My New Blog

Recently I helped a client who had experienced some unfortunate circumstances.  This particular buyer had worked with a For-Sale-By-Owner and purchased an Owner Financed Home.  The Buyer had put down $10,000 towards the purchase price, and was going to work on a few credit issues and then finance the home through a lender. 

The Seller got in financial trouble investing in real estate and got behind on this particular home, and the Buyer ended up getting evicted even though the Buyer had paid $10,000 up front. The Seller was foreclosed on, and the Buyer was forced to move.

Having had such a negative experience with a For-Sale-By-Owner, the Buyer contacted me to help him and his family get into a home.  We talked through his circumstances, and I encouraged him to go to a lender I work with.  This particular mortgage contact is really good to work with people to help them improve their credit scores.  I told my new client that no matter what the situation with his credit might be, we need to know, and we need to know what to do to get his scores better.  My mortgage contact worked with this buyer and was able to get him approved to buy a home.  My new client was thrilled.

So when we started looking, the house that had been foreclosed on was on the market.  This story does have a happy ending because my client was able to purchase that same home for approximately $25,000 less than he had originally agreed to pay for this house.  So he did, in a way, get his $10,000 investment back because he got the house at a much better price.

This is the kind of deal that makes me feel really good about helping families get into homes.  Here was a buyer who had gotten the short end of the stick, didn't believe he could get financed, and we were able to turn it around. 

The lessons here are:  1.  Try to get prequalified.  If you can't get financed now, you can get some real direction on exactly what you need to do so you can buy a home a little down the road.  2.  Work with a professional Realtor so you are represented in your real estate transactions.  3.  Even if you find a For-Sale-By-Owner home, you can save yourself some headaches by using a professional Realtor so someone who knows the business is looking out for you.  A home is the biggest investment most ever make, and as a buyer, your representation is paid for by the Seller -- so Get In Touch With Me or any one of our Excellent Action Agents, and we will be happy to help you with your real estate needs.

Sherri Elkins, Realtor
Action Real Estate
Birmingham, AL & Surrounding Areas
Office (205) 253-1900
Fax (205) 263-1955
Direct (205) 240-5522
www.SherriElkins.com