As a home seller in Northeast Florida, you have options for how to market your property, including offering concessions to attract buyers or close a deal. Here’s what you need to know:
What are seller concessions and why make them?
A seller concession is when the seller covers certain costs associated with buying a home for the buyer. Concessions can make your property more appealing to buyers in Jacksonville, St. Johns, Clay, Duval, Nassau, and Baker counties, especially first-time buyers or those with limited cash reserves. They may help you receive stronger offers or close faster.
What are some examples of concessions I can offer?
In Northeast Florida, seller concessions can include:
- Covering title search or recording fees
- Paying for loan origination costs
- Assisting with inspection or appraisal fees
- Covering homeowners’ association fees
- Contributing to home repairs or updates
- Paying for professional services like agents or appraisers
How do seller concessions work?
Concessions can be advertised upfront or negotiated as part of the home purchase agreement. The total dollar amount should be clearly outlined in the contract. In Northeast Florida, local lenders may have limits on concessions depending on the type of loan, so consult your agent to ensure compliance.
What’s the difference between a concession and an offer of compensation?
A concession covers costs for the buyer related to purchasing the home. An offer of compensation is specifically when the seller or listing agent agrees to pay a buyer’s agent for bringing a buyer who successfully closes the transaction.
How do I tell buyers I’m offering concessions?
Concessions can be shared publicly, through MLS platforms, or during negotiations. Note that some Northeast Florida MLSs only allow you to indicate “yes” or “no” for concessions, while others require the total amount. Always check local MLS rules.
Is there a limit to the concessions I can offer?
Limits depend on the buyer’s lender and local law. In Northeast Florida, typical FHA, VA, or conventional loans may have maximum concession rules. Any payment toward a buyer’s broker’s fee is excluded from these limits and must be done off-MLS.
How do I know what option is best for me?
Working with a REALTOR® in Northeast Florida ensures you are guided by ethical duties under the REALTOR® Code of Ethics. Your agent will help you weigh your options, answer questions, and develop a strategy that suits your property and market conditions. Learn more about agent duties here.
