high in this short video I’m gonna help you understand the pros and cons have
0:03seller concessions
0:04this is when you use the seller’s money to help you with closing costs
0:08whether first-time homebuyer you’re seeking to purchase your next home
0:12there’s quite a few misconceptions about the financial means needed
0:16to purchase a home many perspective home-buyers believe that they need to
0:20save thousands of dollars before then get pre-approved for a mortgage in start
0:23looking for their dream home
0:25and the good news that’s not always the case there several mortgage products
0:29available they can offer very low down payment options
0:32with some actually route summer they were actually requiring 0 down
0:36in terms of closing costs perhaps you’ve already seen some the videos have
0:40created
0:41if you haven’t already I’m gonna send you that the into this video
0:44now nearly all these products also allow for what’s called seller concessions
0:49essentially soured towers that are paying proportion to the closing costs
0:54now seller concessions are and have been as the both the buyer and the seller now
0:58for the buyer
0:59the obvious advantages it’ll help offset the financial burden
1:03they come to a closing costs for the seller
1:06the agreement in these concessions can lead o more opportunities for more
1:10potential buyers even help them
1:12to get their sell their home done sooner now depending on which mortgage product
1:16best fits your needs
1:18you can pursue anywhere from 3 percent to 6 percent
1:21in seller concessions now here’s a real-life scenario helpless always trade
1:26house are concessions work Mike Anjana found their first home
1:31and it’s listed are them sorry pussy ass called their first home
1:34it’s a hundred thousand dollars but they’ve only saved three thousand
1:38their mortgage professional that some closing costs in areas for them
1:42and the cash required to close was nearly eighty four hundred dollars
1:47how r Mike NJ in a close the gap between what they’ve saved
1:51and the 8400 need to purchase a home
1:54this is world how r seller concessions help them the mortgage product the mic
1:58in Jane
1:59guide nachos allow for a maximum of 6 percent SAR concessions
2:04they met with the REALTOR wrote up a purchase offer for a hundred thousand
2:07dollars the asking price
2:09but with six percent seller concessions or six thousand
2:13dollars now that’s six thousand dollars will bring the pass near the closed down
2:18down the 2400 so even though the offer
2:21not may be made to the cellar with for the purchase price of a hundred thousand
2:25after you take out the $6000 per seller concessions
2:28the seller’s actually we’re looking at an offer of 94,000
2:32now every product is different guidelines that need to be followed
2:36what’s important to know is working with the right loan officer
2:40and has the most Amman experience or background and expertise
2:44to help people out like we did for my kin Jane
2:47I’d be happy to work with you to create this narrow that best fits you
2:50seller concessions can be very confusing but working with the right Realtor the
2:55right mortgage professional
2:57can take all the confusion away I appreciate what’s this video I hope that
3:00help
3:01have a great day thanks for watching this video
3:04and if you like the information on the lowdown no down payment mortgages
3:08go ahead put your first last name email address and if you haven’t already if
3:12you’re not part of my video less
3:14and I’ll go had said that you’re right away thanks for watching us