Vested Title title agent new jersey refinance
The New York Times Antoinette Martin writes about “Going Beyond Price Cuts” on February 12, 2012.
“A PERSISTENT recession in house sales has led to a surge in “concessions” for buyers. In listings and brochures, and most recently through a program started up on Zillow.com, real estate agents are trumpeting the news: even sellers who have reduced asking prices by a lot are often willing to do more.”
Despite what you may have read to the contrary about concessions, “as long as concessions are written into a contract” and are clearly disclosed on the HUD Settlement Statement, … many banks in New Jersey are approving mortgage loans with up to 3 percent of purchase price in seller concessions.” FHA loans can be approved with concessions as high as 6 percent.
One of the keys is that the seller has to be creative. Taxes too high? Pay some of them on a going forward basis. Buyer is a little cash strapped? Give them cash.
The house must still fully appraise, but, hey, isn’t that what life’s all about.
Read the full story here.
Do you have a story about concessions? If so, we’d like to hear from you. Please post your comment below.
For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Title Inc.
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 201-656-4506
E-mail vti@vested.com - www.vested.com
“That means contract concessions, in which sellers may agree to cover a buyer’s closing costs, provide a gift card for a certain amount, pay in advance for renovations, or even subsidize taxes by allocating funds from their proceeds at closing.” Sphere: Related Content
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1 comment:
In order to get our house sold we offered a "bonus" to the selling broker on top of the agreed brokerage commission. That greatly increased the foot traffic and ulimately a buyer was found!
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