Updated over 3 years ago on . Most recent reply
Question on seller contributions
Well as the market shifts thanks to the interest rate hikes, the offers one receives also change. Wanted to get perspective on this offer.
We have a small flip house that we listed for $98K (I know, market drives price and this is on 2.5 acres and 1200 ft2 but the price is what the market supports). We received an offer of $95K with a provision that seems out of line . . . wanted your feedback. The buyer is asking for $5,700 towards closing costs, pre-paids and concessions. That works out to be 6% of the purchase price.
Now as many of us remember even a few months ago multiple offers over asking price without any concessions was the norm for some time . . . first one of these we have seen in a long time.
How would you respond to the offer? The rest of it is acceptable but 6% in concessions?
Thanks
We have a small flip house that we listed for $98K (I know, market drives price and this is on 2.5 acres and 1200 ft2 but the price is what the market supports). We received an offer of $95K with a provision that seems out of line . . . wanted your feedback. The buyer is asking for $5,700 towards closing costs, pre-paids and concessions. That works out to be 6% of the purchase price.
Now as many of us remember even a few months ago multiple offers over asking price without any concessions was the norm for some time . . . first one of these we have seen in a long time.
How would you respond to the offer? The rest of it is acceptable but 6% in concessions?
Thanks