Business

What Is Sellers Concession? How To Get Sellers Concession

Arnab

Business Nov 26, 2023

At the time of buying and selling, the home sellers concession can be of great help to you. It can sweeten the deal and sometimes can help to speed up the sales process. You need to know the facts well while attaining your requirements with ease.

There are some of the downsides as well for sellers’ concessions. A seller’s concession is also known as a seller contribution or seller assist. It is a real estate agreement where the seller agrees to pay certain closing costs on behalf of the buyer.

Closing costs are fees and expenses associated with the purchase of a home that goes beyond the property’s purchase price. These costs may include items such as loan origination fees, title insurance, appraisal fees, and other miscellaneous charges.

What Is A Sellers Concession?

A seller’s concession, also known as a seller contribution or seller assist, is a real estate agreement. Here the seller agrees to pay certain closing costs on behalf of the buyer. Closing costs are fees and expenses associated with the purchase of a home that go beyond the property’s purchase price.

How Seller Concession Work?

There are certain steps using which the seller concession works. You need to get through the steps to have a better idea of it. Some of the core steps of it are as follows:-

1. Negotiation

During the negotiation phase of a real estate transaction, the buyer may request a seller’s concession to help cover some of the closing costs. You can seek the help of strategy consultant.

2. Agreement

If both parties agree to the concession, the specific terms (such as the percentage or a fixed amount) are outlined in the purchase agreement.

3. Closing

At the closing of the real estate transaction, the seller contributes the agreed-upon amount towards the buyer’s closing costs. The funds are usually transferred to an escrow account and applied to the buyer’s closing costs.

What Sellers Concession Cover?

There are certain things that the sellers concession covers. You need to know the facts well while attaining your requirements with absolute ease. Some of the essential factors that you must know are as follows:-

1. Loan Origination Fees

Charges starting from the lender for processing the mortgage loan. It will help to process the loan faster than usual. You need to take care of the facts perfectly while attaining your goals with complete ease. Net operating income can be easy to calculate here.

2. Appraisal Fees

The cost of developing the property’s value. Application of the appraisal fees can make things easier and effective for you in all possible manner. Ensure that the scope of irregularities is as low as possible from your counterpart.

3. Title Insurance

Insurance that protects the buyer and lender against defects in the title. The application of title insurance can make things easier for you to attain your goals with absolute clarity. Ensure that you follow the process with ease.

4. Escro & Settlement Fees

Fees associated with the escrow process and the settlement of the real estate transaction. The settlement of the real estate transaction will make things easier and perfect for your business to grow at a rapid rate. Try out the best options that can make things perfect for your counterpart.

5. Home Inspection Cost

Fees for professional home inspections. The chances of the home inspection cost can be less than your counterpart. You need to get things to work as per your choices. Effective planning can help you in reaching your objectives with ease.

6. Recording Fees

Charges for recording the new deed and mortgage with the appropriate government office. It is one of the fundamental aspects that you need to take care of the facts. While achieving your requirements with ease, things are going to be easier. Develop a better market segmentation.

7. Transfer Taxes

Taxes imposed by local or state authorities on the transfer of real estate ownership. In this type of scenario, the seller’s concession can be of great help to you. You must encash the option or the opportunity to attain your requirements with ease.

8. Prepaid Property Taxes

A prorated amount of property taxes paid by the seller on behalf of the buyer. You must follow the process that can help you reach your requirements with complete ease. Try to reduce the chances of the errors as much as possible.

How To Negotiate Seller Concession?

There are several effective ways you can adopt to make the negotiation for seller concession. You must know the ways to adopt it in your process.

1. Understand The Closing Cost

Both buyers and sellers should have a clear understanding of common closing costs. This knowledge will help in determining a reasonable amount for seller concessions.

2. Know Loan Program Limits

Be aware of any restrictions on seller concessions imposed by the buyer’s chosen loan program. Different mortgage programs may have specific guidelines regarding the maximum allowable contribution from the seller. Similar information is present in Forbes.com.

3. Conduct Market Research

Understand the local real estate market conditions. In a buyer’s market, sellers may be more willing to offer concessions to attract buyers.

4. Work With Real Estate Agents

Real estate agents play a crucial role in negotiations. Buyers should communicate their desire for seller concessions to their agent, who can then convey the request to the seller’s agent.

