Over the past three years I’ve had a handful of buyers purchase real estate through subprime loans. All things considered, every now and then I check the foreclosure link on the Arizona Regional MLS to make sure no familiar homes have been posted.
Yesterday afternoon I received a phone call from one such buyer. A cold shiver ran down my spine as I waited for the bad news to come.
It never did.
You see, my client purchased with a subprime loan. And he’s made every payment. You may not believe that to be possible given everything that’s been written about buyers who relied on subprime financing, but it’s the case.
He was calling about the possibility of getting his home on the market, not out of a pressing need to sell but because he’s now working for the state correction system and has a chance to work in Florence. A home in Queen Creek, land of the $150,000 single-family homes, would fit his family’s needs.
“Economically, physically and mentally we’re doing very well,” he told me. It truly was good news to hear. Owning his own home meant everything to him, to the point that he left Southern California 18 months ago for Phoenix knowing he could afford here what he never could afford there.
There are details to work on: hitting the two-year mark for capital gains purposes, if we’re able to sell his townhouse for more than what he paid. I’ve not yet run the numbers but will be doing so in the next day or so. Then we’ll sit down and see where things are.
In the interim, it seemed worth sharing what you’ve probably not heard anywhere else – a subprime borrowing success story. You’ll never see it in the pages of the Arizona Republic but it did happen now and again.
[tags]real estate financing, Phoenix real estate[/tags]