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 HUD when 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, and I'm hoping it doesn't. If the buyer asks for so much in closing costs, can we actually go over the limit the lender will allow as a gift from the seller?
Either way, I told him that we need to disclose to the buyer that the trip will be on the HUD, but if the lender won't allow it, it will have to be taken out of the contract and they will lose the trip. I said, "Great idea, but you have to be careful or you could end up in court if the buyer doesn't get what you promised them."
So, now we have the flyer that says, "Buy this home and get a two round trip tickets to anywhere in the United States for free*" The * at the bottom says, "Free trip is contingent upon lenders approval of the gift as not to exceed any limits set by the lender in closing costs and pre-paids by the seller."
If you are interested in selling your home fast and for top dollar in Beaverton, Oregon, give me a call. I would love to sit down with you and discuss your options so you can reach your goal as quickly as possible.
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
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©2009 Todd Clark - You can add incentives to sell your home, but they better be reported to the lender!