August 12, 2007

Selling Jamaican Property In A Slow Market

Selling Jamaica real estate in a market that is slowing down has led to getting some great deals being snapped up by Jamaican property buyers. This has led to another series of great incentives for buyers of Jamaica real estate. As sellers sweeten the pot they do several things. Possibly the most common one is paying some of the closing costs for the buyer. This has been a very effective tactic for developers as real estate investors can defray some closing costs from the initial mortgage loan and prevent the buyer from taking up some additional debt for a very long term.
Some Jamaican property developers have began to contribute to the down payment. This is a very strong incentive for Jamaican property buyers. As a larger deposit will lead to lower mortgage payments over the longer term then many potential buyers gravitate towards the offer by Jamaican developers. Sellers also attempt to entice buyers using free homeowner insurance for at least one year. What most developers do is to work back this rate using insurance premium financing. Most Jamaican mortgage loans require insurance to be on all properties. If this is not done then mortgages are not disbursed. This saves the buyers to use cash saved to complete other pressing tasks. Other pressing tasks include relocation, purchase of furniture and even home improvements. Some property developers have began to offer relocation assistance. This has proven very lucrative as a bundle of goodies being offered by Jamaican developers. However the most used technique is to bring mortgage lenders directly to open houses and offer packages directly to potential buyers, this has been a proven tip and has resultede in upward sales of Jamaica real estate.


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