SOURCE: Coldwell Banker

Coldwell Banker

April 26, 2010 05:00 ET

Coldwell Banker Extends Benefits of Home Buyer Tax Credit With 'Buyer Bonus' Sales Event

Thousands of Sellers to Offer Credit Up to $8,000 From May 1 Until July 31, 2010

PARSIPPANY, NJ--(Marketwire - April 26, 2010) -  Coldwell Banker Real Estate LLC today announced the launch of its Buyer Bonus Sales Event, a national promotion intended to build on the momentum of the soon-to-expire federal homebuyer tax credit. 

In a recent survey of Coldwell Banker Real Estate professionals, nearly half indicated that they had worked with home buyers who would have missed out on the home buyer tax credit in November of last year had it not been extended. In addition, while 34 percent cite the current tax credit extension (expiring April 30) as the primary reason their customers are currently for searching for a home, 28 percent said that they feel the limitations of this credit will prohibit some buyers from taking advantage of the credit. 

That is why on May 1, 2010, immediately following the expiration of this government initiative, home sellers participating in the Coldwell Banker Buyer Bonus Sales Event will offer a credit of 3 percent (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 federal government did its part to encourage millions of Americans to achieve their dream of home ownership with the help of the home buyer tax credit," said Jim Gillespie, president and chief executive officer for Coldwell Banker Real Estate LLC. "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 home buyers 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 recovery of the housing market."

"The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit," said 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."

Participating homes will typically be identified by Buyer Bonus Sales Event yard sign riders and tagged as a Buyer Bonus home online at www.coldwellbanker.com. While searching for a home online, home buyers can simply check the box labeled "Buyer Bonus Sales Event" to find participating properties nearby.

All home sellers who take part in the Buyer Bonus Sales Event will receive broad marketing support from Coldwell Banker Real Estate LLC, including:

About Coldwell Banker Real Estate LLC®
Since 1906, the Coldwell Banker® organization (www.coldwellbanker.com) has been a premier full-service real estate provider. The Coldwell Banker system has more than 3,300 residential real estate offices and nearly 97,000 sales associates in 49 countries and territories. The Coldwell Banker system is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

Contact Information

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    David Siroty
    Coldwell Banker Real Estate LLC
    973.407.7199
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    Lori Silbert
    CooperKatz for Coldwell Banker Real Estate LLC
    917.595.3053
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