Happily, I can say that, when everyone takes the task seriously and acts responsibly, the success rate is virtually 100%. Occasionally, though, life circumstances intervene–a partnership breaks down, or a source of income is lost—leaving the client unable to complete the deal.
The bottom line is: It is important on the part of all concerned to do their due diligence in advance and set up a situation in which the likelihood of a successful completion, and a truly win-win-win conclusion, is maximized. We always try to do that, and reject many opportunities that we feel will not lead to a successful outcome.
So, even though we expect success from the very beginning of a deal, it is still a time for celebration every time a deal successfully closes.
That happened again last weekend for a happy couple in Chilliwack.
Three years ago, they were challenged both with credit scores, high outstanding debt and insufficient funds for a down payment. But they both had good jobs, paying them the income they would need. So we agreed on a three-year lease-option, with a formula to help them reach mortgage eligibility.
They found a great property on Chilliwack’s west side that was an ideal home for them, as well as a very good investment for the future. And we were successful in buying it on their behalf.
They took the situation seriously, working very hard to meet their obligations. It wasn’t easy for them to pay down those debts and also save up a big chunk every month to accumulate an adequate down payment. But they persevered.
They were also helped by the appreciation in market value of the property, making it easier for them to qualify for the mortgage.