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Home developer rescues 'trapped' homebuyers.

An innovative program for prospective home-buyers unable to sell their existing residences has been introduced by developers of a luxury-home community on Saratoga Lake in Saratoga Springs, New York.

The new incentive offers purchasers a cash bonus and/or substantial savings on the price of select townhomes at Water's Edge on Saratoga Lake, which in turn enables buyers to accept a lower price on their existing home.

"We're delighted by the tremendous number of people who want the lifestyle, location and amenities offered at Water's Edge," said Robert Nelson, vice president of Nelson Equities, the developer.

"Although they want to buy, their equity is tied up in their existing homes, which they can't sell quickly, because of the current economic climate."

In spite of the economy, Water's Edge has sold more than $3 million worth of homes in the last three months.

Under the new program, someone may enter into a four-month contract to buy one of the qualifying Water's Edge townhomes, contingent on the sale of his/her existing home. Depending on how much the buyer intends to put down on the new home, he/she will receive up to $20,000 in cash and/or discount from the appraised value of the Water's Edge unit. The buyer then can reduce the listing price of the existing home for quick sale, making up the difference in the discounted price of the Water's Edge home.

At the end of the contract, if the existing home is not sold, the buyer can either waive the home contingency or cancel the contract, with no penalty or obligation.

Nelson says that interest rates on home mortgages are "the lowest in 18 years, and coupled with our purchaser - assist program, Water's Edge offers a rare opportunity that an smart real estate investor will grab quickly.
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Title Annotation:real estate developer offers incentive program for prospective home-buyers
Publication:Real Estate Weekly
Date:Mar 11, 1992
Words:301
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