Mortgage broker Greg Williamson has come up with a creative solution to buyers’ fears of a price drop.
The Buyer Protection Plan, launched in January, is designed to protect the buyer for 12 months against a reduction in market value of their home, as the seller places five per cent of the sale proceeds into escrow for a year, guaranteeing market value. If the market falls one to five per cent, then the buyer and seller share the escrow funds proportionally. If there is no loss in market value, the seller reaps the entire five per cent.
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