{"id":52999,"date":"2024-09-23T10:58:21","date_gmt":"2024-09-23T17:58:21","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=52999"},"modified":"2024-09-27T13:03:23","modified_gmt":"2024-09-27T20:03:23","slug":"seller-concessions","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/seller-concessions\/","title":{"rendered":"Seller Concessions: Definition, Examples, &#038; Loan Types"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Seller concessions are a great negotiating point on both the buying and selling side of any home sale. They are exciting for buyers as they mean lower costs, while also helping out sellers who want to close quickly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But, what exactly are seller concessions and how can you make the most of them? We&#8217;ll help you discover all you need to know about seller concessions, including what they are, why they exist, limitations on common loan types, and ways to negotiate.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What Are Seller Concessions?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Seller concessions, aka seller credits, are closing costs and prepaid expenses that the seller agrees to concede to the buyer. In other words, they are added incentives for the buyer to get them to close on the sale. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Seller concessions can either contribute to specific costs, or be given as a percentage of the sale. Typically, closing costs range from 3-5% of the home price, and seller concessions may cover part or all of these, helping buyers save money. Use our <\/span><a href=\"https:\/\/www.movoto.com\/home-sale-proceeds-calculator\/\"><span style=\"font-weight: 400;\">online calculator<\/span><\/a><span style=\"font-weight: 400;\"> to estimate your closing costs.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Examples of <\/span><span style=\"font-weight: 400;\">Concessions <\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Property taxes\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Appraisal fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.movoto.com\/blog\/what-is-an-hoa-transfer-fee-and-who-pays-it\/\"><span style=\"font-weight: 400;\">HOA transfer fees<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inspection fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recording fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Attorney\u2019s fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loan origination fees\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Home warranty<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Repairs and renovations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Personal property<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Title insurance<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How to Negotiate Higher Seller Concessions<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As a buyer, follow these steps to help you get the max seller concessions possible during closing:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Know the <\/span><a href=\"https:\/\/www.movoto.com\/seller-resources\/\"><span style=\"font-weight: 400;\">market<\/span><\/a><span style=\"font-weight: 400;\">. Is it a buyer\u2019s or seller\u2019s market? During a buyer\u2019s market, seller concessions are more likely to be accepted due to the abundance of homes available. Sellers will want to entice buyers to their homes and will be more likely to offer concessions. Take advantage of this time to make higher requests. Keep in mind that the opposite is true during a seller\u2019s market, where sellers might receive multiple offers on a home.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Consider the home\u2019s history. If a home has been sitting on the market for a long time, you will have a better chance of being awarded seller concessions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Prioritize the concessions and limit other requests. Asking for too much upfront will overwhelm the seller and make it less likely for them to accept concessions. Instead, limit or frame your ask.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Show examples of similar homes that recently closed with concessions. This might encourage the seller to accept your request.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Work with a real estate agent. Let an expert answer <\/span><a href=\"https:\/\/www.movoto.com\/blog\/the-10-most-important-questions-before-making-an-offer\/\"><span style=\"font-weight: 400;\">questions before making an offer.<\/span><\/a><span style=\"font-weight: 400;\"> A <\/span><a href=\"https:\/\/www.movoto.com\/agents\/\"><span style=\"font-weight: 400;\">qualified agent<\/span><\/a><span style=\"font-weight: 400;\"> will help guide you through negotiations to get the max seller concessions possible.\u00a0<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">Seller Concession Limits By Loan Type<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Depending on the loan type, there are different restrictions on seller concessions. Here\u2019s a quick breakdown of seller concession limits for common loans:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conventional Loans<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Seller concession limits on conventional loans vary based on the amount of the down payment made, explained here:<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you make less than a 10% downpayment: Up to 3% seller concession<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you make between a 10 &#8211; 25% downpayment: Up to 6% seller concession<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you make a greater than 25% downpayment: Up to 9% seller concession<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Note, the exception is with an investment property, where the total <\/span><span style=\"font-weight: 400;\">seller concession limit is 2% <\/span><span style=\"font-weight: 400;\">regardless of the downpayment amount.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">FHA Loans<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">For FHA, or Federal Housing Administration loans, seller concession limits are capped at 6% of the purchase price or appraised value of the home (whichever is lower).