“Location or Price?”
A Realtor referred a prospective client this morning to discuss a mortgage. The specific loan that he wanted to address was a FHA 203 K.
The main discussion was that the home they are interested in was not in the best location and after the work that needed to be done it would make this home the highest priced home in the neighborhood. I’m sure the Realtor was concerned about an appraisal.
The challenge for this family is that they are a very large family and they could buy a home in this price range in a better location. I could see this as a real life issue and a decision that many families have to make.
They are currently paying nearly $1700 for rent and a mortgage payment after the renovations are done will be under $1300 per month. In discussing location with the client, they already live in the immediate area and think the area is just fine for the family. I am going to do everything I can to get these folks into the home they want to purchase in spite of all the challenges. Would you do anything different?
Image courtesy of Jesadophorn/freedigitalphotos.net
Subscribe to my blog via Email:
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.