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Industry NewsCompany offers ‘buyer bonus’ to extend tax credit benefits
Coldwell Banker is taking advantage of the momentum created by the federal homebuyers tax credit and is offering a Buyer Bonus Sales Event.
Immediately following the expiration of this government initiative, home sellers participating in the Coldwell Banker Buyer Bonus Sales Event will offer a credit of three percent (up to $8,000), when part of an accepted offer, of their home’s purchase price to buyers who sign a contract between May 1 and July 31, 2010. There is no deadline for a closing date.
David Krieger, general sales manager of Coldwell Banker Preferred, Philadelphia, said, “Without a doubt the homebuyer tax credit has brought in additional business and has stimulated activity. In March 2010, we sold 487 units for $129 million in sales volume compared to 288 units for $70 million in March 2009.”
“The federal government did its part to encourage millions of Americans to achieve their dream of home ownership with the help of the homebuyer tax credit,” said Jim Gillespie, president and chief executive officer for Coldwell Banker Real Estate LLC. “As the credit expires, Coldwell Banker Real Estate is encouraging buyers who haven’t found a home yet to continue looking, while bringing a new audience of homebuyers who were unable to qualify for the tax credit into the market.
“The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit,” added Gillespie. “Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers.”
Krieger said, “We’re excited about this program. A letter was sent to the listings we have in inventory encouraging our sellers to participate. It’s a great opportunity for our agents to speak to sellers about the program and about a possible price reduction.”
In a recent survey of Coldwell Banker Real Estate professionals, 34 percent cite the current tax credit extension as the primary reason their customers are currently searching for a home, 28 percent said that they feel the limitations of this credit will prohibit some buyers from taking advantage of the credit.
Participating homes will typically be identified by Buyer Bonus Sales Event yard sign riders and tagged as a Buyer Bonus home online at coldwellbanker.com. While searching for a home online, homebuyers can simply check the box labeled “Buyer Bonus Sales Event” to find participating properties nearby.
Krieger said past Coldwell Banker promotions have created a lot of interest in properties. “The intent of the program is to keep people’s interest. We’re cautiously optimistic that low interest rates and this buyer program will spark additional buyers’ interest.”
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Kim Shindle is the Manager of Media Relations at the Pennsylvania Association of Realtors®. |
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I have one better come talk to me and I’ll show you NO Money DOWN and the bank pays ALL CLOSING cost except for Escrows and interest rate of 4.625 as of today. That is harder to beat then sliced bread. Now lets see what any other agents will comment. Oh by the way does anyone know if FHA will allow this with a seller’s asst or is this a sellers asst in a new wrapper. Seems like used car sales to me.
Big whoop.
They are just costing their sellers $8000 that they may not have to pay.
Why this is news that CB gets free media for, I don’t know.
I actually have a better deal for a buyer. If they buy through me, I will get them a mortgage at cost. That way they can save more than $8000 and the seller makes $8000 more.
Fred Glick
fred@fredglick.com
fglick.com
U S Spaces, Inc