Max Out Seller Concessions Before Lowering Your Purchase Price
Chapters:
00:00 Introduction
00:20 Max Seller Concessions Before
00:56 Benefits of Higher Concessions
01:22 Concessions vs No Concessions
It's natural to want to start negotiations by lowering the purchase price.
Let me show you why maxing out seller concessions before lowering the purchase price is a better idea.
✅When financing a home purchase, maxing out seller concessions before lowering the purchase price is typically more beneficial for several reasons.
🔑Remember, in most cases, your loan amount is a percentage of your purchase price.
Even if you have 100% financing, there are additional costs associated with purchasing your home.
💰Seller concessions involve the seller covering buyer closing costs or expenses associated with the home purchase. By negotiating maximum concessions, you reduce your out-of-pocket expenses at closing. This is advantageous because it allows you to preserve cash reserves for other purposes, such as making a larger down payment or covering unexpected expenses after moving in.
✅Here are two illustrations based on a $300k purchase price with $5k seller concessions vs. $295k with no seller concessions.
🔑As you can see, the $300k purchase price with $5k concessions has cash to close at $13,429.
💰The lower purchase price of $295k with no concessions, has cash to close at $18,163.76 with the payment only reduced by roughly $30 per month.
Although the seller nets the same through either option, you, as the buyer, benefit much more from the concessions option, both short and long term.
The more that you can maximize the concessions, the more you benefit.
Hope this helps explain why maximizing seller concessions BEFORE lowering the purchase price can help net you more savings.
🏠This is another example of it is vital that you are working with the right realtor and mortgage broker, to help guide you through the details that can keep more money in your pocket.
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Edward Foy: H Mortgage
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