Sellers offer free furniture and financing to sell homes

March 26, 2009 08:27AM

Apartment owners in the city are thinking of creative ways to sell their homes during the down market. One seller was able to score a buyer when he offered to renovate his home to the buyer’s specifications between the contract signing and closing date. Other sellers are offering buyers all of the home’s furniture for free, and some are loaning money to buyers who can’t obtain mortgages. “It’s more difficult for people to secure a mortgage commitment … banks are scrutinizing things more these days,” said the Corcoran
Group’s Sharon Held. However, seller financing can be risky for sellers. Just as banks were stuck with bad mortgages, a seller could also end up with a buyer who can’t pay them off.

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