Seller Concession

[DG H.]

Has the tide turned to Sellers "having" to give sell concessions in the way of closing cost or down-payments on FHA loans?
I have a new total rehab. I've even put in new appliances, new privacy fence. This property is better than it was when it was built.
I've had it on the market for 30 days. I have a contract but buyers are going FHA..and need 3K in closing.
I don't want to give away 3K but I want to sell the property. I've never sold FHA before. Can someone give me pointers on FHA loans..good bad and ugly.
I'm going around in circles on this one.
There's not a lot of room to make my money if I'm giving 3k up front plus Realtor fees and my closing. I didn't go through all of this for pocket change.
Thanks for listening and all replies.

[Paul B.]

Are you dropping your price, too? If so, then I'd bump the price up 3% to offset the concession, assuming you think it will appraise.

If the buyer is not putting anything into the deal, they don't care about the price. All they care about is the monthly payment, and a 3% bump in price isn't going to change the payment much.

The last house I sold was also to an FHA buyer. They tried to get 10% off the listing price AND a 3% concession to closing (read: their down payment), and the Realtor told me I should take it. I told the Realtor that if they weren't putting any money into the deal, they'd pay more. I said to counter with a full-price offer but I'd pay the 3% as they asked. They took it.

Bottom line: Give up the 3% in concessions to get the deal done, but make it up on the top line, if you can.