In the real estate world today there are many inducements to purchase a home. Recently I read where a builder in Downtown Birmingham, AL will give you free tuition if you purchase a loft condominium.
Sounds like a great reason to purchase one of these properties if you are young and working toward your education. BUT...
Guidelines on personal property inducements state the following:
IF the personal property is a car, boat, riding lawn mower, furniture, television etc...THEN the value of the item(s) must be deducted from the sales price of the property value before applying the loan to value factor.
HOWEVER a range, refrigerator, dishwasher, washer, dryer, carpeting, window treatment or other items determined appropriate by the Homeownership Center (HOC) may be considered customary and affect the value of the property before applying the loan to value factor.
The exception is replacement of existing equipment or other realty items by the seller before closing, such as "flooring", air conditioners, appliances does not require a value adjustment provided a cash allowance is NOT given to the borrower.
Depending on local custom or law, certain items may be considered part of the real estate transaction with no adjustment to the sales price or appraised value.
A seller can offer anything to close the deal but whether the lender will allow is may all together be a different story!
Yours to Count On,