Home sale offers new protection

Written by EILEEN SMITH Courier-Post Staff

 

Mark and Lisa Mrvica, with their children, (from left) Ben, 5, Matt, 6, and Zach, 2, have tried to sell their house in Marlton since May. / CHRIS LaCHALL/Courier-Post

EVESHAM — Mark and Lisa Mrvica are trying to sell their house, an immaculate four-bedroom, traditional-style home on a manicured lot in one of Burlington County’s most fashionable ZIP codes.

The property offers such sizzle features as granite countertops, an open floor plan, a basement bar and a hot tub in a resort-style backyard.
When they listed the house in May, the Mrvicas decluttered and painted. They held five well-attended open houses. They readjusted the price to $399,578.
Now, they have added a feature they hope will make their property irresistible to buyers: peace of mind. The house comes with Home Price Protection, a policy that guarantees the new owner won’t lose equity if the residential real estate market continues to decline.“It’s a small investment that we believe will help us to differentiate ourselves from other sellers,” Mark said. “It’s a marketing tool that gives us a bit of an edge.”Developed by Colorado-based EquityLock Solutions, the warranty is available through RE/MAX Connection offices in Mantua, Marlton and Turnersville. In other markets, Keller Williams is training agents to sell the product. A builder in Denver is offering the plan with the purchase of new homes.
Christopher Brown, RE/MAX Connection CEO, started offering the product about six months ago to woo would-be buyers who are sitting on the sidelines waiting for the market to bottom out.
“There are many qualified buyers not purchasing homes today because they are afraid of losing the equity they put down to purchase the home,” he said. “No one feels good about buying a house and worrying that the value will decline.”
With three young sons, the Mrvicas are ready to move up. They found a larger house in a tony neighborhood and made an offer. But the deal fell through because they couldn’t sell their home quickly enough.
“We aren’t in a position where we have to sell and we think our house is priced fairly,” Mark says. “But we have found a neighborhood we really like and would like to buy there.”

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