After over three years of saving, planning and 'off and on' looking for their very first home to buy, the day had finally arrived for this young Bandon couple. It's a true first time home buyer success story…and I was their realtor!
Adam and Christina Coleman had dreams of buying their very own house one day, a place they could call 'home' and really mean it. It wasn't something they 'had to do' or were pursuing with any urgency, but it was always a goal, a part of their plan to buy a home. Even before we met, they were already seeking out first time home buyer programs, taking classes in preparation of their loan and credit approval and asking questions to figure out the process.
As their realtor, I knew we had our work cut out for us, mainly to find the right home that fit their wish list and one that would fit their budget and price range. Over the last few years, we stopped looking here and there, and then every so often a house came available that sparked their interest. We had come close to making an offer on a couple houses in Bandon but each time there was something holding them back and I have to say, patience was a virtue in this case.
Obviously, the drop in values over the last year on the coast has helped make more and more first time home buyers able to make the leap. Living in a small beach town on the Oregon coast has its perks, but it can also be difficult to find good paying jobs to make enough money to qualify for a loan and prices here had made it nearly impossible for this young couple. With the help of the USDA Rural Development home loan program, lower interest rates, and a hot pursuit of a house they had been eying for the last year…it finally all came together, like peanut butter on a jelly sandwich, or hot fudge over an ice cream sundae.
We had been following a house on Lexington Ave in Bandon, a house abandoned by its owner as it was deep in foreclosure. I did attempt to find the owner to see about buying the house subject to bank approval of a short sale rather than see it be foreclosed on. That seemed like the right thing to do first. My letters went unanswered. So, we followed the foreclosure dates and upon learning of a final sale date, I headed out to the County Courthouse in Coquille to watch the foreclosure sale take place on the courthouse steps. I knew if we were going to have a shot at buying this house, we would have to beat the other local realtors to the punch.
Luck was on our side that day as I watched an investment group purchase the home for cash (which is required at this type of foreclosure sale). With the permission of the Coleman's, I immediately called the investment group and negotiated a sale within minutes of them buying the property! It was a close call, our offer was not exactly what they wanted, but with the promise that we would close escrow in less than 30 days, we got our offer accepted!
It was like we had a jigsaw puzzle with a bunch of missing pieces magically come together after so much time. The truth is, if Adam and Christina had not been prepared and pre-approved for their loan, this may never had happened. It was a big step for them to have me take the approach I did at the courthouse that day. But all good things happen for a reason and I have never felt so good about a sale as I have this one.
The Coleman's bought a house for under market value with no money down and even negotiated their closing costs be paid by the Seller! They also qualify for the $8,000 first time home buyer tax credit. And the best part is they absolutely love their new house!
Sold! 435 Lexington Ave in Bandon. 3 Bedroom, 1 Bath, 1644 square feet, large corner lot (.28 acre), mature landscape, trees with a shop, in very nice condition. Actual Sales Price $162,000 less a $7,000 seller contribution to buyers closing costs, for a net sales price of $155,000.
Congratulations Adam and Christina from all of us at Beach Loop Realty!