Seller Concession Examples: When Buyers Request Repairs and Closing Cost Help
What are some seller concession examples? If you're looking to sell your home soon, be aware of common incentives buyers request during transactions.
Just like seasonal sales offer retail shoppers a little something extra for their purchase, so do concessions in real estate. These are incentives you, as a seller, offer to buyers to sweeten the pot. Seller concession examples include paying certain fees at closing or offering money for needed repairs.
However, offers for concessions can backfire if they are used incorrectly. We’ve asked three top real estate agents across the country to give us some firsthand seller concession examples and their tips on how to avoid misusing these bargaining chips.
Top Agents Know How to Close the Deal
Knowing which seller concessions can help get your home sale over the finish line without giving away the farm isn’t always easy.
Step 1 is working with a top agent to help maximize your home sale.
Concession example #1: Repair requests based on the inspection
Concessions typically crop up during the inspection period, or what top-selling Charleston, South Carolina real estate agent Jonathan Wells calls “the second round of negotiations.”
Based on whatever the home inspection uncovers, the buyer’s agent will make various requests to remedy items that could impact the home’s safety or value. Some of the most common repairs that you can offer to handle or provide repair credit for include:
- Plumbing, sewage, and septic problems
- Electrical or fire hazards
- Pest or wildlife infestation
- HVAC problems
- Roof damage
- Structural damage
- Asbestos, radon, and lead paint
- Broken appliances
As a seller, you may have no choice but to deal with problems that the home inspection reveals to be dangerous, such as outdated wiring, foundation or structural instability, mold, or termites. But a top real estate agent can help you minimize what you’re willing to offer.
Show that it’s an improvement, not a repair
“I had a home inspection ask for $50,000 worth of repairs to a house. We identified those as improvements, not repairs, and showed them that they were getting the house at a good price, and it reflected the condition of the house,” says Casey Samson, a top real estate agent serving Fairfax County in Maryland.
Instead of repairs, the buyers were willing to take the lawn furniture worth roughly $600 as a concession.
