I am not sure just what you are describing. Sellers Concessions I understand but Fee eludes me. Could it be some form of add on charge made against the Buyers Account in consideration of the Seller paying closing costs, or assisting in new loan costs at time of purchase?
I have made purchases where in the Negotiation the Seller made a concession. In the Counter Offer, agreed to pay a portion of the closing costs. Escrow Fee, New Loan Costs, Title Costs, Termite work above and beyond eradication of existing Termites. Repairs to the house. I have never yet paid an extra fee to the Sellers account for these items. However, sometimes the sales price is increased to absorb these costs. I guess that is a backdoor to a Fee addition.
I doubt if a mortgage lender would approve such a fee. Best way if it is a deal breaker is just to increase the selling price.
Curiously, Lucius [ Edited by Lufos on Date 12/01/2003 ]
I was asking about a seller's concession. Just assumed it was some kind of fee. Did you ask for the concession? In the counter offer, did the seller pay his share of the closing with the money he made from the sale or did he automatically raise the purchase price? In my next purchase, I would like to pay no closing. Should I ask for the concession first or just raise the purchase price then ask the seller to pay closing? Help very much appreciated.
Cemyke,
I am not sure just what you are describing. Sellers Concessions I understand but Fee eludes me. Could it be some form of add on charge made against the Buyers Account in consideration of the Seller paying closing costs, or assisting in new loan costs at time of purchase?
I have made purchases where in the Negotiation the Seller made a concession. In the Counter Offer, agreed to pay a portion of the closing costs. Escrow Fee, New Loan Costs, Title Costs, Termite work above and beyond eradication of existing Termites. Repairs to the house. I have never yet paid an extra fee to the Sellers account for these items. However, sometimes the sales price is increased to absorb these costs. I guess that is a backdoor to a Fee addition.
I doubt if a mortgage lender would approve such a fee. Best way if it is a deal breaker is just to increase the selling price.
Curiously, Lucius [ Edited by Lufos on Date 12/01/2003 ]
I was asking about a seller's concession. Just assumed it was some kind of fee. Did you ask for the concession? In the counter offer, did the seller pay his share of the closing with the money he made from the sale or did he automatically raise the purchase price? In my next purchase, I would like to pay no closing. Should I ask for the concession first or just raise the purchase price then ask the seller to pay closing? Help very much appreciated.