SERVICES FOR SELLERS- GETTING BUYERS INTERESTED
You’ve cleaned. You’ve staged. You’ve improved curbside appeal and maybe even lowered the asking price. What else is a seller to do? It may be time to get that house sold by offering some basic incentives that realistically serve potential buyers’ needs. Here are some tips to help you get started:
Interest Rate Buy-Down
Through the concept of “pay points” a seller offers to award the buyer a certain percentage points of the sale price. In turn, this will be paid to the buyer’s lender as discount points bringing the buyer’s interest rate down. This is beneficial to a buyer in a number of ways: (1) it decreases the pressure on the buyer associated with locking in an interest rate; (2) it lets the buyer know that by buying your home, they’ll automatically beat the market rate; (3) it saves buyers money on their monthly payment over the lifetime of their loan; and (4) usually the points are tax deductible to the buyer.
Closing Cost Credit
Coming up with a down payment can be one of the most stressful parts of the buyer’s process. Additionally, they know they have to come up with an additional three-to-six percent of the loan amount to cover closing costs. This is where you, the seller, come in. Smart sellers pay a credit between three and six percent of the home’s sale price at closing, stifling the buyer’s closing woes. This is a great option that can set your home apart from other listings on the market. Check with your agent to find out how much you can realistically afford to offer.
HOA Dues Credit
If your home is part of a homeowner’s association, you can offer a credit at closing that will cover those dues for a specified period of time. This can be done strategically and your agent can help you set it up in a way that will benefit buyers but won’t conflict with seller credit guidelines that may be imposed by the buyer’s lender.