Caterpillar Buyer Incentive Program ENDING. Get a List of Homes now.

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CATERPILLAR INCENTIVE PROGRAM Q & A

Q: When is the program ending?
A: To take advantage of the incentives and home purchase program, an offer must be written by December 21st.

Q: Who is eligible for the 3% incentive?
A: Any buyer of a Caterpillar relocation program home in the Peoria area is eligible.

Q: Who is eligible for the buy out program?
A: Any home within a 20 mile radius of the Caterpillar downtown headquarters worth more than $95,000. Buyer must purchase a home with a value of **35%** or more than their current home AND the purchased home must be at least ** $200,000 ** and a Caterpillar relocation program home. EXAMPLE: You live at 123 Main St, your home is worth $145,000. If you purchase a Caterpillar relocation program home that is $200,000 or more, Caterpillar will offer to purchase your current home PLUS give you $3,500 in moving costs PLUS 3% closing costs on the new home! WIN-WIN

Q: I am currently renting, is there any incentive for me?
A: YES! If you purchase a Caterpillar relocation program home, you will receive a 3% incentive that could be used towards lease cancellation fees, closing costs, home improvements, etc. (Subject to lender approval).

Q: How do I know if an incentive is being offered?
A: The incentive being offered will show up in the remarks area for any eligible listing. Or just ask The Knell Group. See BELOW!

Q: How is the 3% incentive determined?
A: The 3% incentive is calculated based on the net sale price of the home

Q: How will the 3% incentive be applied to my purchase and how can it be used?
A: The incentive being offered is first and foremost subject to your lender’s approval. The 3% incentive could be used toward your closing costs (loan fees, inspections, appraisal fee, etc.), a credit could be used if you are planning to do repairs/renovations to the home or can even be used to buy down your interest rate. Your Realtor and Lender will help determine the best way to maximize the incentive.

Q: Why is Caterpillar offering a home incentive program like this?
A. Caterpillar is a major player in the Peoria-area job market, and they recognize the impact that both their long downturn and this relocation may have on the local real estate market. The incentivized program is similar to programs offered at other companies that have reestablished global headquarters. CAT’s intention with this program is to minimize the impact to the Peoria Real Estate Market by keeping the integrity of home values.

Q: Does the home have to be related to the headquarters move?
A: No, any Caterpillar relocation program home in the Peoria area is eligible for the incentive. This may include homes from employees relocating for other jobs within the company.

Q: What if I have more questions about the program?
A: Interested buyers are encouraged to contact THE KNELL GROUP of Coldwell Banker | The Real Estate Group.