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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(NUI) - Even in the hottest real estate markets, not every house sells quickly. This presents numerous problems for owners who need to move fast.
Making an offer on a house but not being able to sell the one they currently own is a common and stressful predicament sellers face.
One real estate company, however, offers peace of mind with a unique "guaranteed home sale" program.
ERA Real Estate provides the Sellers Security Plan, a program that allows sellers the freedom to buy the home they need without waiting for their current home to sell. If the house remains on the market without selling for 180 days, ERA agrees to buy it. The already popular program has been upgraded recently to make it faster and easier to enroll in the plan.
The plan, the only one of its kind, comes with multiple guarantees to protect the seller. ERA offers an upfront purchase price of at least 90 percent of the home's appraised value.
Additionally, if ERA later sells the property for a profit, that money comes back to the original owner. But if the company takes a loss on the home, the owner is not responsible for those expenses.
A consumer can choose to take the program a step further with the ERA Mortgage Equity Advance Option, which allows qualified buyers to borrow against equity in their home. Sellers may use up to $500,000 of the available equity from the ERA offer to purchase and close on a new home in advance of selling their house. Therefore, the down payment on a new home is no longer dependent on the proceeds from the old one.
The guaranteed purchase program eliminates the need for temporary housing arrangements such as storage, apartments and other expensive measures that can drag on indefinitely until a house sells. This can mean tremendous savings for families relocating long distance.
The qualifications to take part in the program are minimal. The home must be a single-family, primary residence, with an average appraised value of at least $50,000 and not more than $750,000.
The seller's costs for participation include the same expenses due in any home sale, including the sales commission, closing costs, a home inspection and an appraisal. More details can be found at www.era.com.
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