COLDWELL BANKER'S BUYER BONUS (BUYERS & SELLERS BENEFIT)
About a month has past since Coldwell Banker initiated it's nationwide "Buyer Bonus". On April 30th of this year the government closed it's doors on the Federal Homebuyer Tax Credit. Because of this, Coldwell Banker decided to implement it's own incentive of sorts to homebuyers, and sellers too for that matter.
The program works by sellers of residential property (REOs and shortsales do not qualify due to the distressed nature that accompany these properties) agreeing to participate in the promotion by offering buyers a benefit of up to 3% credit at closing toward the costs associated of purchasing a new home. This amounts to up to $8,000; the same amount that was applicable to eligible first time homebuyers for the Federal Homebuyer Tax Credit.
Homes listed by Coldwell Banker do not automatically qualify for this program. The seller must determine if he or she want to participate, and to what extent. For example Coldwell Bankers promotion ends July 31st, 2010; however, the seller may extend the date of the deadline and negotiate a new date with the home buyer.
Both buyers and sellers benefit in this program because buyers will receive credit toward the purchase of a new home, and the seller will have more interest from buyers in the home he is selling because of the incentive.
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