Homeowner can “trade in” existing home for one of five new houses in the Meadows

Are you interested in trading in one house for another?

If so, contact Morris L. Fer, president of Realty World-1st World.

The Bangor real-estate agency currently lists five houses at the Meadows subdivision. These houses, which include a saltbox, a full-dormer cape, a ranch, a cape, and a garrison, have been constructed to exacting energy standards and building codes, and the subdivision itself provides all the amenities of city living within a country atmosphere.

To market the five houses, Fer has devised a simple, but effective plan: Based on certain conditions, a family seeking to buy a house in the Meadows can trade an existing house for a new one.

“Picture how difficult it would be for car dealers to sell cars if buyers had to sell their own cars first, as opposed to the convenience and assurance of having a trade-in for their existing car, so they can buy what they want all in one simple transaction,” Fer said.

“We want to apply this concept to existing homes at the Meadows,” he said.

“I don’t believe anyone has ever used this approach before in the Bangor market,” Fer said.

A Meadows buyer would pay for a bank appraisal of his existing property, and this value would be the basis for the trade-in on one of the five Meadows properties, Fer explained. The trade-in value would be subject only to the real-estate commission and closing costs that the the buyer would normally incur when selling a house (“the net proceeds expected from selling a house for full appraised value,” Fer said).

If the Meadow Associates Development Corp. — which is developing the Meadows — did not agree with the appraisal, the firm would retain the right to pay for a second appraisal. If that differed from the first, the buyer and the company could either agree to a compromise or to a third appraisal. If the buyer and the company agree with the second appraisal, the trade-in would proceed.

“We will go the extra distance to seek a second or third appraisal because we want people moving into the Meadows to be happy with their new homes,” Fer said.

“Our buyers, as evidenced by the comments of the homeowners in the Meadows, are our best form of advertising, and we want to makes sure that every one of our Meadows homebuyers remains satisfied,” he stated.

Fer stressed that the trade-in offer was “a limited-time opportunity that covers only the five houses presented listed by Realty World-1st Realty.”