Seller Concessions have become the most popular method for buying a home today. With incomes no longer rising as in previous decades, Seller Concessions are imperative to help your buyer get approved for financing.
FHA will allow up to 6% seller concessions on a purchase. That means if you sell your home for $100,000, you will be giving $6000 to your buyer to help with their closing costs. Even though FHA may allow 6%, most Seller Concessions average between 2-4%.
If you are in a hurry to sell your home, one way to entice buyers is to make sure your Realtor notes in the public comments that you are willing to give Seller Concessions at closing. This may work better than marking down your property in price.
Before you and your realtor price your home for listing, make sure you discuss seller concessions beforehand.
Ny Lic RE Broker