04/15/2024
Forgive me for posting a few of these back to back but I am running behind and I love when these amazing stories pop up in my memories...they encourage me that the work that I am blessed to do is important, and encourages me and tons of other people!!
This home purchase was unique...a sweet friend of mind came to me asking about purchasing an investment property. We talked through what that looked like, interest rates, what he would need to put down, etc. The more we talked the more I felt like that wasn't what he needed to be focused on. I asked him what his situation was with where he lived currently. He said he owned the house but the house wasnt in his name. I could tell something wasn't as he thought it was. I asked if he had a lease in place, he said yes. I asked him to send it to me so I could take a look at it for him.
In looking at his lease, he was in a lease that actually had an option for a purchase, but the purchase had not transpired. He had been renting this house for about 7 years, thinking that it was 'his'.
The lease also stated that there was a portion of his monthly payment that would go toward his purchase - if he ever purchased.
After this discovery, we spoke with the owner, his landlord, who agreed that the right thing to do was let his tenant purchase the home with the terms that had been outlined in the lease. We set a purchase agreement in place, and my friend connected with a great local lender. The three of us did some math (LOL), and figured out what our purchase price should be based on the terms of the lease.
Long story short, my friend bought 'his' house. The lender ordered an appraisal, and when it came back we got the call...the house appraised for $110,000 ABOVE our contract price. I think this may be the most excited I've ever been, and I can tell you he was singing God's praises, so thankful that this series of events led us to look a little deeper into what is now his best investment...owning a house that he loves, and the ability to use his equity to now strategically purchase more real property. WHAT A WIN! I am just thrilled and thankful to be a part of this amazing victory!
Katie Miller Realty