One of my first success stories involved a client who said, “The only person who isn’t a nincompoop in this transaction, is you Brett.”
Traditional Lending Vs. Private Lending
A buyer has an employer who has an interest in “Real Estate investing” with the buyer, who happens to be a contractor. The buyer is confident everything will work out and is initially on board with the arrangement given the conversations the employer and the buyer had prior.
The right home came along and the buyer submitted an offer. After mutual acceptance, the employer funding the purchase wanted to change their “terms & conditions” after seeing the property and the potential it held for future development. This caused a sticky situation on an already fast timeline.
Using an Unknown Lender
A referral comes to me for a first time home buyer who is already “pre-approved” with an out-of-area lender. To avoid having the buyer re-do their complicated pre-approval, to which their financial situation was already tough enough, we give the lender the benefit of the doubt. They said they had 11 years of expirence after-all…
It all goes downhill after we go under contract.
Bankrupt, History, & Getting Married
It’s COVID time and a local buyer contacts me to help them buy a home. He has a criminal history and has been bankrupt. He’s also a veteran with a VA loan and not a lot of wiggle room. He wants a fresh start for him and his family.
After 2 sale fails, we resubmit our offer on the perfect home for him, his boys, and his girlfriend. The seller is furious and hard to work with, but later becomes the buyer’s #1 advocate. Which, after the buyer’s first lender terminates the buyer’s loan, and the second lender requires building repairs and for the couple to get married.