Paying For The Move
Area seniors considering a transition from home living to senior living – independent or assisted – will have an opportunity to learn more about how to finance such a move.
At 10 a.m. on Friday, a PowerPoint presentation will be held at Heritage Living at Chautauqua Mall; demonstrating ERA Real Estate’s Sellers’ Security Plan as a viable method of safely selling homes to pay for the move.
The presentation will be given by Lisa Sarianno, ERA Team VP Real Estate, who said the new Seller’s Security Plan program, while appropriate for anybody looking to sell a home, is geared specifically toward seniors who are making the transition from home to senior living.
“Our program is a guarantee that (seniors’) homes will sell by a certain date, or ERA Franchises LLC will buy it,” Sirianno said. “The home has to qualify, and certain conditions apply, but it is a great program that gives (seniors) the comfort of knowing their house will sell; giving them the financing to move forward with their transition to senior living.”
Described by ERA as a “win-win situation,” the Sellers’ Security Plan aims to provide three key ingredients to those enrolled in the program: assurance, in the sense that participants will know up front what they will be paid for their home – between 80 percent and 90 percent of the assessed value – and when it will sell by; flexibility, in the sense that participants retain the right to accept other offers on the home aside from simply selling directly to ERA Franchises; and control, in the sense that the guaranteed sale of their homes often gives participants priority over others on the waiting list who are still trying to sell their homes.
In order to qualify for the program, an individual must: enter into an exclusive listing contract with an ERA agent for a predetermined amount of time; agree to market their home through the ERA Gold Star Property program; purchase a property inspection and property appraisal following the review of their Sellers’ Security Plan application; agree to reduce the price of their property at certain intervals during the finite selling period; have a minimum of 20 percent gross equity in their home; be current on all mortgages; and have no liens filed against the property.
For a home to qualify for the program, it must: be a single-family primary residence; have a minimum appraised value of at least $50,000; be marketable; and meet absorption rate criteria.
For more information, contact Lisa Sirianno at 499-1592 or visit era.com/guidetoselling/sellerssecurityplan.