"The expiring credit—which gives first-time homebuyers and some current homeowners a tax credit of up to $8,000 if they sign a contract by midnight tonight (last day of April) and close the sale by June 30—has been widely viewed as helping boost home sales in recent months. For that reason, some real estate firms are pushing home sellers to offer incentives of their own, usually by agreeing to refund some of the purchase price to the buyer. Some developers are offering similar refunds to buyers of new homes or condos."
"One of the larger companies pushing the new incentives is Coldwell Banker, a subsidiary of the global real estate giant Realogy. It is asking sellers to participate in a program that will give buyers 3 percent off the agreed-to sale price, up to a maximum of $8,000. The program will run from May 1 through July 31."
Regarding the refund strategy, I appreciate the innovative efforts to keep the momentum alive in the real estate market. However, IPC’s (Interested Party Contributions), concessions, incentives, buybacks, etc. must be closely scrutinized on the HUD and fully comply with underwriter and regulatory standards. In a nutshell for our Colorado Springs Realtors, be careful and make sure you are in full compliance.
Feel free to contact our Colorado Springs Realtors at Selley Group Real Estate, LLC:
2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101