition of a seller's concession?
Answer Seller's Concessions or seller contributions are the amount or percentage of closing costs that the seller agrees to pay from his or her proceeds. This amount should already be included in the contract. If you need any further help w... Read More »
Source: http://wiki.answers.com/Q/What_is_the_definition_of_a_seller's_co...
More Common Questions
Answers to Other Common Questions
Seller-paid concessions, when used properly, can mean the difference between closing a home sale and losing one. A concession is anything of value added to the transaction by the seller, builder, developer, salesperson or any interested par...
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Source: http://wiki.answers.com/Q/What_is_the_purpose_of_a_home_seller's_...
Hi Bo, NRCC stands for Non-Recurring Closing Costs. These are costs that occur only once, like escrow fees, wiring fees. etc. Recurring Closing Costs are ongoing costs like HOA fees that occur every month, property taxes, Mello Roos, etc. I...
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Source: http://www.trulia.com/voices/Financing/What_is_the_seller_Concess...
Grants are not seller concessions. Down-payment assistance programs are not seller concessions either. For first time home buyers, a lender and real estate agent that work together closely can structure an offer to purchase a home where you...
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Source: http://activerain.com/blogsview/1143508/understanding-seller-conc...
Answer The seller is offering to pay up to $5000.00 of your fees, usually closing costs. Be careful with this, as many lenders are aware that seller concessions are often used to increase the sales prices, and thus with a goal of increasing...
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Source: http://wiki.answers.com/Q/What_does_a_5000_sellers_concession_mea...
Seller concessions At the closing table when all funds from the sale/purchase of the home are exchanged.
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Source: http://wiki.answers.com/Q/When_does_a_buyer_receive_the_seller's_...
Sellers concessions on a purchase contract for real estate is simply a way for you, the buyer, to roll over some of the closing costs into your mortgage. Sellers Concessions are determined by the lender, you have to qualify for seller conce...
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Source: http://www.chacha.com/question/what-does-a-sellers-concession-mea...
No cash! It happens at closing on the HUD-1 (closing doc) only... Couple of important points: 1. If you are putting 0% - 5% down for a down payment, then you will be limited to a 3% seller assist. On new construction, I believe Fannie Mae w...
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Source: http://answers.yahoo.com/question/index?qid=20061215171556AAiP0Xw