5. Present A Strong Offer

A strong offer, may include factors like a competitive purchase price and pre-approval for a mortgage. It can make the buyer’s request for concessions more appealing to the seller.

6. Be Reasonable

Buyers should be realistic about the amount of sellers concession they are requesting. Excessive demands may lead to resistance. You need to identify these facts to make things easier for you in future.

7. Prioritize Concessions

Identify the most critical closing costs that the buyer would like the seller to cover. Prioritizing can help focus negotiations on key points.

Final Take Away

Hence, if you want sellers concession then the mentioned points can be of great help for you. Try to make things work perfectly while attaining your needs with ease. You should not make your selection in the wrong end.

You can share your views and opinions in our comment box. It will assist us to know your take on this matter. Try to keep things in perfect place while attaining your goals with ease. Without proper planning things will be tougher for you.

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Arnab

Arnab Das is a passionate blogger who loves to write on different niches like technologies, dating, finance, fashion, travel, and much more.

Smarter Packaging: Protecting Your Food, Health, and the Planet

Every week (as if like a clockwork), perfectly good food gets into the trash. These include soft bananas, wilted spinach, and that pasta from Tuesday night. They were still edible and safe for consumption. However, somehow they did not, and they ended up in waste. Although it seems like a small inconvenience, it is actually annoying. In fact, these are expensive and wasteful mistakes. Moreover, it is somewhat heartbreaking when you think about it. Hence, the fix might be simpler than we think. The answer is packaging that is not showy and flashy but functional. The Real Cost of Spoilage Food waste is not just a personal issue. Rather, it is a global one. For instance, food waste costs $1 trillion globally. Most of it happens in homes, and not in factories and farms. Moreover, it is not just the food. It is the water that is used to grow it, the fuel to ship it, and the energy to keep it cold. Hence, these are all wasted when the food ends up in the bin. In addition to that, that food produces methane. In fact, rotting food in landfills pumps out methane. It is way worse than CO₂. Hence, tossing leftovers is not harmless but a climate requirement, too. Why Does Food Go Bad Faster Than It Should? This happens because of either contamination or moisture. However, they are deadly to your groceries. In general, contamination happens due to bad handling or bad storage. Sometimes, the raw meat is too close to the vegetables. It might also happen due to unwashed hands and dirty containers. This is how bacteria start infesting. Meanwhile, moisture is quieter but just as brutal. It happens when fridges are humid. Also, weak packaging traps the dampness. This way, mold moves in and breakdown starts. Packaging That Actually Helps Packaging is not just about convenience anymore. Rather, it is protection. In fact, some suppliers are stepping up. For instance, plastic packaging solutions come up with containers that resist moisture. Also, these come with ventilated designs, durable builds, and polypropylene corrugated boxes. Hence, these are surprisingly effective for produce and dry goods. Reusable containers help, too. These lead to less plastic waste and longer shelf life. Hence, it is a win-win. It is Not Just About Waste But About Safety At the outset, spoiled food is not merely gross. It is also dangerous. In fact, foodborne illnesses cost billions. However, they are preventable. Basically, the symptoms range from mild illnesses to ER visits. Meanwhile, kids and seniors are immunocompromised. They are the most vulnerable when it comes to foodborne illnesses. Hence, protective packaging is not optional. Invest in them now to safeguard your home. Essential Ways to Cut Down on Spoilage Obviously, you do not need to be an eco-warrior at the start. However, you might start by tweaking a few habits: Be picky at the store. Look for breathable, protective packaging, especially for fresh items. Upgrade your storage. In this case, airtight and reusable containers are worth it. Control fridge humidity. Liners and breathable bags help. Stay clean. Always wash hands, surfaces, and containers. Do not compromise in this case. Always buy less. Buy in smaller portions and use what you have got. Small Changes, Big Impact You do not have to be perfect to reduce food wastage. Rather, you need to take small steps to progress. Hence, choose better packaging and smarter storage. They will add up to save your money. Also, it will contribute to fewer sick days and a planet that breathes a little easier. Moreover, every meal you save is a win. Hence, every container that keeps food fresh is a step forward. Those small changes are really powerful. Read Also: Preventing Product Recalls: The Critical Role of Equipment Design

What Is One Downside For Consumers To Competition In A Free-Enterprise System?

