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With all due respect, the Tax Credit should not even be part of the negotiating discussions. If you are presenting an offer to the sellers (and I would always recommend being present for the presentation of the offer), the foundation for the negotiations should be (in my humble opinion) the fair-market value of the home in question. As selling agents, we should come armed with plenty of research to justify the offer that we are making. If we sense (or have determined in some manner) that the sellers are extra-motivated to sell, then we can deduct a percentage of concession based on our measure of their motivation. This then creates a fair market value "under the circumstances" of this home.
Whether a buyer is getting a first-time tax credit or not should not enter into the equation of the fair market value of a home. Again, with all due respect, if the seller is less inclined to negotiate with your buyers because they believe they are well capitalized (which may be a reason they don't qualify for the tax credit), then you have done a poor job in negotiating on your clients' part. The seller should be more willing to negotiate with a buyer who is well capitalized. This is a buyer who is more likely to take the deal through to a successful closing (which I believe is the sellers' goal!).
Forgive my candor, but we must realize, as sellers agents, that we hold in our hand valued commodities. We have something that is in much demand...qualified buyers... buyers who are not wishing on a dream. It is our job to sell our buyers to the seller of the home. Just as it is our job to sell the home to buyers if we are the listing agents. Don't do your clients a disservice. Take control of the negotiations. Go out there and sell your well-qualified buying clients to the highest bidder!
I was inspired to write this one. I almost feel as if it's a school report, so here goes:
How Does The $8,000 tax credit hurt my deals?
First, sellers KNOW about the BUYER credit . . . it's NOT a secret. And since the sellers know this, they're not very willing to: reduce their list price, or offer concessions. WHY? Because they know there's $8,000 on the table from the government, so why cut a deal and give the buyers ANOTHER $5,000 for closing costs, for example?
Second, not all buyers qualify for the $8,000 tax credit. The seller might think there's $8,000 on the table for the buyer come tax time, but there might not be.
Which brings me to . . .
Third, if I tell the seller that my client doesn't qualify for the $8,000 . . . the sellers also know WHY! It's NOT a big secret on: income level caps, and having owned a home in the past three years.
If I tell the seller that my cliient doesn't qualify, it tips our hand in negotiations.
Why don't they qualify? 1) They make too much, or 2) they have owned a home in the past 3-years.
Well, if the buyers don't qualify because they make too much, they . . . MAKE TOO MUCH. We can pretty much kiss any negotiating for a lower price out the window.
If they have owned a home in the past 3-years, and they're still able to buy another, sellers assume that my clients cashed-out, or are buying up . . . again, being able to pay for another home.
Yes, I've assisted buyers this year that HAVE benefitted (or will) from the $8,000 tax credit. In some deals, the seller didn't budge on price AND tossed in the closing costs to the amount of the buyers' loan. The house was priced well to begin with, but the sellers had lowered the home down to a price they would not consider less.
I'm wondering, you mortgage people you -- NEVIN -- if receiving an upfront $8,000 is a better deal then taking $10,000 off list price, on a traditional 30 year fixed, on a $250,000 property?
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.