Thanksgiving in Real Estate

My good friend and fabulous mortgage banker, Anthony Patton, has provided a lovely Thanksgiving story for the season.  Have a great holiday!

I was reminded recently WHY we are in the Real Estate business. On June 27, I was contacted by a buyer wanting to apply for a mortgage. She and her two children had been renting an older mobile home, in a mobile home park near I-75 and Spring Creek… you know the one, across the highway from Wal-Mart. The last 5 years she had been paying $650 a month and in September the rent was going to $750 a month. She didn’t mind paying $750 a month, but her kids had no yard to play in and were riding their bikes down rows of other mobile homes. She was constantly worried about their safety and she just wanted something better for her family. “I have been turned down by other lenders but I met an agent that wanted me to call you” she said. I reviewed her credit and while her credit score was not high enough, it could be restored. I gave her step by step instructions on a 45 day process to restore her credit and become credit approved. On August 19th, she called me back and told me she had completed her steps as instructed, another review of her credit and she was now credit ready. I gave her an approval letter and she went house shopping.

October 3, 2013 we closed on her 3 bedroom house with a payment of $744. The house is on a cul-de-sac with a nice back yard. We were able to get her a little help from a special down payment assistance program I have and the seller paid 2.7% closing costs. She came to closing with a check for $97 to add to her $500 earnest money.

The closing was very emotional. Tears of joy streamed down her face as she hugged her agent and then hugged me. She just kept saying “I never thought my kids would have a home; I never thought I would have a home of my very own.”

Every deal is not as perfect as this one, but perfection is my goal for every deal.