What is a Seller's Assist?

A sellers assist is frequently included in offers to purchase a home.

A sellers assist is a credit that the seller pays towards the buyer’s closing costs. It is sometimes requested by a buyer when an offer is made on a property in order to reduce the amount of cash the buyer is required to pay at settlement for closing costs. Requesting a seller's assist will make a property more affordable for some buyers. If the down payment and closing costs on a $200,000 property are $25,000, a buyer might ask the seller to pay $5,000 towards closing costs, thus reducing the cash needed to purchase the property by $5,000.

A seller’s assist will reduce the proceeds paid to a seller, and, for the seller, it is equivalent to a reduction in the sale price. On the property with the $200,000 sale price, the net sale price would be $195,000.

A seller’s assist may also result from a buyer’s request for repairs due to issues raised during property inspections. In lieu of a seller making requested repairs before settlement, some buyers and sellers will agree that the seller will provide a credit to cover the cost of repairs. This credit will be labeled as a “seller’s assist “ on the final sale proceeds sheet.

Mortgage lenders set limits on the amount that sellers can pay in the form of a seller's assist; so, the amount should be approved by the lender early in the mortgage application process.

Bucks County Home Sale Facts Through September, 2014

The rate of single family home sales in Bucks County increased in September 2014 compared to September 2013. The figures year to date for 2014 show a 4% decrease in the number of homes sold compared to the same period last year. Average prices for 2014 are up 1.2% compared to prices during the first nine months of 2013.

Bucks County market statistics are as follows: