7 Smart Seller Concessions to Facilitate a Property Sale
In New Jersey’s competitive real estate market, sellers often offer various concessions to attract buyers and facilitate the sale of a property. Here are the seven most popular concessions that sellers typically make:
- Closing Cost Assistance: Sellers frequently offer to cover a portion or all of the buyer’s closing costs. This can include fees such as loan origination, title insurance, and appraisal fees, making the purchase more affordable for the buyer.
- Mortgage Rate Buydowns: Sellers may offer to pay points to reduce the buyer’s mortgage interest rate, effectively lowering their monthly payments. This is especially appealing in a high-interest-rate environment.
- Home Warranty: Offering a home warranty that covers repairs or replacements of major home systems and appliances for the first year can reassure buyers, particularly in older homes.
- Repair Credits: Instead of making repairs before the sale, sellers might offer a credit to the buyer to cover the cost of repairs. This gives buyers the flexibility to handle repairs on their own terms.
- Property Taxes or HOA Fees: Sellers may agree to cover a portion of the buyer’s property taxes or homeowners association (HOA) fees for a specified period, reducing the buyer’s upfront or ongoing expenses.
- Flexible Closing Dates: Sellers might offer flexibility with the closing date to accommodate the buyer’s schedule, whether that means closing sooner or allowing for a delayed closing.
- Inclusion of Appliances or Furniture: Sellers sometimes include appliances, furniture, or other items in the sale to add value to the property. This is particularly attractive to first-time buyers who may not have these items.
These concessions can make a significant difference in closing a deal, especially in a market where buyers are looking for ways to offset the costs of purchasing a home.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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