You have been pre qualified for a mortgage loan and are setting our on your first house search and probably online. You discovery a few houses that peak your interest and soon call on an agent that you find online that is probably attached to the very listing you viewed, how convenient. Once contact has been made the agent probes you for information in reference to your needs and of course if you have been pre qualified. Appointments are made with the agent to go view several of the houses you selected and off you go on your house hunt.
Once at the first house you noticed the pictures viewed online are different from what you were expecting. The house fits the criteria based on location, schools, and other necessities on your wish list; however, the house itself is missing something. The agent soon asks you, “What do you think?” You response, “I like it but it’s not what I want!” The agent perplexed soon probes once again what exactly you are searching for and you respond, “Well I imagined this house bigger and a more spacious open area, along with an updated kitchen and bathroom!” The agent soon takes you to the other home you selected online and again the response is the same to the first one you viewed. Challenged with a need to find something different from what you selected the agent encourages you to view other homes, maybe even homes that fit your criteria and updates that are exactly what the agent has under their listing. You agree to continue with this agent and go onto the next home of the agents choice.
Once at the home the agent showcases you the desired requirements you wanted along with the other criteria that was in your first search. Again the agents asks, “What do you think?” Your response this time is, “I like it, but how much does it cost?” Once the agent tells you the real costs you immediately realize the is more than what you budgeted. Once again you like it but it’s not what you wanted!
So what is wrong with this picture? Are you content continuing looking for a home that fits your budget and has the updates you require? Weeks can turn into months waiting for something to come available. Or was the first house you saw the right house? The agent states they will continue feeding you new housing updates as they come available along with the agent calling around in hopes of another agent/seller calling them back and saying BINGO we have what you wanted? But the reality is the chances of that happening are not likely to occur. So what do you do next?
I see this everyday and I hear this everyday! And here are my thoughts. If you can dream it you can have it when it comes to a home. You like HGTV Shows right? Well, what do you like about them? Come on you can come up with something? Once you have that vision of what you want and you can clearly see the vision on what you need to put in place, it is not surprising to find out the first house was the right house for you. By going back to the first house and visioning an updated kitchen and bathroom under one closed mortgage loan with all improvements added to the mortgage note for work to begin the day after you close is called a Renovation Mortgage which makes your dream home a reality! It’s that simple. And the fun thing about this process is your design, colors, and format for how you want it to look is your choice not the sellers. Now don’t get too excited about your dream as you first need to find a mortgage person that specializes in Renovation Mortgages to get you properly approved as there is not many lenders that truly have a grasp and approval to originate these type of mortgages in most markets. I guess by now you figured I originate these mortgages! Second you once you located me or someone like me then the next step is to shop with an agent that shares your same vision. Let’s face it, you want to be surrounded by professionals that understand your path and not try to discourage you to take a different route just because they are not familiar with that direction. So the next time you are in this dilemma just know this, BoKnowsMortgages.com