Alex_angel, if a couple hundred dollars a month is what your bro-in-law needs to afford the house, long-term, then I’m sure that the builder can accommodate with some kind of incentive such as paying the HOA for a number of years or giving him some cash back at the close of escrow.
In addition, he could do 100% financing and have the builder return the deposit to him at the close of escrow. That should tide him over the long-term. In the long-term, he’ll be OK because his career prospect will improve over the long-term and he’ll make more money in a couple of years. Plus his family can enjoy the house over the long term. His children will benefit from the good school district and that will also pay-off over the long-term. In the long-term houses can only appreciate.
He could go with interest only or option ARM. That will give him more cash flow, for the long-term. Interest rates should not really matter, because over the long-term he’ll make it up on appreciation and enjoyment. The important thing is to get into the house now so he can build up his future for the long-term.
He could go with interest only or option ARM. That will give him more cash flow, for the long-term. Interest rates should not really matter, because over the long-term he’ll make it up on appreciation and enjoyment. The important thing is to get into the house now so he can build up his future for the long-term.
It’s very possible to get deposit back, if your in-law got a good deal – deep discounts AND huge upgrades PLUS incentives. The better deal you got, the easier you could back it out, the sales agents can sell it to the other buyers. There are always some uninformed buyers around.
A friend of mine backed out a contract last year, the sales agent got mad at the very beginning, but later she sold the same house to another buyer with $30K more (with same upgrades and incentives), then she returned the deposit in full along with a good luck card…
It’s very possible to get deposit back, if your in-law got a good deal – deep discounts AND huge upgrades PLUS incentives. The better deal you got, the easier you could back it out, the sales agents can sell it to the other buyers. There are always some uninformed buyers around.
A friend of mine backed out a contract last year, the sales agent got mad at the very beginning, but later she sold the same house to another buyer with $30K more (with same upgrades and incentives), then she returned the deposit in full along with a good luck card…