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">VA Loans<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">For VA, or Department of Veterans Affairs loans, seller concession limits are capped at 4% of the purchase price or appraised value of the home (whichever is lower). These concessions may go toward a buyer\u2019s judgments and debts or VA funding fees, rather than closing costs.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">USDA Loans<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">For USDA, or U.S. Department of Agriculture loans, seller concession limits are capped at 6% of the sales price of a home.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Using Seller Concessions to Buy Down Interest Rates<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Instead of covering specific costs, buyers can put seller concessions toward lowering interest rates and monthly <\/span><a href=\"https:\/\/www.movoto.com\/mortgages\/buyingpower\/\"><span style=\"font-weight: 400;\">mortgage payments<\/span><\/a><span style=\"font-weight: 400;\">. The two types of <\/span><span style=\"font-weight: 400;\">buy-downs<\/span><span style=\"font-weight: 400;\"> are:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Permanent<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A permanent buy-down is where the seller buys the interest on a buyer\u2019s home loan, called mortgage points. This type of concession lasts for the entirety of the loan and makes sense for homebuyers looking to stay in their property long-term. This buy-down may also include <\/span><a href=\"https:\/\/www.movoto.com\/blog\/reconveyance-fee\/\"><span style=\"font-weight: 400;\">reconveyance fees<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Temporary<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The other option is a temporary buy-down, which lasts for the first few years of a loan. These are ideal for buyers looking to refinance or sell their property in the near future. The most common arrangements for a temporary buy-down are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">1-0 buy-down: The mortgage rate is reduced by 1% for the first year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">2-1 buy-down: The mortgage rate is reduced by 2% for the first year, and 1% for the second year, reaching the regular rate in the third year.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">3-2-1 buy-down<\/span><span style=\"font-weight: 400;\">: The mortgage rate is reduced by 3% in the first year, 2% in the second, and 1% in the third, returning to the regular rate in the fourth.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Pros and Cons of Seller Concessions<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Pros for the Buyer<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The buyer benefits the most from a seller concession as they will receive a reduction in the total closing price. A concession can result in thousands of dollars saved, making the upfront costs of home buying less intimidating.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Another benefit is that with the possibility of seller concessions, buyers feel more confident putting in higher offers. This can help them stand out against competition in a tough market.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Cons for the Buyer<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The downside of seller concessions is that not every seller will be amenable to them. In a multiple-offer situation, the seller may be more inclined to choose an offer without strings attached.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pros for the Seller<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Seller concessions can help attract buyers and make a home sell more quickly, which will save the seller money in the long run. No one wants their home to sit on the market for months!<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Cons for the Seller<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Of course, concessions also mean that the seller makes less on the sale. These costs, which are often significant, will reduce the total profit made.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Recap: Making the Most of Seller Concessions\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A common method of sweetening the deal for buyers while helping sellers make a quicker sale, seller concessions are worth exploring when closing on a home. There are rules to concessions and they aren\u2019t always given, but during the right market, they benefit both sides. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whether you\u2019re on the buying or selling side, be sure to explore all the resources on <\/span><a href=\"https:\/\/movoto.com\/\"><span style=\"font-weight: 400;\">Movoto<\/span><\/a><span style=\"font-weight: 400;\"> to prep you for your big move. Far beyond the closing table, we want you to feel confident as you navigate the ups and downs of homeownership.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seller concessions are a great negotiating point on both the buying and selling side of any home sale. They are exciting for buyers as they mean lower costs, while also helping out sellers who want to close quickly. But, what exactly are seller concessions and how can you make the most of them? We&#8217;ll help you discover all you need to know about seller concessions, including what they are, why they exist, limitations on common loan types, and ways to negotiate. What Are Seller Concessions? Seller concessions, aka seller credits, are closing costs and prepaid expenses that the seller agrees [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":52736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[262,243],"tags":[],"class_list":["post-52999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-selling","category-mortgages-loans","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mastering Seller Concessions: A Guide for Both Sides of the Deal<\/title>\n<meta name=\"description\" content=\"Seller concessions can shave thousands off your final cost of home buying--we can help empower you to maximize seller concessions! 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