Housing Wire

JUNE 25, 2024

This is always an option; some banks accept the average of the two prices when determining financing. In other cases, you may be representing a buyer negotiating with a seller who refuses to lower the price even after the appraisal comes in lower than expected. When this happens, it’s time to ask for some seller concessions.

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Staging Seller concession Finance Closing costs 396

Housing Wire

FEBRUARY 19, 2025

This typically includes: Recent pay stubs Last two years tax returns Recent bank statements Proof of any additional income or assets Discuss the budget Once you have the mortgage pre-approval, have an open conversation about your client’s financial situation.

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Closing Earnest money deposit Due diligence Pre-approval 337

Housing Wire

OCTOBER 27, 2022

When borrowers show hesitancy due to high mortgage rates, loan officers work with options such as temporary rate buydowns, which allow homebuyers to receive lower mortgage rates at the start of their loan terms by using seller concessions as part of the payment.

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Mortgages Fixed-rate mortgage Loan Officer Seller concession 397

Housing Wire

AUGUST 25, 2022

The company also launched temporary rate buydowns, which allows borrowers to receive lower mortgage rates at the beginning of their loan terms by using seller concessions as part of the payment. It comes at a time in which the housing market favors buyers and seller concessions become more frequent.

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Mortgages Equity Loans Seller concession 418

Broke Agent Media

MARCH 18, 2023

Banking Crisis Alright, we know you didn’t miss this—it’s safe to say that in every industry, all eyes have been on what’s happening with banks right now. I am hearing that @BankofAmerica is going to buy Signature Bank on Monday. So here’s a quick recap of what you may have missed this week.

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Seller concession Banks Industrial Mortgages 98

HomeLight

DECEMBER 2, 2021

Kentucky-based Dianna Caldwell , a seasoned agent with 16 years of industry experience under her belt, gave us a rundown of seller costs and what homeowners should budget before they sit down to the closing table. Source: (Clay Banks / Unsplash). home sales price of $453,300, as reported by the Federal Reserve Bank of Saint Louis.

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Seller concession Staging Inspection Renovation 122

HomeLight

JUNE 16, 2022

You can probably expect to run into these typical expenses for home sellers in Massachusetts: Prepping your house for sale. Seller concessions. Seller concessions. Seller concessions are indirect costs that you may offer to the buyer to make your home more attractive. Seller concessions.

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Seller concession Closing costs Inspection Closing 110

HomeLight

SEPTEMBER 30, 2021

After all, the bank or institution wants to ensure they’re protecting their investment and you aren’t overpaying for your purchase. If they are unwilling to budge on price, you can also renegotiate seller concessions. If you have excellent credit, it may be easier to get pre-approved with another bank.

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Pre-approval Seller concession Finance Banks 98

Realty Biz

MAY 24, 2021

You’ll still probably need a little help beyond that $1,000 in your bank account, but your mortgage lender will allow gifts from family members or friends to help you. To cover closing costs, negotiate a seller concession. Either way, you get to use owner-occupied financing, which means a down payment as low as 3%.

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Earnest money deposit Hard money loan Seller concession Investor 124

HomeLight

OCTOBER 30, 2020

When you still have months left until the bank starts initiating foreclosure, you have time to prep your home for sale , so that it shows well and sells for the best possible price. Sellers can always call the bank to make arrangements to avoid foreclosure. I’m behind on my mortgage payments, but not yet in foreclosure.

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Short sale Banks Equity Mortgages 105

Realtor.com

DECEMBER 10, 2020

Make sure to attend and review the findings of the home inspection,” says Steve Kaminski , head of residential lending at TD Bank. “It’s Better to move forward with the home inspection, and then use the findings as a potential bargaining chip.

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Closing costs Inspection Closing Rent back 142

Realty Biz

SEPTEMBER 4, 2023

You’ll still probably need a little help beyond that $1,000 in your bank account, but your mortgage lender will allow gifts from family members or friends to help you. To cover closing costs, negotiate a seller concession. Either way, you get to use owner-occupied financing, which means a down payment as low as 3%.

