Yesterday I wrote that we had another house under contract, but that they don’t expect to take possession until August. That’s pretty weird, right? Usually closings come faster than that.
But the large family (perfect for this large house!) can’t close earlier, due to a technicality related to their financing. There was no problem with their income or credit history, just a technicality because of the type of loan they will get.
That’s one reason they came to us:
We can be flexible and work with a family to find a way to get them into the home of their dreams, when complications arise.
It took us a while to figure out what we could do to help them, legally. There are laws that are intended to help home buyers that, in this case, weren’t helping at all.
But, in the end, we worked out a plan where they can rent the house February-August, then close on it as soon as they are allowed to. Since that’s a bit risky for us (what if they trashed the house and then didn’t close? We’d have to rehab again!), they made a much larger than usual deposit. (I’m being vague here mostly because I’m not the detail person; suffice to say we made sure what we were doing was both legal and ethical.) If they don’t close on the house, the deposit would cover renovations.
In this way, the family gets to move into the house in time for new jobs to start, and we feel secure that the transaction will work out.
Do you know anyone who has a special situation that makes a traditional sale or purchase of a home difficult? Call us. We would like to see if we can help. 512-807-8777!