April 22, 2008 – (TUCSON, Ariz.) The Long Realty Companies have unveiled a new incentive program designed to showcase the companies’ integrity and efficiency. Long Companies’ Home Closing Guarantee, the brainchild of Long Mortgage and Long Title, ensures homebuyers that if a mortgage does not close on a new home by the initial close date stated in the purchase contract due to delays by Long Mortgage or Long Title, the company will reimburse the buyer one monthly principal and interest payment or credit the buyer $1,000 toward closing cost-whichever amount is greater.
"This speaks to our professionalism," said Renee Booker, president of Long Mortgage. "We are confident we are going to close on time, and if we don’t we are going to fix it and make it right for you and your family."
This program is a unique concept that Booker says many corporations have shied away from-especially in the current market.
"We have an industry-leading bank behind us and so we are able to follow through with our commitment, and that’s not happening everywhere."
Along with the closing guarantee is an accompanying program known as the Closing Cost Guarantee. Should a buyer’s closing costs exceed the amount quoted in the Good Faith Estimate, Long will credit the buyer the difference at closing. This program was borne out of buyer wariness over hidden fees and fine-print markups. Booker says the Closing Cost Guarantee affirms that what the buyer sees is what the buyer gets.
"We are not in the business of hiding additional fees from the buyer in fine print," Booker said. "And while the guarantee is in place, we have never paid out on it. That shows our level of accuracy."