BrokerageIndustry News

Coldwell Banker promotes closing credit for homebuyers

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When the federal homebuyer tax credits expire at the end of the week, Coldwell Banker Real Estate will launch its own program that is intended to stimulate sales, the Realogy subsidiary announced Monday. Under the company's Buyer Bonus Sales Event promotion, sellers can voluntarily sign up to offer buyers a credit of 3 percent -- up to a maximum $8,000 -- off the home's accepted offer price, to be applied toward the buyer's closing costs.The $8,000 cap on the closing-costs credit is equal to the amount of the first-time homebuyer's tax credit that expires on April 30 (a federal tax credit of up to $6,500 is available for repeat buyers). "As the credit expires, Coldwell Banker Real Estate is encouraging buyers who haven't found a home yet to continue looking, while bringing a new audience of homebuyers who were unable to qualify for the tax credit into the market. We are confident that this private-sector solution will represent a significant step toward continued recove...