BOUGHT BUT NOT SOLD

Mary Anne a new ‘senior’ had been reading us but never thought she would need us.  After all she had always dealt with her bank.   She purchased a new ‘to be built’ home in Elora with a long six month closing.   She thought it would be no problem to sell her home in Puslinch within the time period.  But it took her 3 months to get her property ready for sale.  She had a several showings through her realtor and some open houses but no offers.  

In the very beginning her bank told her they saw no problem.  Until there was a problem.  She was later told that without a sale of her property she could not finalize the purchase of the new one. She went back to her builder to see if he would extend the closing of her purchase, but he said he could not wait for his money beyond the agreed contract date.  Panicking, the retired teacher came to see us.  Walking away from the purchase and forfeiting her $25,000 deposit was not positive option.  We suggested she either close her purchase with short  term private money until her house sold and closed, or that we refinance her property, pay off all her debts and get some money to provide toward to purchase.   With the closing date fast approaching, her realtor was pressuring her to reduce the price of her home.  Mary Anne was feeling like she needed to take any reasonable offer despite being assured before that her house was well priced to move.  Bridge financing was out of the question because her house was not sold.

We ended up refinancing her home, pulled out what we could for the purchase and got her enough private short term money to close on her new home.   A few weeks later, Mary Anne came into our office and announced she had sold her home for almost full price to close the end of July. She said, “Now I understand that mortgage brokers find solutions, when the Bank can’t.” You see, the banks only think ‘inside the box’. Now she will be sitting pretty with no debts with a small affordable mortgage on her new bungalow.  Now that’s what we call a good solution.  We pride ourselves in ‘out of the box thinking’ when it comes to mortgages solutions.