Upper Dublin, Blue Bell and Horsham Real Estate and Homes for Sale in PennsylvaniaHome
Sellers with equity in their home may be in the position to bridge the gap for first time home buyers by offering a sellers assist.
The way a seller assist should work is – when a buyer earns enough money to comfortably cover their mortgage payments, but don’t have the savings to cover the additional closing costs ‘in theory’ - should be offering a higher purchase price to offset the money the seller is giving to them at settlement.
The buyer’s offer to purchase should be a little more than it would if they were not asking for an assist. In essence the buyer is wrapping the settlement fees into their mortgage and the seller is giving the buyer that money back at the settlement table to pay for their closing costs.
It makes perfect sense except for one problem – Buyers are making low offers and asking for a seller assist.
First…sellers don’t have to be the hero and give a buyer an assist. They do it to be ‘flexible’ to help buyers who don’t have the savings. Buyers don’t have to be the Villain, by making unreasonable offers and then asking for additional funds to cover their costs to purchase.
Successful negotiations between seller and buyer requires give and take from both buyer and seller, not to mention a Realtor with some…super skills
- What’s Next for FHA (marionfreedman.com)
- Upper Dublin Realtor Seeks Motivated Seller (marionfreedman.com)