Concessions Listing Agreement

It was suggested in the Active Rain Post that NAR should use its political action strongly to get states to pass laws that make concessions illegal to buyers and sellers. This type of protectionism is exactly what the public would expect from an organization that puts its pockets in the pocket at the expense of consumer representation. In fact, at a recent closure in Penfield, NY, a veteran buyer was able to obtain more than 10,000 $US sellers` concessions for a home purchased for $150,000. The veteran had to set up very little of his own funds to buy the house. Whether you are a buyer or seller, you discuss possible seller concessions with your real estate agent. Check with your lender to find out if you are not sure that your desired seller concessions are part of your credit policies. If you are buying a property in difficulty, a seller concession will probably come from the lender and not directly from the seller`s profits. Real estate concessions are not offered in a cone or on a stick. These concessions are allowances that a seller offers to a buyer of a property. From time to time, a seller offers an incentive to potential buyers in the MLS list. Perhaps they will include the washing machine and tumble dryer or terrace furniture with the sale. However, the buyer will more often request and negotiate a seller concession in the contract.

You may want the piano or the pool table. But usually, the buyer negotiates to pay part of his completion costs by the seller. These are the things that distinguish agents, who can ask for more from agents, who simply ask less or are held hostage by customers to grant discounts and concessions. These are the things that minimize the need for pre-agreed concessions or rebates. If you want the NAR to regulate something, how about creating stricter requirements to be a broker? If, as brokers, we had decided that we did not tolerate service providers and wanted to create a real distinction for the Realtor brand by improving training, transparent customer satisfaction and performance expectations (and I`m not just talking about GCI), the money best spent would be to ban seller concessions and buyer discounts. One of the main obstacles for first-time homebuyers is to save enough money to pay a down payment and acquisition fees. It may be crucial for some of these buyers to get a seller concession that eases the burden of saving thousands of dollars for this cost of ownership. If you are buying a home, you may need to apply for seller concessions. At Pulgini and Norton, our Boston real estate lawyers can advise you on the entire transaction and negotiate seller concessions on your behalf.