How to offer a private rebate on a house sale?

[Westernskies]

If you want to offer some sort of incentive to move the property quickly and differentiate it from other listings, you could:

1. Offer $x,000 in "buyer incentives"- every potential buyer will want something diffferent anyway. It could be a new fence, new appliances, new carpet, a deck, landscaping, whatever.
2. Offer to pay a higher RE comission if it is under contract and closed by "x" date. Maybe motivate the realtors, not the buyers.

 

[HsiaoChu]

Some people would feel better about haggling a seller down from $200K to $190K than about paying $185K firm with no haggling. Silly.
....................................................Me? I'd be happy because I'd have some ammunition to challenge my property tax assessment.

OH is that true. If offered it at $205K and was willing to take $180K, too many people would much prefer haggling me down to $185K than simply taking a fabulous deal at $180K And even more would refuse to deal if I offered it at $165K no broker involved(my lawyer instead) and nor more renovations. They'd rather pay more.

As to property taxes, the house is in a place that has the lowest taxes in the county. The local school district will be unaffected by the pension debacle since they have a huge amount of money they take in every year from land owned by big utilities. Tax wise its a real deal. the house I'm moving to will not be a deal tax wise, but I love there, and don't love where I'm living.

Z

 

[tryan]

The last cash kick-back I did was an Addendum to the purchase and sales aggreement which was not referenced any where in the P&S. Lawyers hate this stuff; banks will tell you it's fraudulent because you're allowing the buyer to over finance the purchase price and walk with cash.

The last closing I did had a $1600 surplus. The closing lawyer said he had no choice but to give it to me (the seller) since the buyer is unable to walk with financed cash not documented in the P&S. All the closing cost were financed ... she even got her $500 deposit back ... truely a "no money down" deal; but the surplus went to me.

 

[Moemg]

I think the psychology of offering something extra lures the buyer in . I sell on ebay . Certainly not like selling a house and I've sold a few but the psychology is the same . It was recently a slow selling period and all the sellers were complaining and lowering their prices . Instead I offered free shipping on very light items . Guess who's sales went through the roof ? This thread has made me consider throwing in my boat when I sell as an incentive .

 

[HsiaoChu]

I think the psychology of offering something extra lures the buyer in . I sell on ebay . Certainly not like selling a house and I've sold a few but the psychology is the same . It was recently a slow selling period and all the sellers were complaining and lowering their prices . Instead I offered free shipping on very light items . Guess who's sales went through the roof ? This thread has made me consider throwing in my boat when I sell as an incentive .

What kinds of house incentives might you think of? My situation is probably not like that since I can actually lower the price to the point I should have real estate people lining up for themselves. But I have some resistance from my wife who wants to get as much as possible and doesn't mind waiting, while I want to get the hail out of Dodge and move on.

Z

 

[Moemg]

What kinds of house incentives might you think of?
Z

I think in this market to get your price you have to go with the words of Gypsy Rose Lee and get a gimmick ( closing costs , several months mortgage payments , a trip to the Bahama's (perfect for the uppie buyers ) , new appliances , a renovation allowance ) Anything to entice the buyer in !

 

[Texas Proud]

I don't know about 15-20%, but yeah -- I would never list at a price that was the absolute minimum I would take. Too many people think everything has to be negotiable and will not buy, no matter how good the price, unless they can haggle you down. I despise those games, but it is what it is, so I have to do as the Romans when I'm in Rome. Wishing people would just respond to an already pretty good deal with a firm, no-haggle price won't make it so. Some people would feel better about haggling a seller down from $200K to $190K than about paying $185K firm with no haggling. Silly.

My BIL was selling his boat slip... and the guy asked how much he wanted for it.. he said $25K... which was a very very good price... the guy wanted him to come down on his price and he said "I did, I just didn't tell you my initial price was $28K".... The guy laughed and accepted the $25...