The summer of 2022 shimmered with promise for Nick and Sharon Livingston. Newly married and full of dreams, they found their perfect starter home in Rock Hill, SC – a charming three-bedroom ranch for $300,000. Using a local down payment assistance program, they finally became homeowners. The program was a fantastic opportunity, offering a forgivable loan of $10,000 after seven years of residency. However, there was a catch: if they sold before five years, the entire amount was due back.
Life, as it often does, had other plans. Just as they settled into their new life, Nick received a promotion – a fantastic opportunity, but one that required a move to Washington, D.C. The company generously offered to cover some moving expenses, a welcome relief. Excited about the future but facing the reality of selling their home, Nick and Sharon contacted the real estate agent who had helped them buy the house. They listed it, hoping for a quick sale.
Unfortunately, the timing couldn’t have been worse. They had bought at the peak of the market. While they’d diligently made their mortgage payments, reducing the principal balance by $6,000, the market had softened. Buyers were scarce, and offers were far below their asking price. With little room to negotiate, they reluctantly took the house off the market. The $10,000 down payment assistance loan loomed large, a heavy weight on their shoulders. They faced a difficult dilemma: how to move for Nick’s dream job without being financially devastated.
That’s when they discovered Fairway Home Buyers and their mortgage takeover program. It was a lifeline. Fairway Home Buyers recognized the potential of their property and were able to work with them to take over their existing mortgage. This solution meant Nick and Sharon could sell their home without having to come up with the cash to repay the down payment assistance loan. It was a huge relief. They could accept Nick’s promotion, move to Washington, D.C., and start their new chapter without the crushing burden of debt.
We, at Fairway Home Buyers, were able to purchase Livingston’s home, providing a win-win solution. They were able to move on with their lives, and we were able to help a young couple navigate a challenging situation. It’s a reminder that sometimes, the best solutions are the ones that think outside the traditional real estate box.
Find out how we can help you sell your house even if you lack equity.