You can add incentives to sell your home, but they better be reported to the lender!

Real Estate Agent with Keller Williams Realty
By Todd Clark (Broker/Sales Coach) 503-524-9494

IncentivesIf you are considering selling your home in Beaverton, Oregon, I'm sure you have been listening to the news that sales are down compared to the last couple years. Homes that are selling are priced right, look great, and have some great marketing behind them. (You can read how to sell your home quickly, without stress, here in my 4 part series.)

But, what if you are a seller and have mileage points on a credit card or frequent flyer card that you can gift to someone else. Well, I happen to have one of those sellers right now. He is telling buyers, that if you buy this house, I'll give you two tickets round trip to anywhere in the United States.

This is great and all, but I told him that we need to report this on the HUD when we close or it or it could be considered mortgage fraud. Because you are giving something of value to the buyer, the lender may see that as they are paying for it as part of the deal. He said, "But it is a gift." I said, "I understand that, but it still has value."

Now, here is the problem that I told him that could arise, and I'm hoping it doesn't. If the buyer asks for so much in closing costs, can we actually go over the limit the lender will allow as a gift from the seller?

Either way, I told him that we need to disclose to the buyer that the trip will be on the HUD, but if the lender won't allow it, it will have to be taken out of the contract and they will lose the trip. I said, "Great idea, but you have to be careful or you could end up in court if the buyer doesn't get what you promised them."

So, now we have the flyer that says, "Buy this home and get a two round trip tickets to anywhere in the United States for free*" The * at the bottom says, "Free trip is contingent upon lenders approval of the gift as not to exceed any limits set by the lender in closing costs and pre-paids by the seller."

If you are interested in selling your home fast and for top dollar in Beaverton, Oregon, give me a call. I would love to sit down with you and discuss your options so you can reach your goal as quickly as possible.

 Todd Clark - (503)524-9494

Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739

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©2009 Todd Clark - You can add incentives to sell your home, but they better be reported to the lender!
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Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Phone: (503)524-9494
Fax: (503)746-9573




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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.


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Comments 13 New Comment

Terry & Bonnie Westbrook
Westbrook Realty - Grand Rapids Forest Hills MI Re
Westbrook Realty Broker-Owner

With all the news about Mortgage fraud we need to be very careful . Great advice.

November 18, 2009 11:44 PM
Tammie White
TW Realty Group, Franklin TN
Benchmark Realty, LLC (615) 495-0752 or

We just had a meeting in our office today about the new RESPA changes effective 1/1.  You will be required on the new HUDs coming out on 1/1 to disclose anything that is monetarily related to the sale of the home.  It's going to make our jobs a little more complicated.

November 19, 2009 12:23 AM
Claude Cross
Charlotte NC Homes For Sale
Claude Cross-Charlotte NC Real Estate(Homes By Cross, Inc.)

My thoughts are to always disclose. BTW I like buydowns on the interest rate. Lenders are very happy to include these.

November 19, 2009 09:13 AM
Sarah Eubanks
Preferred Oregon Loan Consultant & Notary Public
Hill Valley Financial Services others above have said, I commend you for thinking of that issue in the first place.  It makes the job for us mortgage people a lot easier when the Realtor knows their stuff.  While Art is right that an escrow officer would know how to handle it...I always figure better safe than sorry!  Thank you!

November 19, 2009 11:08 AM
Liz Loadholt
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC
Liz Loadholt- AgentOwned Realty- Covering SC

Todd ----  this is very similar to the post I wrote about the seller wanting to give buyers $5,000 under the table ----


November 19, 2009 01:21 PM

Todd Clark

Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
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