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Buyer Incentives in a Sellers' Market
- 1. Home Buyer INCENTIVES IN A SELLERS’ MARKET
- 2. Buyer Advantages 01 Credit for Repairs “I can fix that for you” 02 Quick Close Credits “Why is it that you want to close so soon? 03 Buying Down an Interest Rate “Why would a seller do this?”
- 3. Credit for Repairs “I can fix that for you”
- 4. Typical Post-Inspection Repairs Some common structural defects are cracks in the foundation or walls and floor issues like ventilation. Structural Defects Examples include missing or defective Ground-fault-circuit interrupter (GFCI), handrails without return, and bathrooms without venting. Building Code Violations Things like smoke detectors, fire extinguishers, and carbon monoxide detectors need to be in place. Safety Issues 01 02 03 04 That kitchen hasn’t been updated in twenty years! Renovation jeffgregoryhomes.com
- 5. Quick Close Credits “Why is it that you want to close so soon?”
- 6. Seller Motivations for a Quick Close Selling your home before the end of the fiscal year means saving on taxes. Offer a closing before the end of the year to help the seller. Tax Benefits If a seller needs to move to meet a start date on a new job they may be inclined to cover closing costs. New Job Sometimes the seller is buying a home in another area and needs their home to sell to cover their buying costs. Buying Another Home A good real estate agent will do the work to find out the seller’s reason for a quick close and negotiate savings on the purchase price. More Info
- 7. Buying Down an Interest Rate “Why would a seller do this?”
- 8. At the Closing Table Acquiring a lower interest rate In the case that the home needs many repairs, the seller may be open to buying down an interest rate. This is where money is offered up front to lower the interest rate over time. • Quicker Closing • Increase buyer pool • Avoid repairs Agrees to do repairs Pays “point” at closing Buyer Seller A “point” is money that is paid to a lender at closing to lower an interest rate. Reasons a Seller Might Pay This: