Lake Sinclair Blog

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A day of hope and rewards ... I remember why I do this job.

Recently an agent in my office began working with a young couple- they didn't have bad credit, they had NO credit.  We sent them to several lenders and each came back with the same answer, no go on the loan.  This couple is currently in a rental situation that is not good, for them or their children.

And I have been working with a seller who is a repeat client and I've been there to help with his real estate needs for years.  He needed to move because he had bad neighbors, done. He wanted a new lake house with better neighbors, done. He needed to move because he lost his wife to cancer and needed a change, done. He wanted to purchase a second home to try and help his son, done. Son did not appreciate help so he needs to sell this house, ... uh oh.  I've had the listing for 180 days with no offers.  The price is right, there is just too much inventory and not enough buyers.

As the other agent in my office was telling me about her young couple, my seller came to mind.  Young couple has managed to save about an 8% down payment of list price on my sellers home.  So I called my seller and asked him about two things... owner financing.  He does not have lien on property he wishes to sell and lease purchase.  He seemed open to the idea.

So my agent shows home to young couple and they love it.  It's got a nice yard, a carport, two storage buildings, covered porch on front and rear, fenced in yard.  Now we know buyer has NO credit, so we want a track record before my seller signs up for owner financing.  So we worked out a lease, purchase agreement.  At the end of the lease period which is still in 2009 if young couple has paid rent in timely manner and kept up property my seller will then owner finance.  The couple will close in 2009 and therefore qualify for first time home buyer credit.  It's a win-win.

It was one of those days when good won out over evil.  I feel like I leaped over tall buildings and stopped a speeding train from running over an innocent person.  My seller is happy.  (He said... "this is a blessing")  My agent's young couple are happy and excited. 

It took a bit of being creative and it took willing buyers and sellers.  Both willing to take a chance and I am betting it will all work out and that we will be closing in 6 months.

 

Tammy Lankford/Broker (Lane Realty) Lake Sinclair : Real Estate Brokerage in Eatonton, Putnam County, Georgia706-485-9668 (Click on Lane Realty Logo for web site)

Tammy Lankford, Broker/Owner

Call me today for all your Lake Sinclair real estate needs.

We always have water at lake sinclair Lake Sinclair stays full even during droughts.  Click to read why and how.

 Search for homes on Lake Sinclair now

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(Click on Lane Realty Logo for web site)

Tammy Lankford, Broker/Owner

 

Broker License # 169695  Lane Realty License # H-11420

Call me today for all your Lake Sinclair real estate needs.

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We always have water at lake sinclair Lake Sinclair stays full even during droughts.  Click to read why and how.

 Search for homes on Lake Sinclair now

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9 commentsTammy Lankford • April 04 2009 02:04PM
A day of hope and rewards.. I remember why I do this job.
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Recently an agent in my office began working with a young couple - they didn't have bad credit, they had NO credit. We sent them to several lenders and each came back with the same answer, no go on the loan. This couple is currently in a rental… more