February 8, 2010
Mike and Theresa McCormick have an amazing first time buyer story to share. Mike just recently got transferred from California to Denver and did not feel he had much time to find a home in November of 2009, so we specifically did not look at short sales. We pulled up many properties and previewed countless ones. They were leaving to go back to California right before Thanksgiving and we found their dream home with 4 fireplaces, mountain and city views, and beautiful gardens. The major downside: it was a short sale!
We put an offer on it anyway, after I found out that it had already been negotiated and a lot of the short sale process was pretty much completed. We found out we were competing with another buyer on this home and increased our offer to $216,000 and still lost to the competition. Mike and Theresa were devastated! Here they had FINALLY found their dream home and just as quickly, it was taken away.
While Mike and Theresa were praying for something to happen, I prayed that the other buyer’s inspection would fall through and three days later I was thrilled to know that the inspection failed and my buyer’s had another opportunity. Knowing the home needed a lot of work, we negotiated the price down to $190,000 and asking the bank to pay $5,700 in closing costs, which they accepted. We then got an FHA repair loan (203K) to finance the repairs and closed on January 29th, 2010 – about 60 days after our original offer was submitted. The home is currently being worked on and the McCormicks are thrilled to finally have their home after waiting 20 years.