How does 10k concession sound

auggflo · February 27, 2006, 3:03pm

I’m looking at a deal where the seller is giving 10k concession to the buyer on a 210k House. Does this sound good?

Thanks
auggflo

yrush2000 · February 27, 2006, 5:19pm

thats about 2% of the sale price. I would ask for at least 3 to 5% concession. All that means is how much of your closing cost they will pay, plus depending on your loan product and state, the seller can only contribute a certain amount.

kdhastedt · February 27, 2006, 5:22pm

yrush,

$10K on a $210K property is 4.76%…time for new calculator batteries!

Keith

auggflo · February 27, 2006, 5:30pm

Thanks Keith. I can get a 100% loan for this property. Do you think thats good?

Thanks
auggflo

yrush2000 · February 27, 2006, 11:39pm

had a blonde moment

Mortgage_Mark · February 28, 2006, 1:46am

depends on how good your loan terms are but nothing out of pocket is always good right?