Re: Purchase of a new home
Bobbie,
Sound like your sales person wants you to incur another debt and pay more interest on it. Get an equity line of credit so you can put down the "non refundable" 20%? That's nuts. Why would anyone in their right mind take a line of credit to put down money? Folks sell their homes and use the proceeds to buy another home. I guess if you have tons of money coming up with 20% before you sell your home is not a big deal. However, from everything I've read all of us are decent, hard working people, who have worked hard for our money and are looking forward to retiring in a nice place. Why should such a burden be put on people who want to buy at TV? Buying at TV is not like buying anyplace else? I find that very risky and dubious. That developer must be some crafty person to come up with this deal and have others go for it.
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