Here's something interesting.... I was at a dinner party tonight with a bunch of my friends from Rock Financial (Mortgage Company) and OF COURSE conversation always turns to market conditions. I learned about something tonight that really excites me and I must share.
There's a new program that Rock offers that can benefit both our buyers and our sellers. The program allows the seller to pay (up to) the first six months of the purchaser's mortgage payments. I believe that the seller can put as little as 5% down. The money for the mortgage payments is kept in an escrow account with a 3rd party. Very innovative.
One of the biggest hurdles I've had lately is that buyers want to sell their homes prior to purchasing one. Not to mention, several of my listings would be sold if the potential purchaser could just sell their home. I think that this program would allow many people to "ACT" when they found the property they were interested in.
Let's not look past another benefit of this program... Lets assume that I sold a new home to one of my purchasers, using this program. I also have their old home listed. Knowing that the customer only has 6 months with only one mortgage payment, I can price their home competitively. Let's face it, even in this difficult market; people are still a bit lofty with their sales expectations. If the clock is truly ticking, I can map out a pricing plan right from the get go.
The benefits could be endless. The program will allow people to move on a house with a bit more confidence. Great for someone looking to renovate a home, someone looking invest in a "turn & burn".... And so on!
Talk about thinking out of the box!
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