Loan officer Yemeni Mason bought his first home through a short sale. His initial offer was rejected for being late, but he became the backup offer. When the original deal fell through after three months, he got the house, though bank approval took another three months. Being a lender didn't make the process easier.
As a loan officer, a lot of people think that buying a home for us is just as easy as, you know, what we do on a day-to-day basis, and that couldn't be further from the truth. You know, I've purchased 2 primary residence already and countless investment properties in my life. I'll tell you this, it doesn't get much easier being on the side of the borrower than it is being on the side of the lender. And I tell you, my first experience buying our first home was about as long of a process as pretty much any first-time homebuyer that I've met actually done a transaction for. We bought a short sale. Our offer had got rejected the first time because we put it in too late, but we were the backup offer. So we spent another 3 months looking at other properties and we couldn't find anything that was comparable. Mind you, this, this was the first one that we had actually looked at. We were just about to give up when that contract fell through. So we ended up getting the house, but because it was a short sale, it still had to get approved by the bank, and that took another 3 months.
How to Qualify for your First Time Home Purchase #mortgagerates #homeownership
