Coldwell Banker $8,000 Credit Exposed

I have to admit, Coldwell Banker was smart in launching their new campaign offering an 8,000 dollar credit at closing to any new home buyers. The clear intention is to encourage potential buyers to get off the fence and buy a new home, something some have decided to put off now that the Federal $8,000 dollar first time home buyer tax credit has expired. The question is how is Coldwell accomplishing this for their buyers?

It's actually a rather simple solution that any agent can utilize as long as the seller is willing to cooperate, and a well trained seller that understands the marketing potential for this will agree to it. Ultimately the 8,000 dollar credit is a seller credit written into the contract that the buyer can then use to cover closing costs associated with the home loan.

I think it is a brilliant marketing campaign. I hope all listing agents encourage their sellers to consider this as an option moving forward into contract - it will entice buyers, and as long as the home appraises for the purchase price this is an acceptable lender practice.

Agents representing buyers, there is no reason why you cannot include this in every offer you write. In fact tomorrow I will be posting this information on my consumer blog encouraging homebuyers to take this action.