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As single mother with two young children Susan had a dream. She had hoped that one day she would own her own home. She had been working hard since her divorce but it was hard to save the cash for a down payment. Susan didn’t have the money for a down payment or even the closing costs. She did have the passion to become independent and start building a financial future for her and her children.
When we met Susan we set out to find a house for her family where the monthly payments were close to what she was paying in rent. We knew we had a challenge ahead so we began by introducing Susan to a lender who pre-qualified her. There were some issues on her credit report so we began counseling her on how to improve her FICO scores. She began following instructions and within a month she had improved greatly. Now she could qualify for 100% financing. Susan was now pre-approved and ready to buy her first home. There were lots of buyers were in the market and there were multiple offers on homes the minute something became available. We knew that using the traditional MLS wasn’t enough to find a home. We began by contacting all the real estate agents in the area telling them about Susan’s needs. We sent out letters to owners of homes not on the market for sale. We watched every property that came on the MLS and called to show homes that were taking “back up offers”. At our weekly office meeting we heard of a property that had fallen out of escrow. It was a 2-bedroom town home with a loft. It even had a small-enclosed yard and was in a great area with award winning schools. With minimal remodeling the loft could become a 3rd bedroom. The sellers had planned to close escrow in 2 weeks when their buyer lost his job and had to cancel their escrow. They had purchased a new home and were in jeopardy of losing it without a speedy sale. We showed Susan the property that very morning and by noon had written a contract. We asked the sellers to pay Susan’s closing costs and in return we would close escrow in 2 weeks. The children each picked out their bedrooms and now Susan and the family are enjoying being homeowners not tenants. Susan has made a significant step toward her financial independence. Way to go Susan! |