Is there usually a sellers concession for buyer costs?
3% of the sales price is the largest “seller credit to buyer” that lenders allow on a short sale. 3% is not guaranteed. Some lenders will issue a smaller credit. Bank Of America Home Loans (BOA) formerly Countrywide, currently only allows a seller’s concession if the buyer is using FHA or VA financing (no concession typically allowed with conventional financing). We will let you know if the seller’s lender is BOA. Please note that if there are repairs and they are being paid for from the seller’s concession it is possible for the lender to allow repairs (because these are the buyer’s funds and he can use them as desired for non-reoccurring closing costs).
