Maryland home sales rose despite Jan. chillHome sales...

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February 27, 1994

Maryland home sales rose despite Jan. chill

Home sales throughout Maryland rose in January, despite the month's bad weather, according to the Maryland Association of Realtors.

Pending sales -- homes placed under contract -- reached 2,122, up 3 percent compared to January 1993.

Sales that settled jumped 6 percent to 2,985. The average sale price for a home in Maryland fell 4 percent, to $135,205.

Mortgage firm offers rebate to customers

Prosperity Mortgage, mortgage subsidiary of Long & Foster Real Estate, is offering a cash rebate to any customer who doesn't receive a loan decision within 30 days of application.

If Prosperity misses the target date, the lender will pay the borrower half the origination fee, equal to one-half of a percent of the loan amount.

Or, for a "no point" loan, Prosperity will offer the equivalent of 0.5 percent of the loan amount in closing costs.

For example, on a loan involving a $200,000 house, the borrower would get $1,000 if Prosperity doesn't make good on its 30-day promise.

Terry Rowland, president of Prosperity Mortgage, said the service guarantee will extend at least through April.

Prosperity also vows to order an appraisal within two days of the loan application. If the appraisal is late, the company will also rebate the same amount.

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