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?

like
Posting as :
works at
You are currently posting as works at

Just give a sellers closing credit.

helpful

Closing credit for xxx

helpful

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 I am selling a home with two outdated bathrooms and an old electrical panel that needs to be updated even before the bathrooms can get done.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.

Related Posts

Deloitte GPS folks, can I get the scoop on the background check process? How long does it take, how thorough is it?

like

Im working at a big multi-product company and we're having 5 dedicated product teams, however, teams are working in silos. Each team's has its own process, design system, technology etc. We identified that most of the teams use and need components that were already conceptualised, designed and developed, for our other products, and we are starting to create a global set of components, a global design system that we will use on all our products. What is your approach?

like

Is it possible to be a “silent” investor (party A) with a friend who’s an accredited investor (party B)investing in a company? So if B is investing $50k in a company, and A wants to give B $25k of that investment, is this possible with an agreement between A and B, where they’re responsible for their own portion of taxes?

Hi Fishes,

I have received an email from HR that you have been selected at citi and asking to send few documents like id, salary slip,few other forms that need to filled and scanned. It does not have compensation offered in any of the attached document. Can you help when they will release compensation offered part? What will be the further process? Will they call me and discuss? How does it go in citi?

like

Why don’t recruiters tell you upfront about the role they contacted you about? I had a message from a recruiter yesterday from a recruiter about a copywriter role she’s working on...

likehelpful

PwC US ADVISORY
Line of Service: Advisory
Industry: Management Consulting
Designation: Senior Associate
I have second round of interview tmrw and have few queries as below-
1) I have current offer of 12 CTC from other company so now how much can I ask in pwc? My current experience is 5yrs.
I am on notice period and in present company I got recent hike and my salary is now 9.5ctc.
2) generally how many rounds of interview will be there?

like

New wage code...what is in it for us?

like

Hello everyone I live in Chicago. I have been teaching Preschool for over 15 years. I have a Bachelor’s in ECE, credential 5 with gateway. Now I work as a kindergarten Specialist. I wanted to relocate to some place warm, that has no problem with paying their staff. I am well rounded and have a lot of knowledge and experience. Any tips or suggestions.

like

need review on Work life balance and work culture at Bank of America Global Banking and Markets FP&A Projects team, Gurgaon.

Please reply. I need to make a decision.

like

Quick Question - Which one do you prefer?
1) Stay in the company where you are not liking the work culture (Skills not getting used & MicroManagement is poor) but offering Onsite and will try to match offer in hand package.
OR
2) Keep looking for a change to explore better opportunities (May be not onsite).

funny

Anyone who’s started on their essays - how have you gone about brainstorming, especially for the more personal essay prompts? E.g., what matters most to you and why, when do you feel most alive, etc.

like

Hi Fishes

Can anyone please refer me for a product owner/manager role in their organisation? I work as a PO for a services company and hold 12 years experience. TIA

like
like

I was recently diagnosed with high functioning bipolar II disorder and was prescribed a mood stabilizer. I’m worried it may impact my creativity. Would anyone be open to sharing their experiences?

like

Pretty tickled when creatives beta test their LinkedIn jokes on here.

likefunny

I think BCC is the next coin coming to Coinbase

Do you ever let how well/poorly your day is going affect when you're interviewing someone? I've been in interviews where it's obvious the interviewer wants to get back to work asap

like

Any advice on how to prep for Boston Consulting Group interviews for consultant roles? What questions do they ask? Any concepts they prefer discussing?

like

“have fun with this brief” they say before telling you the client is pretty conservative and needs to have safer options.

i know we don’t always work on stuff we’re thrilled about but i’ve never dreaded reviews for a client before until now

like

Needed MULESOFT MCIA DUMPS 2022,
Kindly share and comment if anyone is aware of this, would be of great help!!

like

Additional Posts in The Real Estate Bowl

Is there an investment fund or group that anyone knows of? I heard of Fundraiser but it seems very convoluted. Looking for an investment group or development group to invest with

like

What percentage of homes get sold without getting listed on the mls (off market deals)? Is it usually worth it for the buyer or seller?

like

I'm under contract for a new build in progress that won't be done until much later this year. I fully expect interest rates will be higher than what I originally estimated. I may or may not try to lock in a good rate early, but I'm planning on renting it out and this throws a bit if a wrench in my margins. I can take it financially, but wondering, If I absolutely needed to get out of buying it, what recourse do I have? Or could I go ahead, and refinance later (who knows rates at that time...)?

like

I'm a first time home buyer and got pre qualified back in Jan. Hard pull on credit docked me a few points. I wasn't able to close and now considering another hard pull for a different mortgage company offering better rates.
I'm new to this and this may be a stupid q but I'm looking for input from the bowl on whether to do this hard pull and get pre-qualified with a few more mortgage companies. Any advice is appreciated. Thank you

like

Anyone got a loan with Guaranteed Rate? Started looking for a condo(Chicago) and keep seeing them pop up. Looks like they charge $1290 lender fee, but wanted to see if anyone had experience with them

like

Trying to find an investment property to rent out for about $300k - what are your recs for location ?

like

Is a sloped floor of 1/2” over 10’ noticeable? I have to make room for conduit and cannot trench in my current place

likesmart

What are some of the things that were a MUST when buying your first home and what were some things that you were more flexible with and why? I’m having a discussion with my partner about what we absolutely need and what can be worked on later.

like

Expensive homeowners insurance or cheap insurance?

like

Anyone ever had the trim on your house painted? 2000 square feet, was quoted $3500. This included the trim, garage door, and front door. Seems reasonable, no?

like

New strat folks.
1. Buy a condo complex.
2. Put the land under said condos into a land conservatorship (for taxes)
3. Rent condos at discounted rates (for taxes)
4. A small fee of the rent goes to a trust as a land conservation fee in perpetuity (for tax reasons)
5. Have another business generating revenue to offset this.

like

If anyone has problems with leaks or anything facade related I work in facade restoration, preservation, rehabilitation, retrofitting in NYC. I’d be happy to discuss potential solutions.

like

What service do you use for collecting security deposit/rent?

like

When do you think prices are going to drop off?

like

How long did it take you to buy your first million dollar home? What were the steps you took to get there?

My dream neighborhood is 10 min down the road but entry point is 1.2m. Currently my house is worth around $550k

like

Better mortgage vs. Rocket mortgage - anyone shopped with both and what swing your decision?

like

From a financial standpoint in this market, which would be a better approach in Austin -

1. Buy a ~8-850k house that meets most of our ideal criteria (size, schools, interiors etc) to stay long term

2. Buy a ~5-550k house that’s not ideal with the plan of moving into an ideal home in 4-5 years when kid is ready for school.

How easy is it to get a mortgage for the second home?

Household income - 300k

Happy to add more details as needed

Thanks

Bought a 300k end unit townhouse in Atlanta, 14 months ago with 10% down (3.65% interest rate). Prices in subdivision have been increasing over that period. This month 2 non-end units listed for 330k and sold right away. The opposite end unit on my 5 unit building was listed for 340k and is currently pending. What is the best way to stop paying PMI since since I should be at 20% equity?

like

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

For those that built higher end homes, what kind of appliance budget did you have?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal