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  The difference between an "allowance" and the same amount off the price?
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The difference between an "allowance" and the same amount off the price? Sign In/Join 
Picture of KG in CA
posted
If a seller offers a flooring allowance how is that conveyed to the buyer? Back in my day - you just asked for a lower selling price.


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Posts: 7517 | Location: Highland, CA Zone 9b  | Registered: Sep 18, 2002Reply With QuoteReport This Post
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We gave an allowance for something that was found on inspection and we issued a check to the buyer at closing.

I don't know if that is common or not.
 
Posts: 7098 | Location: North MN & Northern AR | Registered: Oct 01, 2002Reply With QuoteReport This Post
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Can be done either way. At close, an allowance is part of sellers closing cost and title company issues a check for the agreed upon amount to buyers at closing. Should be done this way so there are no personal bad checks passed by disgruntled sellers and I personally saw several of those in my early RE career 35 yrs ago. And you know who the unhappy buyers will call at that point- their agent.
Or the agreed upon amount is taken as a form of adjusted sales price at close.
 
Posts: 3137 | Location: Michigan and sw Florida | Registered: May 16, 2007Reply With QuoteReport This Post
Picture of Charming
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One other reminder, buyers will walk through a property with a mental check list of what needs to be done after closing. Paint, carpet, doors, fixtures, cabinets, etc. Even if the seller offers a "decorating allowance" they are still mentally subtracting the carpet, paint, or any other items covered in the allowance, from their initial offer.


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Posts: 3564 | Location: Coastal SC | Registered: Jan 10, 2006Reply With QuoteReport This Post
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