Recently, my wife and I helped a young couple buy their first home FSBO, which means “For Sale By Owner.” Homes sold directly by the owner are done to help save the seller the commission fee at closing, but sellers should be aware that a buyer’s agent who brings them a client who closes on the sale should still pay a commission.
Many real estate agents comb through FSBO listings to find the perfect home for clients. In this case, I had to insist that the seller pay commission. Dealing directly with the seller who has no representative is a challenging, however rewarding experience.
It was very exciting when we handed the new owners their keys, and they are excited to spend their first Christmas in the new home. It is the most gratifying job in the world to know that you played a role in helping a new owner come home.
So here’s my client’s blog about her homebuying experience:
My Name is Elena Davila, I am a young stay at home mom to a four year old daughter and two year old son, with one more bundle of joy on the way this December 2017. My husband, Noel, is a cable technician for Kaiser Permanente Hospital in San Francisco. Since we have met we have had quite a long struggle when it comes to housing. We have jumped around from house to house, staying with family in multiple locations, only ever occupying one room. We lived in our very first rental in-law unit this past year. Picture the four of us squished into a tiny ocean side studio in-law, located in Pacifica, CA, with no kitchen, only a hot plate and mini fridge. But we were so grateful to finally have a little space that we could call our own, emphasis on little. We had always talked about one day owning our own home, but with only one income we never thought it was possible.
In June 2017 we got the news from our landlord that we would have to be moved out by the end of July. This news came very unexpectedly, it rocked our entire world, and we immediately began to stress about a new place to live. We tried desperately to find a place to rent, but with prices so high in the San Francisco area and the fear of not being protected by rental laws in the outer Bay Area, we revisited the idea of buying our own home. To be honest, I was definitely skeptical; worried about the short time frame we were working with, as well as the thought of not being financially ready. We had nothing saved; we live off of one income and pretty much survive check to check. But my Noel pushed, he insisted that we at least try to see if we qualify.
After filling out the application and providing a lot of paperwork, two weeks later we received the news that we were preapproved for the first time home buyers program. Our dreams of home ownership became a reality that day—it was actually possible! We were so happy to find out that we qualified for the CALHFA program and an FHA loan, which is actually a three part loan that helps pay for not only home loans, but also the down payment and closing cost fees too. This news was amazing for us. We would be able to purchase a home with essentially no money down. From that point on, everything moved very quickly.
Being that we were first time homebuyers, young, and very new to this entire process we didn’t have a realtor, nor did we know how to find one. This is when our lender put us in contact with Glenn and Carol Macayan. That same day we received texts and emails full of listings and open houses, and made arrangements to go house hunting on the weekend. The first weekend we visited five homes, and put in bids on two of them. But Noel and I learned very quickly that home buying is not as simple as liking a home and putting in an offer, especially because we were looking in a sellers market. We were discouraged after being outbid on a home we really, really liked. But Glenn reassured us to keep looking and there may be something else we find that we actually like better. After a few more weekends of house hunting, we finally got in contact with a home that was being sold by the homeowner.
We got in contact with the seller, and set up a meeting time to view and discuss the home for sale. She gave us a tour, and we talked for quite awhile. Although the home for sale was not in the best shape, Noel and I immediately noticed its potential. It was also the first time in the entire process that we felt really comfortable because we were able to meet a seller in person. Talking with her gave us an opportunity to bond, and explain a little bit about ourselves. This really helped us because she became invested in our family and our situation. She knew that her home would go to a humble, loving family. Until this point, the home buying process felt very impersonal and a bit overwhelming. But after that day, Noel and I knew that this house was the one for us. Glenn warned us that the process may be difficult and different than most because we were dealing directly with the seller, but he was willing to do whatever it took to help us purchase our dream home.
Fast forward through a lot more paperwork, endless emails, countless signatures, multiple negotiations, home inspections, and a lot of anxiety later, we are officially First Time Homeowners! We purchased a small, single family home, with three bedrooms, one bathroom, and a real kitchen. The backyard is big and beautiful, and the kids absolutely love playing in the grass with all of their water toys and bikes too. Every weekend we have had little home projects to complete, but Noel and I couldn’t be happier. We finally have a roof over our head that will not be taken from us because it is all ours. We look forward to all of the memories that our family builds here.
My husband and I still feel like it is all a dream, too unreal to be true. But we are excited to announce that we have finally made our first mortgage payment, and in deed our little home is ours now. We are so grateful for Glenn and Carol and for all of their help throughout the entire process, we wouldn’t be in our home today without them.
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