Tuesday, June 18, 2013

NEW YORK HOME SALES - SELLER'S CONCESSION

There was a discussion recently regarding language for the use of a "Seller's Concession" - which is a method utilized to assist Buyers by a financing of the Closing costs.

There are ethical questions on this practice which has been addressed by the NYSBA as basically what these concessions are is a“grossing up” the sales price of a residential property in an amount matched by a “seller’s concession”. The ethical opinions require full disclosure to all parties.

I personally do not agree with this process. If housing is unaffordable, then do not buy it. I recently found a blog post which had additional concerns too:

NY State Bar Ethics Opinion Doesn’t Go Far Enough by Robert J. Smith

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