No Kitchen, No Financing
Shortly after we decided to help people with their real estate needs, I heard a story from a real estate investor that truly resonated with me. When I heard this story I knew I was doing the right thing building a team of professionals to help other eastside King County people with their real estate problems. The story was this:
A woman and her husband in Pierce County were in the middle of remodeling their home when sadly he passed away. She needed to sell the home to settle his estate. When she listed the home with a real estate agent on the MLS, she got many interested people and a few offers. It looked like her problem was going to be solved. But deal after deal fell apart. It turned out, none of the potential buyers could get financing. It had nothing to do with their credit, or themselves. It had to do with the fact that the kitchen was incomplete. No bank or government funding would loan on a house without a kitchen. To make matters worse, as so often happens, she was having trouble getting the contractor to come back and finish the kitchen.
That’s where the property investor came in. He was able to buy her home, and then she was able to settle her husband’s estate. How was he able to do this when other buyers couldn’t get financing? Property investors buy homes that can’t get traditional financing. He was also able to close in less than 10 days, and in as-is condition.
Until that moment, I had had no idea that an unfinished kitchen in the middle of a remodel meant a house wasn’t eligible for a traditional mortgage and made it practically unsellable. If you or someone you know is ever in a situation like hers, please give us a call so that we can see about helping you out.