Recently Closed - Leasehold Purchase in Baltimore, MD
Did you know you can use Restricted Stock Units as qualifying income on a mortgage?
Did you know you can get a property financed when ownership is via "leasehold" rather than traditional "fee simple"?
Did you know it's possible to purchase a home under primary residence guidelines (great rates, minimal down payment requirements) using conventional loans to buy for parents or children or are financially unable to buy for themselves?
Did you know that for best results in Baltimore real estate transactions, it's smart to include Margaret Rome, Baltimore Maryland and the team she works with at RESE title?
All of the above were on full display in a recently closed transaction in Baltimore, MD. Our client, a local resident here in California, wanted to purchase a home for his parents in Baltimore, MD. With the help of Margaret Rome, the buyer went under contract on Halloween and we closed before the end of November!
This one wasn't a "cookie cutter" deal from the start - beyond the coast to coast transaction, the buyer had a unique income structure, was buying on leased land, and was flying into Baltimore for closing, so we had to ensure our closing date and time was set as quickly as we could. Even on the morning of settlement, the world decided we hadn't had enough fun yet and threw some additional curveballs. With the work of RESE title and our closing team, we were able to hit the curveball and the end result was an on time closing, a happy client, and a new home for his parents.
The transaction was a picture perfect example of why working with a great professional team is SO important when buying or selling a home. We had a real estate agent involved that knew how to negotiate, keep all parties apprised of progress and pointed out things we needed to know at the start of the process, instead of waiting to be surprised later. We had a buyer who was quick to respond to document requests and returned nearly all requests same day or close to it. We had a title company that was able to change location of closing last minute, and implemented a plan AND a backup plan with our closing team to ensure funds were wired on time and nothing would prevent settlement from happening when it was supposed to happen.
When you're buying or selling real estate, the beginning typically involves a real estate agent or mortgage lender. It's important to not only have a great professional helping you, but to find out what kind of team they have behind them. Personally, I couldn't do what I do without a great team in my office. Many of the real estate agents I know couldn't be as great at what they do if it weren't for a great TC and/or title partner that allows them to focus on what really matters - their clients. As we wrap up November, I'll end the month by saying I am THANKFUL to have the team I do, to work with agents like Margaret and the others I've been fortunate enough to meet in and out of the rain, for clients like the ones involved in this purchase who make my job fun and are grateful to have a team working hard for them, and most of all, for this career that I am blessed to enjoy each and every day.