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Francisco S. and Jessy L. had been renting our next-door house for six years when they received an unexpected offer from a bank. The previous owner had lost the property to foreclosure, and the bank had given them cash for keys to vacate the premises and sell the house. Francisco and Jessy were suddenly faced with a decision- to take the money and move out or buy the house they called home.
That’s when they reached out to us for help. We met with them for a Getting to Know You meeting to understand their situation and discuss the process. We introduced them to one of our preferred lenders, Adriana Clapper from Envoy Mortgage, who helped them get pre-approved for a loan.
We then contacted the representative of the bank that owned the house to decline the cash for keys offer and to establish a communication channel to negotiate on their behalf.
We arranged for two bank B.P.O.s to establish the bank’s asking price and pointed out house defects so that the bank valuation was the lowest possible. We then negotiated a price based on the needed repairs and secured a purchase contract without having to compete with other interested buyers in the market.
With the best possible agreement in hand, we guided Francisco & Jessy to make minor repairs in the house to ensure that the house appraisal came as-is with no repairs, as the bank was not going to make any fixes. They diligently took care of all the observations and the appraiser didn’t have to ask for any repairs.
We then worked closely with Francisco, Jessy, the lender, and the title company to finalize the details of the loan and the transaction. We reviewed all documents of the transaction all the way to closing, where they officially became the owners of the house.
The property, a fabulous end-unit townhome with five bedrooms and 2.5 bathrooms, hardwood floors, and a great lake view.
The deal, which was negotiated directly with the bank to avoid competition with other potential buyers, resulted in them buying the house for $30,000 below appraised value.
🌟🌟🌟 Congratulations Francisco & Jessy on the purchase of your new home. We are delighted to keep you as our next-door neighbors and are very happy to have been a part of your journey to accomplish your homeownership dream. Thank you for your trust and for allowing us to guide you through the process! 🌟🌟🌟