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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Sellers Assistance?
We got an offer on our house (full asking price) but they are asking for seller assist of 6% has anyone else had this type of offer, or make this type of offer. We really didn't know anything about this "practice" until now.
Re: Sellers Assistance?
We did this when we bought 6 yrs ago - full asking price + $5K sellers assist, which brought it to $5K under asking price, technically. That went to closing costs, so we still financed the higher number.
My three sons!
Sellers assistance is basically that the buyers need some cash to buy the house and you are (hopefully) making money off of the sale and would therefore have some $$.
It would be the same thing to sell a house for 100,000 and give 6% seller's assist as it would be to sell a house for $94,000. It's basically 6,000 less than what you wanted.
you COULD negotiate that you would be willing to do 3% seller's assist.
You could suggest a higher offer price, and do the full 6% assist. So if you were at 100k and they wanted the 6% you could counter at 103k and do the 6% assist.
But like I said before, I don't think it is a bad offer. I know we listed our house at a fair price, but expected there to be negotiations. We did not live in a place where full asking price was going to be agreed upon. people want a "deal". And I hated showing my house. So if a couple grand wasn't a deal breaker for me. Your next offer may still include sellers assist but also a lower offer price as well.
Good luck!
I agree, if you're anxious to sell I'd consider it as long as you can afford to pay the 6% out of what you make on the house. I'd also consider what kind of loan it is. With FHA loans, which a lot of first time buyers have, you may end up having to lower your price if their appraisal comes in lower than the asking price.
Also, you have to think about how much interest you've had. We turned down an offer before we accepted one because we had a ton of traffic and a bunch of appointments scheduled, and we hadn't even talked about an open house yet. And we were only on the market a week at that point. So we were pretty confident that we could get what we wanted (which at that point was negociable on the price but not the timeline). It's a bit of a gamble selling a house. I'm not a gambler, so we played it a little safe.
We also knew what we wanted/needed to get out of it given how long we'd been in the house, how much work we'd done, etc. We didn't want to take a loss, but we also were realistic and didn't need the money in order to get the financing for our new house, so we just needed to break even and get under contract so that we could go back to actually living in our house!
I agree with the others -- full price + seller's assist is a good offer. We offered less than list + seller's assist for our new house and got that. We also gave the person who bought our old place seller's assist. She was FHA and asked for max FHA allowed seller's assist.
Hopefully your realtor gives you all of the paperwork that shows your options and what you'll walk away with.
when we put an offer on our house we offered full sale price plus full sellers assist (6%). the sellers countered with full sellers assist but jacked the sale price. that pissed me off royally and we walked away. the sellers ended up coming back and offering the original sale price and 4% sellers assist, which we accepted.
when we sold the house the first offer was 12k under our asking price and full sellers assist. we declined without a counter. the buyer returned to offer full sale price and asked for full sellers assist. we agreed to those terms.
sellers assist is very common since closing costs can't be financed anymore (some manage to do it, but i have no idea how. we were told no). they were costs that were ultimately coming out of the profit from the sale so it wasn't like we had to fork over the $ from our bank account. so even though really it's the same thing, it didn't bother us as much since we were still walking away with what we felt was an acceptable profit given the fact that we had only owned the home for 10 months before putting it on the market and that it had been on the market for 8 months.