What Are Seller Concessions/Closing Costs?

recently had two of my listings sell within a week of one another....Both home owners had been in their homes for at least 20 plus years.... So this process of negotiating a sale price for them was new. As with almost all offers today; buyers are requesting closing costs(seller concessions) for closing. but what are seller concessions/closing costs? in a nut shell seller concessions or closing costs are the amount of money the buyer is requesting that the seller pay toward their closing fees.... The dollar amount can vary depending on the price of the home and the loan amount as well as type....Typically, the buyers ask for somewhere between 3% to 6% of the contract price. On a $100,000 priced home the seller could be looking at netting $3,000 to $6,000 less than expected because of the seller concessions. it is important that you know what the fee is and how much they are asking for....Because that is an amount of money that you will be required to pay at the closing out of your proceeds toward the buyer expenses... Another issue that arises with seller concessions/closing costs among sellers is that the dollar amount can go up...NO. if the buyer asks for $3500.00 in closing costs and they need $5000 in closing costs they are responsible for the difference. You are only responsible UP TO the dollar amount you agree to pay. in this economy and with he housing market the way it is; you can expect on just about any offer to have seller concessions or closing costs associated with the offer....so, when you receive that offer on your house look at ALL the numbers before making a determination as to whether to accept it or not.... Dave diCecco Realtor/Broker www.davedicecco.com