What is a seller assist or a seller contribution?
If you are a buyer or a seller, this could be something that may interest you.
In this video clip, Ryan Haley explains what is seller assist, how it works, and the limitations that come with the agreement.
Over the course of the last two years, we have not seen many contracts where a seller is willing to give seller assist or a seller contribution or a seller credit.
But first off, what is it?
What Is Seller Assist?
Seller assist is when you make an offer on a property that has a certain price on the contract, but then, you request the seller to credit you back a certain amount of money.
These monies can be used towards closing costs to help you close on the transaction. However, do note that they cannot be used towards your down payment.
When they’re applied towards your closing costs, this gives you the ability to keep more of your cash in your pocket and use the credit amount from the seller to pay towards your closing costs.
This is a great situation if you’re just trying to hold on to cash, or maybe, you have goals to do some improvements to the property. Being able to hold that cash at the settlement table allows you to apply that to maybe those improvements that you want to do.
In sum, a seller assist or seller credit is when you make an offer and you request some of the funds to be credited back to you at time of settlement to be used towards your closing costs.
If you want to learn more about this, how it works, and how you can take advantage of it, chat with us, so we can discuss in detail.