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Builder Offers Incentive |
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We have our current home listed to sell and want to buy a new one. The builder of the new home has offered a seller paid concession to pay 6 months of mortgage pmts. on new home so that we are not paying both mortgages at once. Is it a wise decision...Is 6 months enough time to get current home sold? The rate is only .25 % higher than prime on the new house with this program. |
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Does that low interest rate last permanently on your new mortgage, or would it increase in the future? Be sure to find out before you decide.
AS for selling your present home -- no matter how difficult the market, anything will sell if the price is right. It's up to you whether you hold out for more than the buying public thinks it's worth, or list at a bargain rock-bottom price to move it quickly.
Things being the way they are, by the way, you should investigate the builder's financial situation. Your lawyer or CPA may be able to help with that. YOu don't want to find a few months from now that the builder has declared bankruptcy, can't make your payments, and leaves things unfinished.
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Edith
Originally published on April 24, 2008 |
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