Seller Concessions​

Fill in the purchase agreement for however much you are asking for in concessions (also on FHA/VA Addendum if you have a buyer who is FHA/VA). If using a separate addendum, you can also write: 

"The undersigned hereby agree as follows: Seller to provide $______ towards buyers closing costs, adjustments, prepaids and discount points. All other terms and conditions to remain the same"

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OVER APPRAISAL VALUE

Consult with the Director of Sales to discuss details/questions if needed. 

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"The undersigned hereby agree as follows:

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Seller and Buyer agree that should the appraisal value come in below the sales value, the buyer will pay $00000 over appraisal value not to exceed $000000. (sales price offered)

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All other terms and conditional remain the same."

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OCCUPANCY SITUATION

In situations where sellers will be giving keys at closing when you originally had occupancy on the contract. Write an addendum stating:

"The undersigned hereby agree as follows: Occupancy to be removed from the transaction. Seller is to surrender the keys to the buyer at closing. All other terms and conditional remain the same."

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FREE OCCUPANCY FOR SELLER

If you are offering free occupancy to the seller as part of your contract you can write it on the Purchase Agreement as $0 for ___ days. If adding as an addendum after the initial contract write:

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"Buyer and Seller agree that the Seller will put in escrow $00000 for a damage deposit to be held until the key exchange form is submitted. The buyer is entitled to a final walk at the time of the key exchange. Buyer must submit in writing the same day to the seller if there is damage to the property. "

 

*Side note: This verbiage was advised by Rick Linnell as a security deposit creates a landlord/tenant relationship, whereas a damage deposit keeps clients out of litigation.*

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Bona Fide or Good Faith Competing Offer:

Buyer will increase his offer by [amount] more than any bona fide or good faith competing offer made for [address] in an amount not to exceed [$price]. Buyer shall be provided with a copy of the
competing offer, together with a bank pre-qualification or pre-approval letter demonstrating, to Buyer's sole
satisfaction, that the second buyer is qualified to purchase [address]at the price set forth in the
competing offer. This offer shall remain in effect until [time] [date].