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You can add incentives to sell your home, but they better be reported to the lender!
If you are considering selling your home in Beaverton, Oregon, I'm sure you have been listening to the news that sales are down compared to the last couple years. Homes that are selling are priced right, look great, and have some great marketing behind them. (You can read how to sell your home quickly,without stress, here in my 4 part series.)
But, what if you are a seller and have mileage points on a credit card or frequent flyer card that you can gift to someone else. Well, I happen to have one of those sellers right now. He is telling buyers, that if you buy this house, I'll give you two tickets round trip to anywhere in the United States.
This is great and all, but I told him that we need to report this on the HUDwhen we close or it or it could be considered mortgage fraud. Because you are giving something of value to the buyer, the lender may see that as they are paying for it as part of the deal. He said, "But it is a gift." I said, "I understand that, but it still has value."
Now, here is the problem that I told him that could arise, ... more

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