From the Washington Post, another elite paper that's scrambling to make revenues, we have Tomoeh Murakami Tse writing about: Home Builder's New Incentive: A Flexible Price.
To ease buyers' worries about declining prices, Mid-Atlantic Builders will adjust its sales contract if the price it is charging for one of its houses falls from the time a customer signs an agreement to 45 days before settlement.
Wooten and his wife, Courtney, signed a contract last month to buy a $1.2 million house in Mid-Atlantic's new Bradford's Retreat subdivision at Woodmore North. They are among the program's first customers.
"I feel pretty comfortable where the Washington, D.C., market is," said Wooten, 33, a regional manager for Fannie Mae. "I really don't think that they would have offered this price guarantee if the prices weren't fairly priced currently."
Where do I begin?
Firstly, a 45 day guarantee means nothing for houses. This is not a toaster, or a washing machine.
Secondly, how are you going to get comparable prices? Houses, in general, are not fungible assets so you really can't compare. Additionally, if they are the only builder in the area, they'll change the price after 45 days.
Thirdly, does anyone feel that a 33-year old manager shouldn't be buying a 1 million dollar house? Maybe he's independently wealthy but I have my doubts.
Lastly, his final comment is one of the most asinine things I've heard.
If this is the typical "intelligence" of Fannie Mae employees (who should know better,) we're going to be in a world of hurt!
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