Case Study: Overcoming Financing Challenges for a First-Time Out-of-State Buyer
Jessica, a freelance practitioner whose business had transitioned to Zoom sessions post-COVID, faced significant stress during her relocation to Chicago. With her child starting a new school in September, she needed to find and close on a home quickly. Despite her challenging situation to get as a freelancer to qualify for a loan, Jessica was determined to make the move smoothly and provide stability for her kids. As her agent, we ensured she never felt defeated by actively leveraging our resources and connections to find a lender who understood her unique financial situation. We provided continuous support and strategic solutions throughout the approval process, ensuring she remained hopeful and confident in achieving her goal.
Challenges
Financing Difficulties: As a freelancer, Jessica struggled to secure loan approval. Many lenders were hesitant, focusing on traditional employment verification rather than her actual financial stability and potential.
Time Constraints: With her child’s school starting in September, she needed to complete the home buying process by late July to ensure a smooth transition.
Multiple Offers: The competitive Chicago real estate market meant that the client would likely face multiple offer situations, requiring a strong and well-structured offer to succeed.
Solution Approach
Connecting with Preferred Lenders: We introduced Jessica to one of our preferred lenders, who was known for evaluating applicants holistically rather than just by traditional metrics. This personalized approach was crucial in assessing her unique financial situation as a freelancer.
Property Search and Offer Strategy: We compiled a list of properties that aligned with her needs and preferences. Once we identified the ideal home, we crafted a compelling offer to stand out in the competitive market.
Advocacy and Support: Given the complexity of the client’s situation, we took an active role in advocating on her behalf. This involved liaising closely with the lender to ensure they understood her unique situation and pushing for a favorable outcome.
Outcome
Successful Loan Approval: Thanks to our preferred lender’s understanding and advocacy, Jessica’s loan was approved, and she received the final clear to close.
Home Purchase: Despite facing a competitive market and multiple offers, we secured the right property for her through a well-tailored offer.
Timely Closing: The closing was scheduled for the end of August, allowing Jessica a few days to move in before her child’s school started.
Client Feedback
Jessica expressed immense relief and satisfaction, acknowledging that without the dedicated support and expertise from our team, achieving her goal would have been impossible. She highlighted the significance of having the right people in her corner to navigate such a complex process.
Conclusion
This case exemplifies how personalized support, effective advocacy, and strategic problem-solving can significantly impact a client’s experience in a challenging home-buying journey. By addressing her unique circumstances and providing tailored solutions, we were able to facilitate a successful relocation and home purchase for our client.