What is one downside for consumers to competition in a free-enterprise system? - A free-enterprise system is an economic system and is also known as a free market or capitalist system of economy. One of the major advantages of a free-enterprise system is that it helps in creating a competitive environment for entrepreneurs to perform in. The economy is made up of consumer spending, government purchases, and business investments. In this article, you will learn about free-enterprise systems in the economy. You will also learn about how this system of economy works and how they are beneficial for businesses. Furthermore, you will also learn about the pros and cons of free-enterprise systems for businesses. Finally, we will discuss a downside for consumers that occurs due to competition in a free-enterprise system. What Is A Free-Enterprise System? According to Investopedia, “Free enterprise, or the free market, refers to an economy where the market determines prices, products, and services rather than the government. Businesses and services are free of government control. Alternatively, free enterprise could refer to an ideological or legal system whereby commercial activities are primarily regulated through private measures.” In a free-enterprise system of economy, the government of the country or a given territory does not regulate business activities. However, all businesses need to follow a defined set of legal rules for various aspects like property rights, competitive bidding, and contracts. The philosophy of the free-enterprise system of economy believes that government interference in business and economy leads to problems in the growth of the economy. A free-enterprise legal system essentially leads to the formation of a capitalist economy. The target here is to increase freedom of business, increased market efficiency, financial security and stability, consumer rights, and economic opportunities. However, there are also business risks associated with free-enterprise systems. This is due to high risks coming out of economic crises and government intervention. How Does A Free Enterprise System Work? The free-enterprise system works through the “laissez-faire” method. According to Wall Street Mojo, “A free enterprise offers the citizens the freedom to utilize their money as they wish and pursue job opportunities they want. Moreover, unlike the government-controlled systems, which limit people to start business opportunities, a free market enables multiple companies to compete with each other.” It is also easy to run businesses like sole proprietorships, corporations, LLCs, etc. Basically, the central idea of the system operates on the basis of consumer demand. Since there is a demand for a product or a service among consumers, people will create a market so as to fill in the demand. Theoretically, households and consumers own most of the economic resources of a country, and not governments. Due to the supremacy of the laws of supply and demand, businesses, suppliers, and distribution channels focus more on consumer demands. Based on different situations, business owners set the regulations for doing business. What Is One Downside For Consumers To Competition In A Free-Enterprise System? Consumer spending, business investments, and government purchases are the three most important parts of a free-enterprise system of economy. Each of these three parts plays a significant role in the economy. Hence, you can see that consumers constitute a major part of a free-enterprise economy. This is because they represent the largest group in the economy and contribute significantly towards the economic growth of the nation. According to Small Business Chron, “Free enterprise economies allow consumers to make decisions according to their self interest. Consumers free to make their own decisions regarding economic purchases are a part of the economic theory known as the “invisible hand.” The invisible hand represents the free flow of economic resources based on the supply and demand between consumers and producers.” Consumer spending indicates the overall consumer confidence in the current conditions of the market as well as the discretionary income of the consumer. The latter is the amount of money that consumers possess after payment for basic needs like food, clothing, and shelter. Consumers rely on the limited involvement of the government in free-enterprise economies. Hence, governments should avoid making tight fiscal and monetary policies, as they can restrict the growth of consumer income. Apart from that, they can also limit the available consumer credit. These limit the resources available to consumers. Hence, such a situation forces consumers to save money rather than spend it. Pros And Cons Of Free-Enterprise System For Businesses The following are the major pros and cons of a free-enterprise system for businesses: Pros Of Free-Enterprise System Here are the pros of a free-enterprise system: There is less bureaucracy, and hence processes are more efficient. It is easy to start a business and less expensive to operate a business. Furthermore, there is greater flexibility for growth. Entrepreneurs in the economy get more freedom to operate the business on their own terms. In this system of economy, businesses prioritize consumer demand and preferences. Hence, consumers have a greater voice in the running of the economy. Cons Of Of Free-Enterprise System Here are the cons of a free-enterprise system: Businesses will not produce a product that is unprofitable, even though it is good. Due to the prioritization of profits, free enterprise can also spur unfavorable activity. There are restrictions to the distribution of goods. In situations where there are no bailouts, it can lead to greater market crashes. Wrapping Up What is one downside for consumers to competition in a free-enterprise system? - Hope this article was helpful for you in getting to learn better about the free-enterprise system of economy. You can see from this article that consumers face the downside of this system when the government tightens fiscal policies, as consumers limit their spending. In this economic system, policies do not run the markets. Instead, the participants of the market set their pricing of products and services. Furthermore, there are limited export regulation requirements. Here, businesses have more freedom to choose their transaction. Do you have any opinion regarding this system? Share your opinion with us in the comments section below. Read More Business Related Article By Clicking Below!! What Is A Sales And Purchase Agreement For Business? – Let’s Find Out What Is Wholesale Distribution? – Importance, Benefits, And Examples Sabbatical Leave: What Is It, And How Does It Work?

