Home > Blogs > Mike Giles > Realtor Babble

Stop The Seller Games

Real Estate Agent with Keller Williams Realty Evolution

November 11, 2007 07:57 AM

My approach to sellers that want to offer huge buyer incentives is to simply lower the price and quit the games. If you need to give a couple thousand back to the buyer for closing costs to make the deal work that's fine. I have seen things like $10,000 towards a new car and $5000 towards furniture for a full price offer.

I believe that the most a bank can legally have a buyer give back towards closing costs is up to 3% of the sale price.(I will check that but I think that is correct : is there a mortgage person out there that can confirm?) For the most part if a house isn't selling it is because it is overpriced and you are going to have fewer problems down the road if you just lower the price.

There are simple ways to separate yourself from the crowd that can be useful and inexpensive. Offering a home warranty can be a very inexpensive way to give your property added value and take care of some minor inspection concerns.

Most companies and agents have lenders that they work with that can give them special programs and incentives at little to no cost. Incentives should be used to make it easier to buy the house not to give them reason to overpay for it.

If a seller has to offer more $10,000 in gifts to get a full price offer they might have trouble having the appraisal come in at an acceptable price for the bank to approve the loan.

If it sounds too good, it usually is!

Log on to my website for more buyer and seller tips and services http://www.MassRealEstateHunter.com

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Mike Giles

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This is my forum to express what ever real estate related topic I wish. If your looking for specific info go to MassRealEstateHunter.com

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Stop The Seller Games

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Mike Giles

Real Estate Resources

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Real Estate Babble

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Mike Giles

Real Estate Resources

Recent Posts

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Real Estate Babble

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