WebNov 15, 2024 · Let’s say the seller agrees to $5,000 in concessions of that $10,000 needed in repairs. An addendum would then be executed saying, ‘Seller agrees to credit … WebJul 9, 2024 · When you negotiate repairs after a home inspection your goal is to get any major problems taken care of—particularly things that might have had an impact on your decision to purchase the home or the offer that you made. It is not however an opportunity to make a wish list of requests that the seller has to meet.

Seller concessions: How a seller can pay your closing costs

There are several ways that a seller's credit can work. In one way, the seller pays some of the buyer's closing costs so the buyer has more of their own money to pay for the repairs. Another way is tagging the seller credit on to the final sales price so the buyer has longer to pay off the cost of the repairs. Also, the seller can … See more No, it cannot. By law, a buyer can't receive any cash from the seller directly. Your lender uses your down payment as a gauge of your ability to afford the house and will require that you have this cash-on-hand to qualify for … See more A seller credit can be used to cover some or all of closing costs, though a seller is more likely to make this concession in a buyer's market. In the purchase agreement, they may … See more Yes, unless the seller paid for any minor work before the closing, the repairs are paid for at the closing. The seller either gives the money to the buyer in a lump sum or it's placed in escrow. This is because the seller … See more WebJul 6, 2024 · The lesser of the sale price or the appraised value usually dictates how much your seller can pay in concessions. For example, say you offer $155,000 for a home. … grand phase

How to Negotiate Repairs After a Home Inspection - Realtor.com

WebAsk for a repair credit. Rather than having the seller coordinate and pay for the work, ask for a “repair credit” instead. Scott Brown, owner of Brightside Home Inspections in … WebMar 8, 2012 · Buyers nearly always ask for credits, so sellers should give themselves some cushion. You should also leave some additional room for negotiation when you’re in escrow. Always assume the buyer will ask for … chinese medicine fungal infection sinus