How To Get A Start-up Business Credit Cards EIN Only?

Today, most of the card issuers require you to provide a social security number when you apply for a business credit card. Corporate credit cards can become the option in this case. Getting a startup business credit card EIN can be challenging at times. You need to follow some of the procedures to get Startup Business credit cards EIN only. In this article, you will receive complete insight into how you can receive these cards. Getting the startup business credit cards with EIN will help your business in the future. You can get these cards just by using your Employer Identification Number. Most of the time, these cards are available to incorporated businesses. Benefits Of Getting Startup Business Credit Cards There are several benefits of getting startup business credit cards. It will help you to get the money on time when your business needs it the most. You must not make things happen suddenly. Some of the key factors that you must take care off here are as follows:- 1. Separation Of Business & Personal Expenses Using a business credit card helps separate personal and business expenses. This separation streamlines accounting and tax preparation, making it easier to track business-related costs. You need to get through the complete details of it while attaining your objectives with ease. 2. Building The Business Credit Card Responsible use of a business credit card can help establish and build a separate credit history for your business. This is crucial for obtaining loans, leases, or larger lines of credit in the future. 3. Access To Capital Many startup business credit cards offer initial lines of credit that can be valuable for covering initial expenses, purchasing inventory, or managing cash flow during the early stages of a business. 4. Rewards & Perks Business credit cards offer rewards programs made for business spending. These rewards comprise of cash back, travel rewards, discounts on business-related purchases, or other perks that can benefit the company. 5. Expense Tracking & Reporting Business credit card statements provide detailed records of expenses, making it easier to track spending, monitor budgets, and generate expense reports for accounting purposes. Before applying for a startup business credit card, it's advisable to compare different card options, understand the terms and conditions, and ensure that the card aligns with the specific needs and financial situation of the business. Some business credit cards allow business owners to set individual spending limits for employees who have access to the card. This feature can help manage and monitor expenses within the company. Ways To Get Start-Up Business Credit Card EIN Only There are several ways you can apply to get the start-up business credit card EIN only to make things work perfectly well in your favor. It will assist you in attaining your requirements with complete ease. 1. Establish A Legal Business Entity To apply for a business credit card with just an EIN, you typically need to have a legally established business entity. This can be a corporation, LLC (Limited Liability Company), partnership, or sole proprietorship. Make sure your business is properly registered with the appropriate state and federal authorities. It is one of the ways to get start-up business credit cards EIN only. 2. Build A Strong Business Credit Profile Just like individuals have a personal credit history, businesses have a credit profile. Establishing a strong business credit profile is important. This can be done by paying bills and loans on time. Maintaining a positive financial history and working with suppliers & vendors who report your payment history to business credit bureaus. Apply this method to get start-up business credit cards EIN only. For your business continuity, it is essential. 3. Apply For Business Credit Start by applying for trade credit or vendor accounts with companies that report your payment history to business credit bureaus. This can help you build a credit history for your business. Be sure to pay your bills on time to demonstrate creditworthiness. 