Carri and Sasha were wanting to make the move to home ownership when their landlord told them they were going to increase their rent by almost 30% per month if they renewed their lease for another year! Really?!? Their landlord is a little unrealistic if you ask me. With interest rates at an all time low, they truly could purchase a property and have a lower monthly payment then continue to lease and throw their money away.
We narrowed down their search quickly to two properties that fit their needs. One was on the smaller side but the price reflected this. The other property was a much larger two story loft with a private roof top deck. After much discussion, I think we all agreed that it is always better to purchase a property that you can grow in to and not out of, especially in this market. You want to have the ability to not out grow a property for at least 5 years, not 2, to protect your investment. The other winning argument was that the larger property was a short sale and priced way under market value - "deal"! The obstacle in putting in an offer on the short sale property was the waiting process for the sellers mortgage lien holder to approve a first and second mortgage. We gave the sellers lien holder 60 days to respond. Unfortunately, we didn't get an answer in 60 days. With this contract I did encourage them to wait another 30 days for a response and we did. The only reason to wait another 30 days was the great value in this property. I don't usually recommend this. Bingo, they received an approval and get their keys tomorrow!!!
I took the second picture below from their private roof top patio. I must say I am a little jealous of their views, haha! Great job Carri and Sasha. Many, many congratulations and cheers to year of happiness ahead!
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