BRE#01349395 Thomas Lichtenberg

BRE#01452193 Keller Williams Realty

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How Contingent Home Sales and Contingency Home Purchases Work

August 24, 2017

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What is a seller credit and how does it work?

August 19, 2017

What is a seller credit and how does it work?

 

Often when a buyer has only enough money for the required down payment and no additional funds for their loan and transaction related closing costs they will ask the seller for a credit through escrow.

 

When writing an offer for you to purchase a home and you need a closing cost credit we will write on the bottom of page 1 of the offer, for example:

 

"Seller to credit buyer $7500 for buyer recurring and nonrecurring closing costs"

 

Seller does not have to agree to provide a credit, but often they are willing.

 

Any dollar amount the seller credits a buyer's closing costs is a reduction in net proceeds to the seller from the sale.

 

How will you know if you need a credit for your closing costs? Usually your lender will tell you a credit is needed.

 

Contact Tom Lichtenberg for an excellent home buying or selling experience

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