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.

Canton Michigan relocation information

What is Livonia MI like – Is Livonia MI safe?

Positive, Patient, Persistent!

Is there a Chain of lakes in Oakland County MI

Waterfront houses for sale in Milford Michigan

Voorheis Lake Orion Township MI

Earnest money deposits – first time home buyer tips

 

 

 

 

 

 

 

Homes for sale in Canton MI

Previous 1-50 of 214 Next
Previous 1-50 of 214 Next

 

 



Sometimes the best lake homes sell in less than a week.  Click the button below to get the newest lake listings so you do not miss out on the great deals.

Lake Home VIP Club

Posted in Buyer Tips, Canton, First time home buyers, Seller Tips Tagged with:

Search Homes

Untitled

 

The data relating to real estate for sale on this website comes in part from the IDX program of Realcomp. Real estate listings held by brokerage firms other than Keller Williams Realty Commerce Market Center are marked with the IDX logo and detailed information about them includes the name of the listing brokers.


All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Keller Williams Realty Commerce Market Center shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.