First Foundation Offers Buyer Protection Plan To Frustrated Home Buyers And Sellers In Edmonton Real Estate Market
Edmonton's First Foundation Residential Mortgages recently made the Buyer Protection Plan available for the first time in northern Alberta. An innovative solution, the plan is designed to make Edmonton's struggling real estate market more attractive to buyers, sellers, and REALTORS®.
- (1888PressRelease) January 08, 2011 - The Buyer Protection Plan (BPP) offers home buyers price protection; it covers up to 5% of the purchase price of a home over a 12-month period through a trust fund put aside by the seller. After 12 months, the values of surrounding homes are assessed by a third party. If values have dropped, the buyer is entitled to some, or all, of the fund.
First Foundation owner and broker Gord McCallum is pleased to offer the first of these kinds of services to Edmonton: "The BPP program was created to eliminate the downward spiral of sellers lowering prices to attract home buyers, and buyers interpreting price drops as a forecast of even lower housing prices in the future. All players in the real estate market will now have access to action-oriented solutions that address the soft market."
The Buyer Protection Plan offers added value to Edmonton home buyers through its optional service, the Inflation Hedge Mortgage Strategy. Buyers can use it to avoid anxiety over sharp spikes in mortgage interest rates at renewal time. As rates increase, buyers have more time to grow accustomed to the changing market and avoid shocking fluctuations.
McCallum hopes this program will ease the anxiety that Edmontonians have about real estate: "We're offering the Buyer Protection Plan as a way to motivate Edmontonians into a housing market with great rates and selection. By using this program, buyers can eliminate some of the emotional anxiety that surrounds the purchase of a new home, and sellers will have an easier time attracting buyers."
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