How Seller’s Concession Can Help You Buy a Home

Did you know that when a seller offers a concession, they’re not actually giving you money? They’re not paying for your closing costs either. What they are doing is allowing you to roll those costs into your loan, making homeownership a little more attainable.

How Does It Work?

Let’s say a home is listed for $500,000, and you offer $510,000 with a seller’s concession. The seller isn’t handing you $10,000—they’re simply allowing that amount to be added to your mortgage so you can use it to cover your closing costs.

Why Is This Important?

Home prices are rising, but incomes? Not so much. Buyers are looking for ways to make homeownership work without draining their savings. Seller’s concessions provide flexibility, helping you secure the home you want while keeping some cash in your pocket.

Don’t Be Afraid to Ask

Some buyers hesitate to request a seller’s concession, thinking it might make their offer less attractive. But here’s the thing: it’s all about finding a win-win. If your offer, even with a concession, is the highest and best one on the table, a seller will seriously consider it.

So, if you're in the market for a home, don’t overlook this strategy. It could be the key to making homeownership work for you!