4. Open A Business Bank Account Having a separate business bank account is crucial for establishing your business's financial identity. Use this account for all business transactions. Startup business credit cards EIN only is possible with this method as well. You must have a clear market orientation. 5. Apply For A Business Credit Card Once your business has a solid credit history, you can apply for a business credit card using your EIN. Here are some tips to keep in mind when applying: Research Business Credit Cards: Look for business credit cards that are suitable for your needs, such as rewards, low-interest rates, or specific benefits like travel points. Contact Your Bank: If you have an existing relationship with a bank or credit union, start there. They may be more willing to issue you a business credit card since they already have some history with your business. It is an essential method to get Startup business credit cards EIN only. Apply for a Secured Business Credit Card: If you're having difficulty obtaining an unsecured business credit card, consider applying for a secured business credit card. These cards require a security deposit, which reduces the risk for the issuing bank. Over time, responsible use of a secured card can help you build your business credit. Prepare a Strong Application: Make sure your business financials are in order, and be prepared to provide information about your business, including your EIN, revenue, and expenses. 6. Make Use Of The Card Responsively Once you receive your business credit card, use it responsibly. Make on-time payments, keep your credit utilization low, and monitor your business credit reports regularly to ensure accuracy. You need to develop a better solution that can make things easier for you. Startup business credit cards EIN only you can get using this method as well. 7. Gradually Increase Credit Limits As your business credit history improves, you can request credit limit increases on your card, which can help your business's overall finances. Startup business credit cards EIN only will assist you in reaching your requirements with complete ease. Ensure that the scope of the errors in this process is as small as possible. Application of inventory turnover ratio can be of great help to you. Best Business Credit Cards Of 2023 There are several best business credit cards that you must take care of if you want to grow your business in the right order. Ensure that the chances of mistakes must be as low as possible from your counterpart. Ink Business Unlimited. World Of Hyatt Business Credit Card. Brex 30 Card. United Club. Ink Business Preferred Credit Card. Ink Business Cash. The American Express Blue Business Cash. Wells Fargo Business Elite Signature Card. Amazon Business Prime American Express Card. US Bank Triple Cash Rewards Visa. These are the best business credit cards that can assist you in getting your brand name in a perfect way. You can get more details about them through Forbes.com to have a clear insight into the quality business credit cards that can make things easier for you to attain your goals. Easiest Business Credit Card To Get Most of the people search for the easiest way to get a business credit card. You may not have enough time in your hand to stand in a queue to get the desired credit cards of your choice. In such a scenario, there are some business credit cards that can work better for you. Secured business credit cards. Store business credit cards Business Credit cards from credit unions or smaller banks. Prepaid business debit cards. Business Charge Cards. Starter business credit cards. Final Take Away Hence, if you want to get a start-up business credit card EIN only, then the mentioned methods can be of great help to you. It can offer you business credit cards that can make your process of transaction smoother and more effective. You can share your experiences with us in the comment box. It will help us to know your take on this matter. Ensure that the scope of errors is less in the process of application for credit cards. Without proper knowledge of the process, things can become tougher for you later on. Explore More Business Insights!! How To Become A Strategy Consultant? Roles & Responsibilities What Is Strategy Consulting? – Career, Importance, And Scope How Digital Marketing Consultant Can Help Your Business In 2023?

