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| Tower Miami - Your Miami Real Estate Source |
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NEW YORK (AP) -- Oct. 17, 2006 -- Buyers latched onto mortgages with all kinds of exotic teaser rates to be able to afford the soaring home prices that sellers were demanding during the boom years.
Now that the situation is reversed, buyers are demanding cash payments and other incentives that may be artificially propping up sales prices -- suggesting the market downturn could be even more pronounced than has been reported.
Gonzalo Sotelo, a licensed real estate agent in Salinas, Calif., said that three times in the last few months, buyers' agents approached him about securing cash back at closing without informing the lender. In the most expensive proposition, an agent from the nearby San Francisco Bay Area proposed having a home with a $539,000 asking price reappraised and sold at $600,000, with Sotelo's client paying back $60,000 in cash to the buyer. Sotelo, of Prudential California Realty, said he turned down the deal and hasn't heard from the agent since.
Read the full story:
http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-10172006
[Cost of incentives not included in housing price statistics]
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