How the wrong Realtor will cost you $20,000!!!
August 17, 2009 by admin · Leave a Comment
The PG County “Down Payment on Your Dream” program, also known as the Neighborhood Stabilization Program (NSP) or Down Payment Closing Cost Assistance Program (DPCCA) is proving to be wildly popular.
I get multiple calls each and every day regarding the program, and unfortunately not everybody found out about the program in time. I get at least one call per day from somebody who has just purchased a foreclosure in PG County and didn’t find out about the program until after settlement. Inevitably, the conversation goes something like this:
New Home Owner: I didn’t find out about the program until after I closed on the house, can I still take advantage of the program?
Me: Unfortunately, I don’t believe that’s possible.
New Home Owner: Well, Why not? I qualify for it!
Me: Part of the qualification is that you use a participating lender for the transaction, and you also need a certificate of completion of the 8 hour HUD home ownership education class.
New Home Owner: Well, I didn’t know about it, my lender didn’t tell me about the program!
Me: Well, if your lender is not participating in the program, they don’t have any obligation to tell you about a competing lender’s possible options, so I would assume they would rather keep your business instead of giving it to a competing loan officer.
New Home Owner: Shouldn’t my Realtor have known about this program?
Me: That’s not a question I can answer. All I can say is that I am telling all of my PG County clients about the program. My best suggestion would be to call your Realtor directly and ask them.
Unfortunately, I don’t know of any way to take advantage of the program if you’ve already purchased, but I know plenty of people who would like to! This situation (unfortunately) teaches a very important lesson when it comes to real estate. Not all agents are equal, and choosing the wrong agent is costing people up to $20,000 in PG County!!!
~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell
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