By Susanna Haynie, Retired Military Spouse and Active Realtor at Fort Carson
I need to clarify right away that $293 was NOT the price of the house but was the cash that was needed to get my buyers into the home. How did this happen? I would think it’s like the perfect storm.¬† I am a Realtor and SargesList‘s local expert for Colorado Springs
and here is the story:
They are a military couple. Nice, fun and young. They decided that a VA loan would be a great way to get out of their $1200 rental and into a $800-something dollar a month home. This was a pretty smart move, saving them about $350 a month in rent.
Rental prices in Colorado Springs have soared in the last 6 months, it seems. With military personnel of the three local military installations moving here and locals now seeking
rentals who are foreclosing or short selling their homes, rental prices went up, up, up.
The buyers got a great deal on a property they loved, and we looked at quite a few. Since they are first time home buyers it was very important to me to whip them through as many properties as possible to make them feel confident that the one house they picked
is REALLY , REALLY what they want.
We found a house at a good price. The sellers were willing to accept the high amount in seller concessions that we had asked for. Those seller¬† concessions will be crucial at closing.
My buyers had made their financial mistakes in the past but it seemed as if they were on a great track to put all this behind them. They called several lenders until they found a lender that was willing to work with them and do all the work that was necessary to
put them into the home. Lesson learned: Don’t stop at one lender, get¬† a few reliable quotes and compare apples to apples.A local lender is great.
The lender for this transaction was fantastic. The loan officer¬† was fast, knowledgeable, detailed and looked out for my buyers. As a Realtor it’s a huge relieve to have
another set of eyes on the transaction and everyone¬† working together without bringing confusion to the process.¬† In our case, the lender was able to pay the VA appraiser at closing. Actually, all the closing cost would be paid, the interest would be paid down by a 1/4 point, the buyers had debt of roughly $2000 paid off in order to qualify for the VA loan.
At the closing:
Little did we know that with everything that was paid for my buyers. They actually received most of their $500 earnest money (down payment) back. Only $43 were used,
leaving them only with one other expense of $250 paid out of pocket for the home inspector.
Total cost of this to be able to move into the home:
$250 for the home inspector
$43 used for the loan
You can find me, Susanna Haynie on SargesList @ http://www.sargeslist.com/index.php?region=region81
View my homes for sale: http://www.sargeslist.com/index.php?a=6&b=1179