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08-13-2008, 10:11 AM
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Senior Member
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Join Date: Jul 2008
Location: Cranford
224 posts, read 131,864 times
Reputation: 47
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Offer accepted
Ok.. I didn't want to say anything because I didn't want to jinx us... but our offer has been accepted on the house on Indian Run Parkway in Union, NJ!
Asking price $499,000
Initial offer: $460,000 + 4% Sellers Concession ($18,400) = $478,000 plus
They counter: $490,000 no sellers concession
We Countered:
$470,000 + 4% Sellers Concession ($18,800) = $488,800 FIRM & FINAL
They countered $475,000 no sellers concession
We said: No, last offer was firm and final. End of story.
Our agent called us and tried to get us to budge... and it seemed to me that maybe she was trying to eek out a few dollars... so I said, if we don't get this house at our last offer, I think we will just hold off until December and save for our closing costs... 30 minutes later, she calls me with an accepted offer... Coincidence???
They accepted! Closing date 10/23/2008
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08-13-2008, 10:13 AM
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L.U.S.T. Girl
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Join Date: Jan 2008
Location: Stewartsville, NJ
7,581 posts, read 5,250,286 times
Reputation: 900
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Quote:
Originally Posted by azwildcats70
Ok.. I didn't want to say anything because I didn't want to jinx us... but our offer has been accepted on the house on Indian Run Parkway in Union, NJ!
Asking price $499,000
Initial offer: $460,000 + 4% Sellers Concession ($18,400) = $478,000 plus
They counter: $490,000 no sellers concession
We Countered:
$470,000 + 4% Sellers Concession ($18,800) = $488,800 FIRM & FINAL
They countered $475,000 no sellers concession
We said: No, last offer was firm and final. End of story.
Our agent called us and tried to get us to budge... and it seemed to me that maybe she was trying to eek out a few dollars... so I said, if we don't get this house at our last offer, I think we will just hold off until December and save for our closing costs... 30 minutes later, she calls me with an accepted offer... Coincidence???
They accepted! Closing date 10/23/2008
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Good job OP..what's this "Seller's Concession" thing? Must be new as I've never heard of it..are you paying "their" closing costs???
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08-13-2008, 10:16 AM
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Senior Member
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Join Date: Feb 2008
669 posts, read 462,970 times
Reputation: 162
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Ofcourse they will accept. In 1 month their value will drop by another thousands anyway. Selling homes over $400K are hard to do.
But...you have a long road yet to go...Did you get thru attornery review? Did you get mortgage approved? Did inspection get by yet??
We agreed on price, but that meant nothing..Price dropped about 3x after that due to inspection, mortgage, etc..
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08-13-2008, 10:18 AM
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Senior Member
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Join Date: Jul 2008
Location: Cranford
224 posts, read 131,864 times
Reputation: 47
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Seller's Concession is where the SELLER pays closing costs.
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08-13-2008, 10:20 AM
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Senior Member
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Join Date: Jul 2008
Location: Cranford
224 posts, read 131,864 times
Reputation: 47
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Quote:
Originally Posted by todd72173
Ofcourse they will accept. In 1 month their value will drop by another thousands anyway. Selling homes over $400K are hard to do.
But...you have a long road yet to go...Did you get thru attornery review? Did you get mortgage approved? Did inspection get by yet??
We agreed on price, but that meant nothing..Price dropped about 3x after that due to inspection, mortgage, etc..
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We just had the offer accepted, as in THIS MORNING... now we are off to Attorney review. We have been pre-approved for $850,000. |
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08-13-2008, 10:20 AM
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L.U.S.T. Girl
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Join Date: Jan 2008
Location: Stewartsville, NJ
7,581 posts, read 5,250,286 times
Reputation: 900
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Quote:
Originally Posted by azwildcats70
Seller's Concession is where the SELLER pays closing costs.
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I found the answer..they are paying your closing costs according to definition:
WikiAnswers - What is a seller's concession |
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08-13-2008, 10:22 AM
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Senior Member
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Join Date: May 2008
531 posts, read 319,125 times
Reputation: 54
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Congrats,
Sellers Concession is just another way of saying seller pays the buyers closing costs. it is not a new thing at all. I have been a REALTOR for 5 years now and have written offers with the seller paying the buyers closing costs every year including this year.
Some years as many as 20% of the offers, I wrote, had that in them, and these were not all low priced homes, some were very high end homes actually.
This year writing this into an offer can be very tricky as many of the lenders are not allowing it. If this is the way you want to purchase a home, be sure to explain to your lender what you intend, and be sure to work with a REALTOR who understands how to structure the offer as well as talk about it with the listing REALTOR. You would be surprised as to how many REALTORS have never heard of this and do not think it is possible.
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08-13-2008, 10:24 AM
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Senior Member
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Join Date: Jul 2008
Location: Cranford
224 posts, read 131,864 times
Reputation: 47
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It's odd... because out west... Arizona, New Mexico, California... the seller almost always pays closing costs... when I mentioned it here, people looked at me like I have three heads.  |
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08-13-2008, 03:16 PM
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Senior Member
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Join Date: Jul 2008
Location: Cranford
224 posts, read 131,864 times
Reputation: 47
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08-13-2008, 03:20 PM
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L.U.S.T. Girl
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Join Date: Jan 2008
Location: Stewartsville, NJ
7,581 posts, read 5,250,286 times
Reputation: 900
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Quote:
Originally Posted by azwildcats70
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great house! Cranford I am assuming? |
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