Under which circumstance can a buyer claim to have acquired property at a reduced price due to seller concessions?

A buyer can claim to have acquired property at a reduced price due to seller concessions when the seller covers closing costs. Seller concessions involve the seller agreeing to pay certain costs associated with the transaction that would typically be the buyer's responsibility. This can significantly lower the out-of-pocket expenses for the buyer at closing, effectively reducing the overall cost of the purchase.

For instance, if a seller agrees to pay $5,000 toward the closing costs, the buyer benefits from not having to source that amount from their own funds. This concession can make the home more affordable for the buyer, compared to the scenario where they would have to pay all closing costs themselves.

In contrast, other options do not directly relate to seller concessions as a means of reducing the purchase price. A cash gift for repairs may assist with improvements but does not reduce the purchase price. Lowering the listing price is an adjustment in the initial price but does not involve the seller covering costs as a concession. Lastly, seller financing involves different arrangements that do not directly equate to the concept of concessions affecting the overall consideration of the price paid.