Definition of Concessions:
Concessions in the Orange County Real Estate Market:
The use of concessions are a normal part of the real estate transaction process in Orange County, and are usually made by both buyers and sellers to assist in getting the deal closed. Concessions need to be disclosed on the HUD1 settlement statement and are credited as closing costs. Some examples of concessions that are made from a seller to a buyer might include; covering the costs for repairs to a damaged swimming pool or spa, paying for discount points for a FHA or conventional loan or perhaps paying for the buyer’s moving expenses – there are too many concessions to list that a homeowner in Orange County could make to a buyer of their home.