When you go to sell your home, you might be confronted with an offer that asks you to give some money back to the Buyer at settlement. We call this Seller Assist or Seller Help. So what is Seller Assist or Seller Help?
Many buyers don’t have the cash on hand required to purchase a home, but can otherwise qualify for a mortgage, so they just need some additional funds from somewhere to cover the costs in order for them to buy. One way to come up with this extra money needed is to ask the seller to give some “Seller Assistance” or “Seller Help” towards their closing costs.
What is Seller Assist or Seller Help?
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Some sellers get too hung up on “I don’t want to give money to them to buy a house” and “Nobody gave me money to buy a house” thinking, but really who cares, you’re just looking at the net number anyway… An offer of $100,000 with $5,000 seller assistance is essentially the same as an offer of $95,000 with zero seller assistance.
If you’re getting your desired net number, and you don’t see any red flags otherwise, then go for it. Sometimes it’s unavoidable if you want to sell the house. There are some minor downsides to allowing seller assistance, but in general, it’s okay and something you should be ready to deal with. Just look at the net number you get in the end.
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