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.

Upper Makefield Township Home Sales Through 7/31/2014

What’s happening in the Upper Makefield Township Real Estate Market?

All real estate trends are local and the national statistics on which the media focuses can be deceiving.

The number of homes sold in Upper Makefield increased during June and July, 2014 but the total number sold for the calendar year through July is slightly below the number sold during the same period in recent years.

As of July 31, there were 129 single family homes for sale in Upper Makefield. The average listing price was $1.1 million; however, only seven homes sold for over $1 million from January 1 through July 31, 2014.

Sales activity was stronger for more affordably priced homes located primarily in Washington Crossing with the most sought after price range being between $500,000 and $650,000.

This chart shows the number of single family homes sold in UMT for the first seven months of recent calendar years.



Average Increases and decreases for Upper Makefield sale prices are not a reliable measure of market trends because too few homes sell in the township and, average home prices fluctuate greatly when a few luxury priced homes sell.

Market trends can be determined by county wide sales information which show an increase of 1% during the first seven months of the calendar year, or by sales information for Lower Makefield Township which show and increase of .3%

A Tip for Septic System Care

I recently attended a septic system inspection.  Unfortunately, the system failed and needs replacing.

It's difficult to say exactly why its condition deteriorated.  The tank had not been pumped as recently as it should have been.  Also, the house has a garbage disposal which generally requires more frequent pumping than houses that do not.

One issue that jumped out at me was when the tank had been pumped, it had been pumped through the air vent.  The proper way to pump a septic tank is by removing the septic tank cover.

I've owned homes with septic tanks for over twenty years.  On two occasions I've caught the pumping company trying to pump the tank from the vent. Doing so will not properly remove all the solids from the tank and could eventually lead to solids getting into the leaching lines. 

The crews for the septic pumping companies sometimes take this short cut because many tanks require significant digging to uncover.  Digging down three or more feet when the ground is either dry or muddy is a nasty job.  It's not surprising that an unsupervised crew would seek a short cut.

When another one of my clients had their septic system inspected, it took a lot of digging for the septic tank cover to be reached.  They decided to add an extension to the tank opening so it could more easily be pumped in the future.

Not everyone can stay home when their septic tank is scheduled to be pumped.  However,
if the ground over the septic tank has not been disturbed, the pumping crew is likely to have taken a short cut. Beware.

Upper Makefielt Home Sale Statistics Through 7/30/12