Here are the answers to some of the seller concession FAQs or frequently asked questions which you might have in mind. Read on to know them.
What can I use seller concessions for?
Seller concessions go toward your closing costs when purchasing a home.
Are seller concessions common?
Seller concessions are pretty common, though they occur more in a buyer’s market than a seller’s market.
Can sellers refuse to contribute toward my closing costs?
Sellers do not have to contribute to your closing costs. Any seller concessions must be negotiated into your contract.
Are seller concessions paid out of pocket?
Seller concessions come out of the seller’s profit for the sale, so they are not directly paid by the seller out of pocket.
Are seller concessions taxable?
Seller concessions are sales expenses and are therefore tax deductible.
Is it better to ask for seller concessions or a lower sales price?
It depends on your situation. If you are looking to have as closing costs that are as low as possible, then seller concessions are the best option for you.
If you have inquiries other than those Seller concession FAQs tackled above, you can reach us so we can directly provide you satisfactory answers.