First time Buyers Win a Foreclosure

First time home buyers, buying a foreclosure in the country. The Story of Jack and Jill (not really), a recently married couple, looking at homes with me in St Clair county, Michigan. Approved up to $50,000 for an FHA 3.5% down loan. This couple and their family can do some repairs but the home must pass the FHA guidelines. This is a familiar set up and there were a few homes to look at, I think we found 6 or 7 to view.

This is the home the young couple hoped for. Well, we found a foreclosed 3 bed room ranch with a three car detached garage,on a large fenced- asking price of $45,000. We decided to offer $43,000. The counter of $43,900 with the sell paying up to $900 toward the buyers closing costs was accepted. There was an inspection period.

The family choose an inspector from a Friends recommendation. I meet him out there along with Jack and his Dad. I had to leave them there, duty called elsewhere. I got a call "The well does not work, our inspector looked at it and it had been messed with then he went home." I needed more information, so I called another inspector. Who is A friend of mine and asked a favor- could he take time out of his day and go check that pump?

He found a wire off, fixed it, the pump now works. I called Jack, the families inspector was brought back. The house had no other big flaws Except, FHA requires no hazards deemed harmful to the family. Two windows needed repair, the small bathroom floor had a hole in it and there were a few exposed wires from missing light fixtures.

The house was acceptable but those repairs were needed The house was sold "AS IS". Jack's brother sneaked in through a window and fixed the issues. The seller's agent and I were told later.

Michigan's deer hunting season slowed Jack's response. Thanksgiving holiday slowed the completion of the appraisal. Underwriting slowed the loan agent with demands for assorted addendum's. We were three weeks past the original closing date when Jack and Jill finally sat down with me at a closing to sign the papers.

They got their first house. Soon, I am sure, to become a home they will be proud of. The path we followed had a few more twists but they overcame the problems and Won the prize. A Realtor can always be proud to help a young couple buy their first home, I am.