I am so very excited for this ambitious young man! I met Taylor two years ago through lender Dan Bayla. Taylor told me that his goal was to become a real estate investor. He worked hard at saving for a down payment, improving his credit score, researching real estate investing and listening to real estate podcasts during his day job while he drove a truck. He also started his own business helping other people improve their credit.
Dire Situation in a Competitive Market
He called me in January with a dire situation. He and his young family had lost their apartment. A few months previous, he had decided to wait for a while to buy a home and had invested his savings in his girlfriend’s fledgling business to help her get started. Unexpectedly, they now needed to buy a home but only had $2000 for their down payment and closing costs.
I called Dan Bayla, and he got Tayler qualified for a zero-down loan using a down-payment assistance program. Taylor, his 2-year-old son and I went shopping for a home on a Sunday in January. We viewed at 10 homes in one day, our selections limited to homes and condos that were appropriate to raise a family, FHA approved and had no rental cap, as Taylor wanted to eventually turn it into an income property. This greatly diminished the pool of potential homes. Plus we needed the seller to contribute 2% towards closing costs. All of this with a maximum purchase price of $300,000 for a home or $240,000 for a condo — a very competitive section of the market to say the least!
Pay it Forward
We picked a very nice condo and made our offer. In a conversation with the listing broker, I explained my two-year history with Taylor, his plan to be a real estate investor, how they lost their apartment and how much I believed in him. Things looked good until we heard that the seller had received a second offer which was much stronger than ours (conventional loan with 20% down and had no contribution towards closing costs). We adjusted the price of our offer up by 2% to cover the closing costs, and I again plead our cause with the other broker.
To our amazement, the seller selected Taylor’s offer! The seller said that he had purchased his first home with down payment assistance, and he felt that it was important to pay it forward. Even better, once Taylor’s dad saw that he was actually able to get a home under contract, he contributed the down payment so Taylor didn’t have to use the down payment assistance program which saved $300 a month on his payment. Plus, a standard down payment now allowed Dan Bayla to contribute towards closing costs and use the balance of the seller contribution to buy down the interest rate to 2.75%!
Total Team Effort
The generosity of the seller, the great programs and insight of the lender, the generosity of the father, Taylor’s hard work and persistence, and my belief in this young man all contributed to bringing this deal together. It was a team effort all around, with the wonderful result that a young man and his family now have their first home. It makes my heart happy and reminds me that there is still much good in the world.
Taylor has assured me that this is the first of many deals that we will do together — and I believe him with my whole heart.
Maximize Your Buying Power
When you’re looking for the perfect home, the details matter. At the Pelham Group NW, we use our years of experience to advise you on the Pacific Northwest market and help you find the right house at the best possible price and terms to maximize your buying power!
As your Realtors, we work with you to find a home you love. Not just any home so we can close the deal, but the home that works within your budget and meets your needs – for both now and in the future. We visit more than 100 homes a month, which means we know a hidden gem when we see it and can help you see the potential (and pitfalls) of each property.
Most of all, we handle all the details with the utmost care and discretion. Your personal and financial information is treated with sensitivity, and we always put your best interests first. That’s our promise to you. Give Kim Pelham a call today at 425.213.8761 or schedule a FREE consultation today to learn more about local areas or tour available homes for sale this Summer.
Katrina Eileen Brokerage | 
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