Seller concessions

[CA123]

Concessions are now broken down into many categories.

example:

CONCESS FINANCING COSTS $:

CONCESS PROP IMPROV COSTS $:

CONCESS BUYER BROKER FEE $:

CONCESS CLOSING COSTS $:

CONCESS OTHER COSTS $:

CONCESS AMOUNT (TOTAL) $:

CONCESSION CMTS:

how are you treating seller concessions in the grid? It used to be simple and used to be listed as "$5,000 for closing costs" now the concessions can be $30,000 to $200,000+ because part of the concessions are now for buyer/broker fee

are you doing anything new after the NAR settlement? I have not seen or heard any direction and would like to see what people are doing today

 

[Terrel L. Shields]

flying blind - damifino.

 

[J Grant]

This has already been covered on the board - see if you can find a recent past thread

A seller paying RE broker fee is not considered a concession (if paying RE broker agent fees are typical) - see fannie mae on it and lender articles where the lender does not consider a RE broker or agent fee as part of the cap on concessions - if the amount is exorbitant or looks like it affected a price then we might look at it as a concession-