What do sellers concessions mean? Canton Township real estate Michigan

What do sellers concessions mean? Canton Township real estate Michigan

16 years of experience and full time Russ Ravary


So you are you buying a piece of Canton Township real estate and you want to know what sellers concessions mean?

If you are a Canton Township home buyer and you don’t have the enough money to buy a home.  Sure you have the 3 1/2% that FHA requires, but you don’t have much more.  And you can’t get more from any family members.  So what do you do?  You want to buy a Canton home but you don’t have the money.  Yes you can still buy the home.

The way it is done is by asking for sellers concessions.  Seller’s concessions is when the seller pays for your closing costs.  On a FHA loan you can get up to 6% of the purchase price to pay for closing costs.  So if you are buying a $150,000 Canton home you can get 6% of $150,000.  That is $150,000 x .06 = $9000.

But you have to remember when you ask for sellers concessions it is coming out of the seller’s bottom line.  So if you offer $150,000 on that Canton ranch home the seller is only going to get $141,000 because he is giving you $9000.  So take this home buyer tip and use it well.  If you know there are multiple bids on a house take into account the sellers concessions you are asking for.

The bottom line is: If you only have the down payment for the house you can buy a home.  All you have to do is have your Real estate agent ask for seller’s concessions.

If you are a metro Detroit first time home buyer and don’t understand a part of the home buying process always feel free to call me on my cell phone (248) 310-6239 or email me yesmyrealtor@gmail.com.

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