I could lose a sale today. A sale that's been in the works for 6 weeks. It's supposed to close in a few days, but the loan process has thrown a wrench in the works.
I represent the sweetest couple you'll ever meet. Fellow Texans, we relate as though we grew up together. I was looking forward to having them as part-time neighbors until they could retire here permanently.
This couple is golden . . . their credit perfect, strong, professional people, paid-for primary residence, no debt: absolutely golden when it comes to getting a mortgage.
The problem is that this dream property is comprised of two small houses on 16 acres of land.
We'd looked off and on for a couple of years to find just the perfect property. And this is it . . . one house can be lived in, the other rented, another small studio space, even a chicken coop for the chickens they want to raise. But the icing on the cake is the setting of the property. It overlooks the valley with the most incredible mountain views, and the landscaping is top notch. Gorgeous.
They found the perfect retirement situation. It's exactly what they want. They fell hard for it. Then came the loan process . . . and the comps. There were none for two small houses on 16 acres of land. The seller has kindly done a lot line adjustment so that the two houses are on one five-acre lot, with the remaining 11 acres a separate piece of property. The buyers would purchase the two houses on the five acres with their mortgage loan and the seller would hold the note on the other 11 acres with very reasonable terms.
This sounds like a very creative way to solve the problem. And these days with mortgaging so difficult, we agents are accustomed to being creative. The buyers, however, wanted the mortgage loan on the entire property, thinking it would cost them more in the long run to have two loans on the property.
I spent the entire 4th of July holiday getting figures for them for this scenario. In the end, the buyers would need to come up with an extra $4800 in cash, and their two monthly payments together would cost them only about $45 more than if they had one loan on the entire property.
I presented this scenario to the buyers and they're thinking about it.
As an agent here in Taos for over 12 years, I know not only what's currently on the market, but most of the properties that may never be for sale. I know this is a one-of-a-kind situation, and perfect for these wonderful people. If they decide not to follow through on this purchase, we will remain friends, and I will show them other properties. But, if they let this go, my greatest fear for them is that they will always be comparing other properties to the one they threw away for $4800 more in cash and $45 a month.
The moral of my story is this: Don't let your dream home slip away. Especially for just a few dollars. I've lived in Taos for over 15 years, bought my property before I knew anything about the market, and have since found I paid too much. But am I agonizing now for paying too much for my dream? Dreams are meant for living and enjoying. Don't let a few dollars keep you from yours. Life is short. Do anything you can to achieve your dream.
All best,
Katheryn Pate, Associate Broker, New Mexico Mountain Properties: 575-770-5023
