Sunday, August 13, 2006

New Homes and Condo Deals

Developers continue to add incentives to entice buyers to stop by with their REALTOR to check out what they have to offer.

Here are some of the incentives offered:

1. No money down using their in-house lender *subject to qualification
2. No HOA payments for one year
3. No mortgage payments for one year *needs explaination
4. Cash for Closing Costs
5. Incredible upgrade packages
6. Money to buy down your loan rate

Some developers are combining these offers and others offer one or two but each is different so matching your needs to picking our the correct incentives is critical.

One of my clients closed escrow last week on a very nice property. He had choice of reducing the price of the home by $10k or using the $10 to buy down his rate. We ran the numbers and buying down his rate was the way to go.

If he used the $10k to reduce his purchase price he would save roughly $70 on his mortgage payment.

By using the $10k to buy down his interest rate from 7% to 5.5% he saved $500 a month on his mortgage payment which ended up as a whopping $30k in savings in a 5 year period.

Knowledge is Power, use a REALTOR

Questions? Please call me to discuss how I can assist you with all of your Real Estate needs.

Olivia McClellan, ABR, GRI, RRG
Broker/Salesperson, REALTOR®
Liberty Realty
7674 W Lake Mead Blvd, Ste 150
Las Vegas, NV 89128
Direct: 702-372-2671
Fax: 702-543-4845


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