As published in the Conroe Courier, these articles written by Claudia Hohlt address various real estate topics in and around Montgomery County.
Some time back I listed a home for a couple who was going through a most difficult time. Because of some financial hardships, they had reluctantly decided to pull up stakes. They had a modest home on some great property, but it needed some cleanup and repairs that the owners just didn’t have the time or money to do. Not long after listing their property, they moved out of state and quit making mortgage payments. Before the bank started foreclosure proceedings, I helped them get approved for a short sale.
The condition of the home was a significant negative for most prospective buyers who viewed the home. But eventually a very nice couple contacted me about the property and fell in love with it. The husband was a do-it-yourself type of guy and wasn’t the least bit intimidated about the needed repairs. They said that the house and acreage was the perfect fit for them. And they loved the area as it was close to their family. This property had everything on their wish list and nothing else they had seen had come close. Even the sellers were overjoyed that someone would continue to appreciate the property as they once had.
It sounds like a nice ending to a sad story, but there was a hitch. After contacting their lender, the couple learned that they were some issues that had to be resolved that could take 6 months to a year to work out. The sellers’ bank would not wait that long for them and directed that the property stay on the market in search of another buyer. I felt their pain as this nice couple saw their dream home slip away.
But there just had to be another way. What if an investor purchased the home, leased it to this couple and then sold it to them when the time came that they were able to purchase it on their own? I ran this idea past several investors that I work with and one of them agreed. Working with the sellers, the seller’s bank, the buyers, the buyer’s lender, and the investor, an agreement was reached when all parties were able to get the terms and assurances needed to go forward with this plan.
My clients signed the lease moments after the investor closed on the property. They quickly moved in and immediately began sprucing the place up. It became very obvious that they were committed to doing whatever was possible to purchase the home from the investor as quickly as possible. They worked diligently with their lender and followed her suggestions to the tee. In seven short months, they were able to purchase the home from the investor.
I’m typing this article after leaving the closing table. The joy in the room was contagious. The buyers commented that someone should make a movie about how this all happened. They were still in awe how everyone worked together to help them realize their dream. Along with the lender and the investor, I was happy that I was able to play a part in this story. Hugs abounded and I think I saw a tear or two from some of the folks in the room.
There are so many sad stories these days stemming from the prolonged economic recession we’re suffering from. But there are still some heartwarming stories taking place. As I sit down and give thanks this Thanksgiving Day, I will be thinking of this wonderful couple celebrating their first Thanksgiving Day in their new home.
Dreams still come true. Happy Thanksgiving everyone.