Coldwell Banker to Extend Credit Once Homebuyer Tax Credit Expires

On Monday, Coldwell Banker announced its program, the Buyer Bonus Sales Event, a national promotion intended to build on the momentum of the soon-to-expire federal homebuyer tax credit.

On May 1, immediately following the expiration of the federal homebuyer tax credit, home sellers participating in the Coldwell Banker Buyer Bonus Sales Event will offer a credit of 3% (up to $8,000), when part of an accepted offer, of their home's purchase price to buyers who sign a contract before July 31, 2010. There is no deadline for a closing date.

"The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit," said Coldwell Banker CEO Jim Gillespie. "Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers. And our sellers have a unique opportunity to allow their home to stand out from the competition in their marketplace."

On May 1, visitors to the Coldwell Banker website will be able to filter search results for the listings that apply to the 3% credit by checking a box in the search options. The company is also rolling out signage and other advertising and marketing to promote the incentive.

Read more in the official press release and at Inman News.