Few things are more frustrating than the plight of a would-be West Palm Beach home buyer who can easily afford to buy a listed West Palm Beach home—but not right this minute. The delay might be due to a temporary cash-flow crunch, a legacy windfall that will absolutely happen (but not until 26 months from now), or any one of a number of other common scenarios.
Buying That West Palm Beach Home: Avoiding Ultimate Frustration
The frustrating part isn’t just the immediate disappointment of missing out on the delight of moving into a home that’s a perfect fit—but also realizing how the inability to buy that ideal property will wind up costing a serious amount of cash. The house will certainly be sold during the interim 26 months, so that particular opportunity will be lost for good. But equally galling is the impact on the family’s bottom line if you are stuck renting during the interim. Those rent dollars will be heading out the door with no equity having been built up in your name—not to mention all the tax dollars you haven’t been able to deduct every April 15.
That may seem to be the summit of frustrating circumstances—but there is an even more frustrating homebuying happenstance. It’s when there really had been a way to make the purchase—only you didn’t know about it. That is the ultimate!
Preventing such a lost opportunity could have been as simple as having contacted a knowledgeable real estate professional—one who would have been able to point out a special program or strategy that was available back when you needed it. In the above situation, a local lender might have been offering something like a Temporary Buydown program. Without going into all the qualifications and exceptions that might apply, a temporary buydown can be a seller-financed up-front interest payment that lowers the interest portion of a fixed-rate mortgage for a year (or two, or three)—after which the reduced payments revert to the full rate. That’s one example, but others are offered from time to time. The takeaway here is that most buyers “don’t know what they don’t know”—a defect that’s easily corrected.
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The ins and outs of real estate buying and selling take years of experience to master—but tapping into that knowledge is just a phone (561) 316-6800 call away. In other words: why not call?
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