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ERA Franchise Systems LLC 1 Campus Drive Parsippany, NJ 07054 (973) 428-9700 FOR IMMEDIATE RELEASE |
Media contact: Steven Alessandrini (973) 496-7904 steven.alessandrini@era.com |
Suite of programs and services provides distinct benefits to help homeowners sell their existing house and purchase new construction
PARSIPPANY, NJ, June 10, 2004 – For many homebuyers, the thought of being the owner of a brand new house is a lifetime dream. However, there are often many obstacles to overcome to make that dream a reality. New construction buyers are often concerned with their ability to sell their existing home, secure adequate financing and afford the maintenance on a new home. ERA Real Estate provides a host of innovative programs and services to ensure a smooth transition for clients wishing to purchase a newly constructed home.
"ERA Real Estate offers a real estate experience tailored to meet the unique needs of new construction homebuyers," said P.J. Martin Smith, senior vice president of marketing, ERA Franchise Systems LLC. "We are committed to providing top-notch customer service to put our clients' minds at ease during the buying process - whether they are buying an existing home or new construction."
The primary concern for many new construction home purchasers is having to sell their current home in order to make the move. With construction of a new house sometimes taking up to 18 months, many buyers are wary of making such a commitment for fear of a future drop in the market or an inability to sell their home for the price they need. Yet, builders often require buyers to sign non-contingency contracts before they will incur the cost of construction.
The ERA® Sellers Security® Plan, the only guaranteed sale and equity advance program offered by a national real estate company, provides buyers the assurance and flexibility to purchase a newly constructed home. Living up to its slogan - "We Will Sell Your House Or ERA Will Buy It!®" - the Sellers Security Plan offers a guaranteed and agreed upon purchase price and closing date to ensure buyers have the money they need to close on time.
Down payments and home financing are often other sources of anxiety for new construction homebuyers. Many builders require a significant down payment during the initial phases of the buying process. However, many homebuyers have much of their equity tied up in their current home. By participating in the Sellers Security Plan, buyers can borrow up to $150,000 against their equity for a down payment.
Once the down payment is paid, homebuyers often turn their attention to securing adequate financing. ERA Mortgage offers buyers a variety of financing options designed to meet the specific needs of new construction homebuyers. For example, buyers may have to close on their newly constructed house prior to the closing of their existing home for one reason or another. ERA Mortgage can offer bridge loans to fill the financing gap for customers in this situation in the event they have not elected to exercise the Sellers Security Plan option for their equity advance. Regardless of the financing option chosen, ERA Mortgage offers purchasers of new construction a special toll free call-in number to ensure prompt and reliable service.
Having likely invested a good deal of equity into their home, new construction homebuyers are often concerned with the cost of unexpected home maintenance. Most builders offer a warranty against defects in the major mechanical systems for the first year and some offer coverage beyond that period. But most don't cover normal wear and tear after the first year. The Extended Home Protection Plan for ERA® can provide coverage for four years after the builder's warranty expires. The plan is also transferable - an attractive selling tool in the event a buyer has to relocate unexpectedly.
In addition to home warranty plans, ERA Real Estate offers access to other valuable services homebuyers need through ERA Select Consumer ServicesSM. This program offers cost savings from national preferred vendors, as well as local service providers, on homeowners' insurance, inspection services, home security systems, rental cars, hotels, tax services and more.
About ERA Franchise Systems LLC
ERA Franchise Systems LLC is a global leader in the residential real estate industry with more than 30 years experience in developing consumer-oriented products and services. It is a subsidiary of Cendant Corporation (NYSE: CD) and part of its Real Estate Franchise Group. The ERA® real estate network includes approximately 30,600 brokers and sales associates throughout the United States and 30 other countries and territories. Each office is independently owned and operated except offices owned and operated by NRT Incorporated. ERA® information is available to consumers at ERA.com. ERA® properties can also be viewed at Realtor.com. For additional information about ERA Franchise Systems LLC as well as expert commentary on emerging trends in the real estate industry, visit the Cendant Media Resource Center at http://www.cendant.com/media/.