Monera launches a new program that allows people to purchase resale contracts with lower down payments. Not every contract will quality, however, the team at DVC Resale Market will help you find a contract that works for this program. Given that we're just now starting to receive stimulus payments and tax refunds are right around the corner, this new program should be of interest to many members looking to add-on more points or prospective members looking to buy their first contract.
While many insurance and banking salespeople joking call the underwriting department the “sales prevention” department, when it comes to Monera financial, you may be pleasantly surprised that they have a lot of financing options available. In today's episode, Marissa and I are discussing a new program that may help you purchase DVC for under $2000 out of pocket. We're going deep into the details on buying a contract in this episode. If we go a little too deep, just pick up the phone and call DVC Resale Market. One of the agents would be happy to answer your questions.
The program starts by finding contracts that are aggressively priced. If a buyer can find a contract slightly undervalued from a motivated seller, that may help offset some of the required down payment. The next step is to find a contract and ask the seller to cover the closing costs. Traditionally, buyers cover the closing costs; however, everything is negotiable.
Another helpful tip in finding the right DVC contract is to buy one that has been “stripped” from current points. If you have to wait a year to get points, generally speaking, you can buy the contract at about a $10-$12 per point discount.
Costing Costs Negoiations:
Marissa suggested working with a buyer and offering to pay the listing price or close to the listing price if the buyer covers the closing costs. This is an important element in the equation as it's fairly typical for loan underwriters to make sure the closing costs are not included in the downpayment.
Chad quickly pointed out, as a seller, you don't really care about the buyer's arrangement with the banker. You just want to walk away from the closing table with cash. If the deal is written up for you to pay the closing costs, but the buyer pays more per point, it doesn't matter. As a seller, I'm happy to see the contract sold at a net cash-in-my-pocket price I can live with. Helping the buyer navigate underwriting is minimal.
Sample Contacts that Should Work with the Low Down Payment Program:
Marissa discussed three contracts that will work well with this program. (The links may expire after the contracts have been sold.)
Follow Up with DVC Resale Market Agents:
Because we're covering this as breaking news, we kept the details fairly minimal in our post and in the interview because the program is so new. Marissa pointed out that if you go to MoneraFinancial.com, you can play around with the loan quotation software. That software has already been updated with the new program. As always, if you have questions, the entire team at DVC Resale Market is ready to serve you. If you happen to talk with Derek, Marissa, Jody, Andy or Humberto, be sure to let them know Chad said hello!
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