A sale agreement typically includes both a purchase price for the property as well as terms and conditions. It sometimes happens that a buyer will make an offer subject to certain terms. (I’ll buy your house, but I want to keep the washer and dryer, etc.)
One possible condition concerns “seller contributions.” (For example, I’ll buy your house if you will pay the first $x of my closing costs.) Lenders will generally accept seller contributions as part of a transaction providing they are written into the sale agreement, fully disclosed and only represent a limited fraction of the sale price. Different loan programs have different contribution caps. Lenders and brokers can provide specific advice.
A seller contribution can be a useful bargaining chip in slow markets. (Buy my house and you can have a credit of $x at closing.) It’s a thought that goes a long way with cash-strapped buyers.
A sale agreement typically includes both a purchase price for the property as well as terms and conditions. It sometimes happens that a buyer will make an offer subject to certain terms. (I’ll buy your house, but I want to keep the washer and dryer, etc.)
One possible condition concerns “seller contributions.” (For example, I’ll buy your house if you will pay the first $x of my closing costs.) Lenders will generally accept seller contributions as part of a transaction providing they are written into the sale agreement, fully disclosed and only represent a limited fraction of the sale price. Different loan programs have different contribution caps. Lenders and brokers can provide specific advice.
A seller contribution can be a useful bargaining chip in slow markets. (Buy my house and you can have a credit of $x at closing.) It’s a thought that goes a long way with cash-strapped buyers.
A seller contribuition is just one way that I use creative thinking to put deals together for buyers and sellers alike. This market and economy requires “out-of-the-box” thinking to survive. To see more examples of my creative marketing and sales techniques visit my site http://www.ForSaleByJeff.net or give me a call anytime at 989.494.1BUY (989.494.1289).
-Gotta Get Movin’
Jeff McIntyre
989.277.3510
Jeff@ForSaleByJeff.net
http://www.ForSaleByJeff.net
Check out my new blog “Movin’ Shiawassee” at http://www.JeffMcIntyre.com
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