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| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Another benefit to home-seller financing
Some homes take longer to sell than others, adding anxiety to sellers who absolutely have to get a transaction closed within a specific period of time. And, when it rains, it pours. For example, I recently got a call from a former college classmate who had taken a new job in a different state. After his home sat on the market for months, he finally struck a deal with a potential buyer. For weeks the deal appeared to be headed to closing, and the seller, feeling confident with the buyer's borrowing power, had even made a down payment on another home. The seller became upset, however, when the buyer walked away from the deal because the buyer would not agree to a "soft prepay" loan provision offered by a national lender. A "soft prepayment penalty" or "soft prepay" loan is a requirement some lenders now are demanding to help curtail borrowers from quickly refinancing their loans as soon as interest rates drop. The "soft" limitation allows the borrower to prepay the loan without penalty only if the home is sold. However, if the loan is refinanced during a specific period of time, typically three to five years, the borrower faces a prepayment penalty that could amount to thousands of dollars. If you have a home that's been sitting on the market and you truly need to sell and move on, you could include in your advertising materials that you would be willing to offer seller financing for a specific period of time provided you receive a sizeable down payment. The down payment would supply you the cash to get into your new home, and the monthly payments made by the buyer could offset the payments of your new home. You also get to better gauge your moving time, and the buyer avoids loan costs. click here for article Real estate agent Caesar Parisi stands ready with effective advice on buying or selling a Royal Palm Yacht Club single family home. Visiting the Boca Raton FL community? Contact Realtor® Caesar Parisi for information on buying or selling an The Oaks in Boca Ratonal Estate. |
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