Celebrate Mother’s Day with a Special Brunch at HMD Bar & Grill, Chicago

Mother's Day is the perfect occasion to show appreciation for the incredible women in our lives. Therefore, what better way to celebrate Mother’s Day than with a special brunch at HMD Bar & Grill in Chicago? Renowned for its exceptional dining experience and warm, inviting atmosphere, HMD Bar & Grill is the ideal destination for a memorable Mother's Day celebration. When looking for the best places to go for Mothers Day in Chicago, HMD Bar & Grill should be at the top of your list. And when you visit the place for the first time, you will know what we are going on about. A perfectly quaint spot where you could go and have a meal in peace and quiet. Let us dive right in and see what the HMD Bar & Grill, Chicago, offers. A Warm and Inviting Atmosphere One of the best features of the bar is the atmosphere. Regulars define this place as having a sense of quietness and serenity. The warm and inviting space brings together people of all kinds. Therefore making it the perfect place to celebrate Mother’s Day. The chic yet comfortable decor, combined with soft lighting and elegant furnishings, sets the tone for a special celebration. Whether you are planning a small family gathering or a larger event, the versatile seating arrangements can accommodate your needs, ensuring that everyone feels at home. The attentive and friendly staff add to the welcoming ambiance, making sure that every guest has a wonderful experience. Delectable Brunch Menu HMD Bar & Grill offers a delectable brunch menu that is sure to impress even the most discerning palates. The culinary team takes pride in using fresh, high-quality ingredients to create dishes that are both delicious and beautifully presented. Guests can enjoy a variety of brunch classics, such as fluffy pancakes, eggs Benedict, and avocado toast, as well as unique creations that add a special touch to the menu. For those with a sweet tooth, the dessert selection includes mouthwatering options like crème brûlée, chocolate mousse, and seasonal fruit tarts. The extensive menu ensures that there is something for everyone to enjoy. Specialty Cocktails and Refreshing Beverages A Mother's Day brunch at HMD Bar & Grill would not be complete without a selection of specialty cocktails and refreshing beverages. The bar offers a whole corpus of fun drinks that are just perfect for the occasion. It is famous for its mimosas, bellinis, and other signature drinks crafted from exotic fruits and herbs. If your mum hates drinking, she can have the non-alcoholic versions as well. Therefore, they have something for everyone. The expertly mixed drinks and thoughtfully curated beverage menu add an extra layer of enjoyment to the brunch, allowing guests to relax and celebrate in style. Personalized Touches and Customization What sets HMD Bar & Grill apart as a top Mother's Day brunch destination is the ability to personalize and customize your dining experience. The staff is amazingly dedicated to their job and will try their best to make the celebration as joyful as possible. The staff is open to specialized requests and decoration preferences. Therefore, the HMD Bar & Grill will help you to create a curated experience. An experience riddled with a sense of personalization. Something that your mother needs. This commitment to customization ensures that your Mother's Day brunch is truly unique and memorable. Convenient Location and Accessibility HMD Bar & Grill is located in the Heart Of Chicago and can be easily accessed from anywhere in the city. Therefore, you do not have to worry about the best way to reach the Bar & Grill. The central location means that you can easily combine your brunch with other activities, such as a leisurely stroll through a nearby park or a visit to local attractions. Ample parking and public transportation options make it easy for everyone to join the celebration without any hassle. This convenience, coupled with the exceptional dining experience, makes HMD Bar & Grill the perfect choice for a Mother's Day brunch. Bonus: Some More Places To Celebrate Mother’s Day In Chicago HMD Bar and Grill is simply amazing, to say the least. It has some of the best atmospheres for a gastronomic experience out there. The warm and inviting ambiance, delectable brunch menu, specialty cocktails, and convenient location add to the overall appeal of the place. However, HMD Bar & Grill is not the only place in town. Chicago is riddled with phenomenal eateries that quill boggle your mind and leave you craving for more. Here are some of those ‘other’ eateries that you could consider for having a Mother’s Day Celebration. Rose Mary The very name Rose Mary has a sense of motherly warmth to it. Thankfully, the place also exudes this charm. This humble eatery is run by a sweet man named Joe Flamm, who is known for his ethnic Croatian and Italian dishes. Take your mother to have dishes like burek, Benedict Pampanella, and other such dishes. Cherry Circle Room Cherry Circle Room has a sense of regality that most other restaurants on this list lack. The restaurant is known for its high standards and excellent dishes by executive chef Mari Katsumura. The best part of the whole deal is the bottomless mimosas for just $35. Therefore, you and your mum can have a good time. Miru Get to St. Regis Chicago for an opulent and satiating gastronomic experience. The Miru is located on the 11th floor of this building and is known for its amazing Japanese food. The restaurant is known for its luxurious touch and authentic culinary delights. However, this is one of the most expensive restaurants on the list. Therefore, you might want to keep an eye on the bill. Then again, your mother is priceless, so you should not be worrying about the bill. Conclusion Celebrate Mother's Day in style with a special brunch at HMD Bar & Grill in Chicago. The combination of a warm and inviting atmosphere, a delectable brunch menu, specialty cocktails, personalized touches, and a convenient location makes it an ideal venue for this special occasion. Inviting people to host their events at HMD Bar & Grill ensures a memorable and enjoyable experience for all. If you are looking for the best places to go for Mother's Day in Chicago, HMD Bar & Grill should be your top choice for creating lasting memories and celebrating the amazing mothers in your life. Finally, If HMD Bar & Grill is too restrictive, then we have some new restaurants that you can check out in order to celebrate Mother’s Day. Take care, and have a great Mother’s Day Brunch. Read More: What Is Stockinvest? Is It Legit And Working In 2024? Top 9 Successful Serial Entrepreneur Of All Time – 2022 Updates Major 5 Differences Between Mass-Market Paperback Vs. Trade Paperback

What Is Sellers Concession? How To Get Sellers Concession

What Is A Sellers Concession?