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Earnest money deposit Hard money loan Seller concession Investor 85

HomeLight

FEBRUARY 25, 2022

Source: (Clay Banks / Unsplash). Seller concessions (2% – 6%). The five year rule is not hard and fast — in fact, some real estate agents don’t even refer to it as such. But there are several factors to consider when selling your house within five years of purchasing it. How do I decide if the 5 year rule applies to me?

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Seller concession Closing costs Inspection Agents 111

HomeLight

FEBRUARY 19, 2023

Or perhaps there were seller concessions that weren’t included in the price. Ultimately, you’ll need a real estate agent to step in and calculate the value of your home, so you can bank on getting buyers’ attention and sealing the deal on a successful home sale. What is the difference between pending and contingent transactions?

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Realty Biz

JANUARY 19, 2024

Start by gathering all relevant financial documents, such as bank statements, tax returns, and pay stubs. Again, local market conditions determine whether you can get any seller concessions. Take a close look at your income, expenses, and existing debts. Next, examine your credit score and history.

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Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

HomeLight

SEPTEMBER 10, 2022

You may find other alternatives that are a better fit for your situation, such as: Rent out your home: You might need to sell but don’t have enough equity or money to pay the seller’s fees in order to complete the transaction. Seller concessions (2% to 6% to financially help the buyer).

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Closing costs Agents Seller concession Closing 111

Redfin

MARCH 3, 2022

Make sure you know in advance how you will be getting a bank check or wire transfer, so you’re able to close on time. To avoid a delayed closing, you can ask the seller to complete the repairs before purchasing the home (if they can be done quickly) or request some form of seller concession to offset the cost of repairs.

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Closing Title search Purchase and sale agreement Title 63

HomeLight

NOVEMBER 30, 2022

Other ways agents can help with affordability, he says, is coming up with other possible solutions such as buying down the interest rate, negotiating seller concessions, and encouraging saving more for the down payment. Gauge connections.

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HomeLight

NOVEMBER 23, 2022

Not having agent representation could also lead to paying more in seller concessions. However, cautions Raymond, “It’s a good start, but you also have to remember that the bank (financing a buyer’s loan) is going to do their own appraisal. Working with a buyer whose bank is short on appraisers, which can really slow down a deal.

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HomeLight

APRIL 26, 2023

Not having agent representation could also lead to paying more in seller concessions. A bank statement will help weed out people who are just looking around and don’t have the qualifications to purchase your house from legitimate buyers who can obtain financing. Overpricing or underpricing.

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MLS Agents Sales Closing 97

HomeLight

NOVEMBER 21, 2022

Not having agent representation could also lead to paying more in seller concessions. In addition, Johnson explains, “You need to know that the loan is good, or they have the cash in the bank if they’re paying cash.”. Marketing your home is time-consuming.

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MLS Agents Sales Land 105

HomeLight

MAY 25, 2023

Not having agent representation could also lead to paying more in seller concessions. Richter cautions FSBO sellers that private appraisals may differ from bank appraisals. “I Marketing your home is time-consuming. You’ll still have selling costs, which may include transfer taxes and settlement fees.

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MLS Pre-approval Agents Sales 105

HomeLight

NOVEMBER 21, 2022

Not having agent representation could also lead to paying more in seller concessions. However, Richter cautions FSBO sellers that private appraisals may differ from bank appraisals. “I Marketing your home is time-consuming. You’ll still have selling costs, which may include transfer taxes and settlement fees.

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Purchase and sale agreement MLS Pre-approval Agents 102

HomeLight

OCTOBER 14, 2022

Not having agent representation could also lead to paying more in seller concessions. The problem is that when a seller orders an appraisal, it’s for personal use. It’s not from a bank, it’s not an independent assessment of what the value is.”. Marketing your home is time-consuming. Make sense of the research.

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MLS Agents Sales As-is 102

HomeLight

MARCH 23, 2022

In the preapproval process, you’ll usually submit documentation of your financial details, which can include bank statements, W-2s, a credit check, two years of tax returns, verification of your down payment funds, and more. Sellers likely have more than one buyer lined up, all with their best offers on the table. Preapproval.

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