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Now I have heard everything…Real Estate Layaway

November 6, 2008

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With the inability for American homeowners to save money…there’s a new (old) concept on the horizon. This one literally cracks me up. According to CNN, some builders are now using a LAYAWAY plan to help buyers save to purchase a home. You open an account with the builder and start stashing away your extra change until you have enough to buy a home. I just have images of people lined up with their shopping carts at a discount store socking away that extra $20 bucks. This concept does not make sense. 

Not that I am skeptical (although I am)…but if you have to use a layaway plan to buy a home, you may be waiting to buy for some time. I personally prefer the oldest layaway plan on the books….that would be your parents. Borrow from Mom and Dad and then (here’s the shocker) PAY THEM BACK. In this market, buy now while prices are low and then you can reap the benefit of a buyer’s market. Use the layaway plan and you will miss this market. It’s pretty simple.

Great idea but not really workable for today’s real estate marketplace.

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