Are Sellers Obligated to Provide Assistance to Buyers?

When someone puts their home on the market, he or she may offer to contribute to a buyer’s closing costs to help facilitate a deal. This generally happens when a buyer obtains financing through the FHA or USDA loan programs. However, a seller may choose not to offer any financial assistance and ask for the full list price from a buyer.

Concessions Are Rare in a Seller’s Market

If you are trying to buy a home in a seller’s market, don’t expect a property owner to make any concessions when selling it. This is because the seller likely has multiple offers on the table and will choose the one that best meets his or her criteria. Furthermore, it may not be difficult to get offers within minutes or hours of putting a home on the market, which gives the seller maximum leverage in the deal.

A Seller May Be Trying to Maximize His or Her Profit Potential

Even when there is a good balance of supply and demand in the housing market, it can be difficult to convince a seller to offer concessions. In some cases, this is because the home has already been listed below market value. In others, the seller is looking to maximize his or her profit from the sale. It is important to note that you can ask for other ways to extract more value from the purchase of a home. For example, it may be possible to ask that appliances remain in the home or that repairs are made prior to closing.

Don’t Rely on the Seller When Budgeting for a Home Purchase

Ideally, you will spend time calculating your budget prior to embarking on your house-hunting journey. This should take the price of the home as well as taxes and insurance costs into account. Consulting with mortgage brokers in Las Vegas can help you create a reasonable budget.