Coldwell Banker’s buyer bonus event
With the $8,000 First Time Home Buyer’s Tax Credit set to expire tomorrow (April 30th), Coldwell Banker Real Estate LLC is launching its own buyer incentive program. Starting May 1st, participating sellers listed with Coldwell Banker, nationally, will be offering up to 3% of the accepted offer price, up to $8,000, to buyers who contract by July 31, 2010. There is no deadline for closing. Additionally, Coldwell Banker’s program is not limited to first-time home buyers.
According to the company, “while 34 percent cite the current tax credit extension (expiring April 30) as the primary reason their customers are currently for searching for a home, 28 percent said that they feel the limitations of this credit will prohibit some buyers from taking advantage of the credit.”
“The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit,” said Jim Gillespie, president and chief executive officer for Coldwell Banker Real Estate LLC. “Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers. And our sellers have a unique opportunity to allow their home to stand out from the competition in their marketplace.”
While it’s fantastic to see Coldwell Banker take the initiative in continuing the velocity produced by the government tax credit, good real estate agents may very well negotiate better pricing values and contract terms for their clients, with or without the carrot.
Related: Coldwell Banker press release
I saw the TV ads for this, which make it feel like someone is giving you $8,000 to help the situation. Then when you visit their site, it is clear that Coldwell Banker is giving you nothing in the process. The $8,000 comes out of the seller’s pocket.
If you ask me, this is a scam by Coldwell Banker to attract more listings, while offering nothing in return. Having sellers contribute towards buyer’s closing costs is a technique used every single day. You don’t need a Coldwell Banker TV ad or rider on your yard sign to do this.
I hope consumers see through this and do their own diligence when selecting an agent to sell their home.