While I read about first time buyer incentive on AR all the time, I did not have that happening to us. There is a reason for that. We are in a resort market, working primarily on the beachside, and dealing with condo-hotels or beachside condos. They are not primary residences, and the question of First Time Buyer benefit was mute.
And then I received a call from Lev Levitan, a mortgage broker from Palm Coast, our neighbor city to the North. "Can you find something inexpensive for my client in Port Orange?" Of course. I got the number, called and had a conversation with a buyer, a real first time buyer. She wanted a condo or townhome, or a house in Port Orange, FL, and she could not go over $100K. Financing was a challenge, we had to arrange that Seller would agree to pay up to 6% of the closing costs, and even with that the money was very tight.
But she had a workable (awful word, but you know what I mean) score, and a decent full time employment. And she is full of life, and ecstatic about getting the place of her own.
We checked the available listings in the area. Finding properties under $100K though possible, is challenging. Anthea was not in love with anything she saw. We also had to be careful with condos, as though you could get the right price, the condo fee would be a problem when financing. She asked me about Oak Meadow Townhomes. A very good place for a starter but it is not in Port Orange. So what?
Real Estate 101. You gotta look beyond the specified location or municipality.
There were several listing there, and we looked at 5 of them. Favorites are a 2/2 townhome for $99,900 and a 3/2 for $119,900. The main reasons were the price and condition. After coming back there to show the unit to her brother, she finally decided on the one for $99,900. We negotiated the price and ended up with $92,500 with the Seller's contribution of up to 6% towards closing costs.
Financing was nerve recking process. With the changes in policy, we had 3 rejections. Lev Levitan from EQ Financial kept assuring me that he would get it financed, and after a couple of rejections I did not feel confident. We had to extend the contract, and the seller was very concerned. I feared that we would not be able to get another extension, we were getting dangerously close to the expiration of the contract, and then Lev called and said we were closing on time. What a relief.
We get to closing, and a had a combustible mix of people at the table with such great sense of humor, that bursts of laughter were coming one after another. I was very impressed at how John Pyle from Equity Title was still able to keep his cool, and did not miss a signature, and everything was done. That was that rare closing, which was absolute fun for everybody. Lev Levitan came from Palm Coast to a closing and stole my job off explaining to Anthea the Settlement Statement, but I was OK with it. I very rarely see mortgage brokers coming to closings, and it always impresses me and the Buyer. Anthea was all smiles and happiness. With a steady job and still workable credit score, she did not expect it to be difficult, and was surprised that it was anything but easy, and involved help from her mom.
But that's all done. And yesterday we went to a party to Anthea's new place, a two level townhome with 1,321 sf and a large terrace overlooking the green buffer. Quiet community conveniently located on a very quiet street between two main roads. It is not a posh community with all imaginable amenities, no. But with $50 monthly maintenance, it is a very good starter home for Anthea, who is planning on going for her Master's very soon.
On these photos you see the community, Anthea with Lev Levitan, her mom, her guests. We are wishing her the best. I am sure this is money well spent, and $8K was a great help.
Good luck, Anthea
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Good job Jon. What a great starter home and you got her a good deal. She will be your client for life. Now you just have to do what we all should do after the sale right? Keep in touch. Stay top of mind.