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By Gary Kelley
With apologies to Greek fabulist Aesop, today we’ll share a true (yet redacted) story of The Tortoise and the Hare.
The Tortoise rented and wanted a home for the family. The Hare didn’t like renting and was always “too busy” to find something else.
The Tortoise got a loan preapproval from a reputable firm, the Hare was “too busy” for preapproval.
The Tortoise spent years looking at properties. As prices and interest rates fluctuated Tortoise’s affordability fluctuated. This was frustrating to the Tortoise who persevered looking at homes. The Tortoise even spent time calculating when a pay raise would come, and the size of the pay raise. The Hare was “too busy” to focus on a career.
The Tortoise found a wonderful home in Hopkinton and offered! Offer accepted! On to the home inspection. Alas, the home inspection turned up evidence of past termite damage. After consulting multiple experts, the seller of the Tortoises target home repaired the damage! Buyer also patiently waited for the Hopkinton Building Department to retrieve the building records showing no open building permits!
The Hare was stunned. The Hare found out the apartment building was being sold when the “For Sale” sign appeared. No worries said the real estate agent, any new owner will want to keep you as a good tenant. Good news, as the Hare was very busy and couldn’t be bothered to find another home. Sadly, the new owner wanted to raise rent by nearly double, causing the Hare to panic.
The Hare rapidly looked at a few properties and found one checking all the boxes. Worcester has building records online and two open permits were quickly closed. An offer was constructed in hours. Since the Hare hadn’t been pre-approved for a mortgage, family members were brought into the mix. As this had to be done very quickly, the offer was all cash, with no mortgage or inspection contingencies and a quick close. The seller was thrilled and immediately accepted the offer.
Alas, the Hare had a previously undisclosed debt preventing participation in the transaction. The Hare can’t be on the deed. The family members decided to move forward with the transaction, preferring a mortgage to cash. They had to quickly arrange a mortgage to be able to fulfil the quick close requirement.
Fast forward to now. The Tortoise is in their new home, ready for the new school year and contemplating wall colors. The Tortoise’s planning, patience and persistence has paid off.
The Hare? The Hare’s relatives now own an empty home. The Hare is “too busy” to pack and move. The Hare’s family feels they’ve done enough. The Hare’s original landlord has offered “cash for keys” to incent the Hare to move. The Hare is facing eviction.
The moral of the story? Realtors can help those wanting to be helped and can certainly guide and chide others. And if the Hare believes they are “too busy?” It will take a compelling event to get the Hare to focus…and at a far higher cost over time. Buying a home takes time, and it can be fun with planning.
Scene Vectors by Vecteezy
Need tools for home search: MoveWithGary.com
Gary is heard on WCRN AM 830 and/or seen on WMCT-TV and Westborough Community Television discussing “All Things Real Estate.”
If you need advice on selling your home or buying a new one, give us a call 508-733-6005.
Gary Kelley
REALTOR®
508-733-6005
MoveWithGary.com
