Home Sellers in Chandler AZ Offering Concessions!
Home Sellers in Chandler AZ Offering Concessions to Buyers!
What Are Seller Paid Concessions?
The process of buying a Chandler home includes several steps that must be taken and can ultimately be confusing if not done with the help of a qualified Chandler AZ Real Estate Agent. It is important to know what you are getting into when it comes to making a purchase in Chandler. One thing that people looking to buy a home don’t always know about is seller concessions. Seller concessions are also referred to as seller contributions which refers to an agreement in which the seller pays certain financing costs for the buyer of a Chandler home.
When buying a home in Chandler AZ, there are many financing costs that must be paid for in order to close on escrow. The costs are referred to as ‘closing costs’ and can include items such as loan processing fees, attorney’s fees, transfer taxes, title insurance costs, inspection fees, and more… When there is a ‘seller concession’ invoked in Chandler, the seller will pay part or all of these costs! A seller concession is helpful for Chandler buyers as closing costs can number in the thousands! The amount of a seller concession will depend on a number of factors including geographic location, and purchase price of the home. Different states have different laws regarding real estate sales and Chandler can be complex. It is important to work with an agent that has clear knowledge of the Chandler laws.
Advantages of Seller Concessions in Chandler AZ:
Along with advantages for the Chandler buyer, a seller concession can also have certain advantages for the Chandler seller. Seller concessions will oftentimes help a home to sell faster so sellers in Chandler who need to do so may benefit from agreeing to a seller concession. If the Chandler seller is in the process of trying to buy a new home, speeding up the process of selling the current Chandler home is important.
There are limits on how much a seller in Chandler is permitted to pay in concessions with the amount being between two and nine percent of the appraised value of the Chandler home. The specific amount will be negotiated by your real estate agent and mortgage broker and will depend on a number of factors including the type of mortgage being taken out by the Chandler buyer. Other factors include how much money the buyer ultimately borrows and how the property or home will be occupied. A great Real Estate Agent will handle all of this for you to ensure a smooth and pleasant transaction.
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Jay Mecray – Ask Jay, Your Personal Real Estate Expert in Chandler Arizona