We rolled out the Job Loss Protection several weeks ago with great response...I have several sellers that have offered the Job Loss Protection on their property--for a list, give me a call--for details see the older blog post. :)
We have another great program that is basically an older concept with new life! This recent program allows the seller of a home to "buy down" the interest rate for a new buyer rather than taking such a huge hit on the price. It actually benefits both the buyer and seller by reducing the monthly payment for the buyer close to $200 on a $200,000 home and even though it costs the seller approx 3% of the purchase price it is usually much less than reducing the home by as much--a definite equity-saving measure for the seller!
What about the buyer you may say? Well you can see one of my earlier blog posts about the effects of rates vs. pricing and in this case it is the same. The buyer actually benefits more by having the rate bought down a point, rather than trying to have an amount reduced off the price. The buyer would have to be able to purchase the home for almost 15% less than the asking price to realize the same savings. In our market, the current list price to purchase price percentage is 97%--a far cry from what would be needed to actually effect the monthly payment! The buyer would be much better off requesting a rate buy down...imagine your rate going from 5.5% to 4.5%--for the full life of the loan!
Just one more great tool that I offer to help you as both buyer and seller get the most bang for your buck in this most opportune real estate market...
Call me today or shoot me an email for a list of homes that qualify for the Job Loss Protection or Rate Buy Down OR to view or ask questions of any home in the Triad. During these times you need a Realtor who is committed FULL-TIME to working for you and I hope that you will find my services beneficial...
"When Details Matter...Experience Counts!"
Have a Wonderful Memorial Day Weekend!
Brooke
Showing posts with label Job Protection. Show all posts
Showing posts with label Job Protection. Show all posts
Thursday, May 21, 2009
Wednesday, April 29, 2009
Job Loss Protection for Real Estate....
Out of our office meeting this morning, Allen Tate unveiled two great new products exclusive to Tate buyers and sellers...the details are limited other than the concept, because training is mandatory in order to offer the job protection program.
That's right, following in the auto industry's successes with job loss prevention programs, Allen Tate is working in conjunction with Rainy Day Foundation to provide our sellers with an additional, unique marketing tool. The program is not an insurance policy but a non-profit organization that provides up to 6 months of mortgage payments in an amount up to $1800 per month. The coverage is for the buyer and good up to 24 months after purchase. There are certain conditions for the buyer to qualify but this particular organization has some of the simplest criteria to qualify. This product is paid for by the seller at closing and will cover primary residences, 2nd homes and single family investment property! Wow!
Some of the buyer criteria to qualify:
*Must be employed at closing--duh!
*Must be full-time--30 hours or more per week
*Cannot be self-employed or active military
*Cannot own more than 10% of the business that you are employed at
*Have to be ages 18-66
*Must be eligible for state unemployment benefits
* Only Allen Tate listings are eligible
*Other terms and conditions as I complete the training*
The other new program is really an old program all dressed up with hopefully somewhere to go. Based on one of my previous blogs, which I would recommend referring back to, interest rates play a larger role in buying power than waiting for prices to come down. This new program called "Rate Relief" capitalizes on that notion. Basically, sellers would pay up to 3% in order to buy down the interest rate say from 5.25% to 4.25%. On a 300K house this would reduce the buyers payment by roughly $145 per month, requires less income to qualify for MORE house, it is a PERMANENT rate buy down, allows you to DEDUCT the points as the buyer from your tax during the year the property is purchased!
Folks that don't take advantage of these two items are missing the boat...between lots of inventory to choose from, low rates made LOWER, potential job protection coverage, coupled with the confidence that you have an experienced, detail-oriented agent working in your corner...what's not to love! Call me today 336-817-3598 or email me brooke.cashion@allentate.com to talk more about how we can help you make your next purchase, be it YOUR home, an investment or a vacation home!
Brooke
That's right, following in the auto industry's successes with job loss prevention programs, Allen Tate is working in conjunction with Rainy Day Foundation to provide our sellers with an additional, unique marketing tool. The program is not an insurance policy but a non-profit organization that provides up to 6 months of mortgage payments in an amount up to $1800 per month. The coverage is for the buyer and good up to 24 months after purchase. There are certain conditions for the buyer to qualify but this particular organization has some of the simplest criteria to qualify. This product is paid for by the seller at closing and will cover primary residences, 2nd homes and single family investment property! Wow!
Some of the buyer criteria to qualify:
*Must be employed at closing--duh!
*Must be full-time--30 hours or more per week
*Cannot be self-employed or active military
*Cannot own more than 10% of the business that you are employed at
*Have to be ages 18-66
*Must be eligible for state unemployment benefits
* Only Allen Tate listings are eligible
*Other terms and conditions as I complete the training*
The other new program is really an old program all dressed up with hopefully somewhere to go. Based on one of my previous blogs, which I would recommend referring back to, interest rates play a larger role in buying power than waiting for prices to come down. This new program called "Rate Relief" capitalizes on that notion. Basically, sellers would pay up to 3% in order to buy down the interest rate say from 5.25% to 4.25%. On a 300K house this would reduce the buyers payment by roughly $145 per month, requires less income to qualify for MORE house, it is a PERMANENT rate buy down, allows you to DEDUCT the points as the buyer from your tax during the year the property is purchased!
Folks that don't take advantage of these two items are missing the boat...between lots of inventory to choose from, low rates made LOWER, potential job protection coverage, coupled with the confidence that you have an experienced, detail-oriented agent working in your corner...what's not to love! Call me today 336-817-3598 or email me brooke.cashion@allentate.com to talk more about how we can help you make your next purchase, be it YOUR home, an investment or a vacation home!
Brooke
Subscribe to:
Posts (Atom)