One of the most impressive couples we know are Caitlin and Brian. They were married earlier this February of 2020 and instead of wedding gifts, they asked their friends and family to help contribute towards their down payment for their first home sweet home. Right off that bat, we knew these two were winners. After they received a very generous gift from their loved ones, they had to wait a few months for the money to “season,” as they call in in the lender world, because they were gift funds.
Their story came in layers as we learned that owning a home was one of THE most important things Caitlin and Brian could do for themselves and their family. Caitlin let us know that when her parents bought their home in Portland in the 80’s the deed to their home said that no person of color could occupy the home. Her father is Native American and moved in anyway. He would not be held back by racist policies. With a strong example of people in her life that fought hard for that privilege, it was important to both Brian and Caitlin to continue in that path of home ownership.
By the time they were ready to start their home search, the pandemic hit and inventory was lower than usual. This did not deter these two fighters and in after viewing 10-15 homes they made their decision and put in an offer. There were multiple offers on the table, and we were so pleased to deliver the news that Caitlin and Brian were the winners! Even though their offer wasn’t the highest, the seller was impressed with these two and loved the presentation of the offer. Once in contract, we found out that the house needed around $20,000 in repairs and because of the vast interest in the seller’s home, they were not interested in fixing the repairs or giving a credit. So, Brian and Caitlin did a very wise and scary thing, they terminated the sale. They knew that they needed the home to be in decent condition so that it wouldn’t become a money pit for them.
Not after too long, we found another home that Brian and Caitlin could see vision for. It was however, extremely overpriced. They knew it would not be wise for them to submit list price. Because of the home being overpriced, we had the advantage of not having to compete against other offers. Soon, we found ourselves in contract at fair market value so that we could start off the negotiations on a level footing. This was a very special home in that there had only ever been one owner, and they were selling it as their retirement nest egg. That being said, during the inspections we uncovered yet again a lot of work that needed to be done. The sellers were amazing people, and they also were not too thrilled at the idea of losing out on more money to do the repairs. Brian and Caitlin had to make a very hard decision and took a deep breath. They decided that although it would be terrible to loose out on another home, they needed to stand firm so that this would be a wise decision for them in the end.
It was worth the risk because when the sellers saw that Brian and Caitlin were firm in their negotiations, they ended up doing the repairs and crediting Brian and Caitlin a substantial amount to help them towards future repairs. We definitely celebrated with them their victory and were very grateful to the sellers for working with us. The sellers were a lovely couple and Brian and Caitlin actually got to meet them which was rare during one of their inspections.
Brian and Caitlin, we are so proud of the wise decisions that you continue to make and we are excited to see you both continue to grow and flourish in life. We know this is a monumental day for you both and a huge day of reflection. Let this home be filled with great memories and wise decisions. Congratulations to you both!
