Friday, October 14, 2016

New home buyers

DD and her BF (of almost 2 years now) have been trying to decide if they want to rent or buy a house. They are still living in her small one bedroom apartment in the college town and it's over an hours drive each way to their jobs (they are able to carpool though).  Her year lease is up now and time to find something closer to work.

She decided to look into what they qualify for buying a home and how much down payment they will need. I told her to contact a mortgage broker and recommended that guy that really helped me a few months ago. I think I mentioned him back in June....when the lender/bank I thought I had set up that construction loan with bailed on me and then when I started trying to get approved with another lender, no one would approve me - saying I had to wait 7 years past BK because our home was included in the bankruptcy, even though we kept our home. The attorney I had used to get rid of that lien (that was included in our BK) recommended this broker to help me.  He couldn't do a loan for me in this state, but he was SUPER helpful in helping me figure out what was causing me to get kicked out of the conventional loan approval system.

DD emailed him last evening and sure enough, he got her right on the phone - -  at 7pm! She loved him. I warned her he was a talker, and she texted me "he is so cool". She told him I referred her and he said he remembered me: I was one determined lady. LOL. Based on their incomes and credit scores he pre-qualified them for $325k.  The houses they have been looking at online are in the $225-250k range, so all good there.

It's still a very hot real estate market where they are, so they will have an experience trying to find something, I'm sure. Houses are still going quick. Now they just need to find an agent and I guess the broker was able to recommend someone in their area.  The best thing that came out of that lender that bailed on me was she actually recommended this agent we used here in our new state. He was awesome and I just love him. He texted me the other evening to let me know our land purchase had got recorded and was all completed/congrats.  I told him to be sure to let the ladies that we bought the property from that we really appreciated their patience through all our delays. He texted back that he just did let them know and said you guys are so nice. I wish all  my clients were as easy to work with as you guys were.


  1. is there any concern about what happens if they break up and now they co own a house? Or are they planning on getting married soon?

    1. I wondered about that, too. I understand that is a common problem when unmarried people buy a house together. Sometimes it's better to just have it in one name. However, I'm sure daughter is her own person, and will do as she sees fit.

    2. When I bought my current house it was in my name only and at a payment amount that I could afford myself if something happened to my relationship. My only concern is that your daughter is young and younger people are more likely to break up.

  2. They aren't engaged yet, but I'm expecting it to happen in the near future. I guess buying a home together whether married or not is just like any other legal partnership. If they were married and got divorced, they'd have to figure out how to split it, or if two people are business partners together and decide to not be partners anymore, it all has to get legally separated. And like Carol says, she is her own person and will do as she sees fit. They have lived together almost a year now and no problems, so it's not like they are jumping into buying a house and living together all at once.

  3. Lets hope it stays hot until 2018!!'

  4. Renting or buying is always a difficult decision, made even more difficult when you have a partner you're potentially buying with. That's only a decision they can make. However, patience is key in making the right decision and then selecting the right house. House-buying can be very exciting, but hopefully they will not jump in without weighing every option and consequence, financial or otherwise! Good luck!