SELLERS WILLING TO PAY BUYERS CLOSING COSTS
CONCESSIONS MADE PAST 30 DAYS
1. In the context of real estate appraisal and lending, concessions can play a significant role in determining the appraised value of a property.
2. When appraisers and lenders assess the value of a property, they take into account various factors.
3. If these comparable sales included concessions, such as seller-paid closing costs or financing incentives, adjustments will be made to account for the impact of these concessions on the sales price.
4. 20%+ of all homes sold the past 30 days had seller paid concessions involved.
5. When I list a home to sell and when I write an offer to purchase, I pay attention to what has recently sold that is similar to the home I am working with. When concessions are involved, I use that knowledge to make adjustments to a homes market value.
Comparable Sales Analysis:
Appraisers and lenders look at recent sales of similar properties in the same neighborhood or area to determine the market value of the subject property. These are called "comparable sales" or "comps."
If any of the comparable sales included concessions, such as the seller paying the buyer's closing costs or offering financing incentives, the appraiser will take note of these concessions.
To arrive at an accurate appraisal value for the subject property, the appraiser will make adjustments to the comparable sales that included concessions. These adjustments aim to estimate what the sales prices of these comps would have been without the concessions.
After making these adjustments, the appraiser arrives at a final appraised value for the subject property.
400 SELLERS OUT OF 2000 (20%) PAID FOR (SOME TO ALL) BUYERS CLOSING COSTS.
(Contact us for daily updates.)
The next buyer/seller appraisal you work with has a 20% chance of having to factor in concessions made per comparable (similar home) used. 1 home comp appraisal = 20% chance. 7 home appraisal comp appraisal = 140% chance.
THIS KNOWLEDGE HELPS OUR CLIENTS MAKE THE MOST INFORMED DECISIONS POSSIBLE.
370 SELLERS WILLING TO PAY BUYERS CLOSING COSTS NOW