Confused about seller's concession
So I finally found a property I want to invest in. I made an offer of USD 600k purchase price+20k seller concession. I am preapproved specifically for this. The seller is not happy about the seller concession. I don't understand why. My mortgage amount goes up because of the seller concession. I am bringing to the table 20% downpayment (USD 124k). Why would he not want to take it. My offer is also the best he has received to date!
So two questions. Why would a seller say no to seller concession when he doesn't have to pay for it? Do I wait for him think this through or take my offer off the table? Basically how long should I give him to decide?
Thanks in advance for the advice.
Most Popular Reply
The guy has a terrible realtor. Yes the 20k comes right out of his bottom line, but any good realtor would base it on the true sale price. The other reason he might not be taking it is if there is any capital gains involved. Probably not, but small chance.
You are preapproved and have 20% down, he should thank his stars you are even offering.