Since January Hyundai has let buyers return new cars if they get laid off within a year. Now, you can't return your house in this case, but this outfit will pay up to six months of your mortgage if you are laid off in the first year.
Thornton Place in Seattle has 109 condos. They have been on the market since last summer. None have sold. Ouch! You can feel the palpable desperation.
Jeff Cook, president and chief operating officer of Stellar Holdings, one of the companies building Thornton Place said:
"We were looking at what would get people off the fence. We think there's a pretty big pent-up demand for housing."
Read the fine print, though:
- It's limited to 27 condos that are the targets of a new marketing campaign that launches this week
- The developers will pay no more than $2,500 a month, principal and interest only.
- The condo must be the buyer's primary residence.
- the offer expires May 25
Despite the risk, some see it as a good bet for Stellar. Glenn Crellin, director of Washington State University's Washington Center for Real Estate Research said:
"It [the offer] amounts to a $15,000 potential expenditure on their part. But if they can sell the unit now, that's probably not much compared to the cost of carrying it for another seven or eight months."
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