Sellers may offer concessions to incentivize buyers to purchase the home, or sweeten the deal.
Concessions are most readily seen as a contribution towards the buyer’s closing costs, up to certain limitations and approvals by a buyer’s lender, which ultimately leaves more money in a buyer’s pocket when all is said and done.
Concessions are usually based upon what the market is. In a seller’s market, expect fewer or no concessions.
Category: Real Estate Terms