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The Upside of Foreclosure

FirstTimeHomebuyers wide The Upside of Foreclosure

Las Vegas Realtor® John Brassner recently shared a story of how one person’s misfortune can become another person’s dream come true for a young first time homebuyer.

“My favorite part of selling homes is when you help people achieve their dreams. Back in September I got a call from Kevin Garda. He had just had a bad experience with another real estate agent and a short sale property that he put an offer on. I told him and his girlfriend, Christina, that I would be happy to find him a home and I was thrilled that he already had been approved for an FHA loan. When I met them, I knew they looked young but I didn’t know what age until recently; Kevin is 23 and Christina is 25!

Anyway, within just a few weeks we had an accepted offer on a great single-story previously foreclosed home in the very low $100’s. Kevin is paying less on his mortgage then he was paying rent previously. And the most exciting news: after putting the home in escrow, Kevin put an engagement ring on Christina. The two are planning to get married soon.

This transaction made me reflect about today’s market. Yes, there are a lot of foreclosures and short sales in our market. I should know, I have done plenty of short sales for my clients. But there is also a positive side.

With the median home price in February being $128,000, homes are more affordable than they have been in a long, long time. Kevin and Christina were able to buy their first home in a neighborhood they wanted to live in and pay less than rent. And, I look forward to helping others do the same. That couldn’t have happened in 2005.”

Click here to read more blog posts by John Brassner.

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