Prior to the closing- no seller concession

[Sai T.]

Hello 

I see one of the conditions on the mortgage commitment letter. Prior to the closing- No seller concession. what it mean and it does not say 5 or 10 days prior. 

Thank you 

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Originally posted by @Sai T.:

@Aaron K.

Thanks, I’m selling the property. I think it’s about seller concession for repairs etc but I’m not sure. 

Sometimes when selling a house a seller will agree to pay closing costs for the buyer or some give other consideration like a roof replacement. It has to show on the HUD and be accounted for. If it says No Concessions then the sale is based on the agreed to sales price only. The lender needs to know all of the concessions to get it through underwriting.