What is the term for giving your home buyers a credit for immediate renovations they will have to do before or upon moving in? And how does it affect the seller?

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Just give a sellers closing credit.

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Closing credit for xxx

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IMO, it’s not your problem they want it done before they move in. Close and let them deal with the timing of getting the updates done.

helpful

Sellers Assist? Although that’s usually used for down payment on the buyers side.

Thanks for your comments everyone. I am selling a home with two outdated bathrooms and an old electrical panel that needs to be updated even before the bathrooms can get done. A broker suggested I offer a credit at the time of sale, so the buyers know they will be able to pay for it. But since then I forgot the term for the name of the credit that comes right out of the money they pay for the house.

This is just a closing cost credit. would show on the contract as "seller agrees to pay $x towards buyers closing costs and prepaids" or something along those lines.

You cant cover the buyers down payment for them, so depending on the state and the amount of credit you are extending you could be in a position where the credit you want to give is too much $. in that case you may need to cut the purchase price some.

Another option is to offer the buyer a 2/1 buydown. With high rates this can be a nice incentive to the buyer where you are basically covering 2% of their interest cost for the first year and 1% for the second year. Buydowns don't count in the max seller concession so this is a way to give them a benefit beyond just the closing cost without cutting the purchase price.

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