Turning Renters into Buyers
Owning a home is never out of reach, thanks to Prudential’s seminars, down-payment options
BY LISA SCONTRAS
Kicking yourself for not buying that threebedroom house because you decided to continue renting? And now, not only has your rent gone up, but you are short on down payment cash because you bought a new car, which has done nothing but depreciate since you drove it off the lot.
Sound familiar? Many local residents, including renters and singles, recently bought their first home and joined the many Americans who took advantage of stabilized prices and low interest rates. Yet others feel like they are missing the boat. After all, how can you buy a home when you have no cash? What resources are available? If you want to jump into homeownership now, while prices and mortgage rates are down, can your real estate agent and loan officer really work miracles? You bet.
Toan Doran, Realtor and partner at Prudential Locations, tells two stories where a little creativity turned renters into buyers.
In Doran’s first example, he was able to coordinate with the seller to advance his buyers enough money to make most of the down payment needed to close.
“Our confidence level was low, but Toan was persistent and ultimately it paid off,” says Doran’s buyer. “It was several things that all came together the right seller, the right Realtor and the right banker to help us come up with needed funds.”
Even after hearing stories like this, some still believe homeownership is simply out of reach.
But don’t tell that to Victoria and Alex Agustin, Doran’s second example. A few years ago, he helped the Agustins to buy not one but their first six properties all of them single-family homes. Today, they’re living in one and renting out the other five. Victoria Agustin says the tenants pay the mortgages and there is still some pocket change left over.
“We took a risk to see if we qualified,” remembers Victoria Agustin. “We were pretty shocked ourselves … we’re just regular people.”
Agustin says she and her husband just decided that it was time to start planning for their retirement even in their early 30s and are making a case for raw determination. “It’s all about what you want in life,” says Agustin. “We saw how hard it is to make money and how easy it is to spend it. And we just decided that we might as well spend it on something that will bring money back in.”
Determined to make a go of it, the Agustins worked hard and saved money for down payments, and the hard work paid off.
Doran, the Prudential Locations agent who helped these young families fulfill their dream of home ownership, says one of the key reasons holding people back is a fear of the unknown.
“It’s human nature to shy away from unfamiliar territory,” says Doran. “Many firsttime buyers tell me that they are so intimidated by the home-buying process because there is so much involved. They don’t know where to begin so they end up not taking any action at all. That’s why we offer first-time homebuyer seminars at various locations on Oahu.”
Prudential Locations’ next seminar will be March 21 from 6 to 8 p.m. (check-in at 5:30 p.m.) at the Pearl
Country Club. To register, call 377-4642.
Victoria Agustin agrees. She says she doesn’t think they could have done it without their Realtor and loan officer.
“They gave us direction,” she says. “They really wanted us to succeed. A lot of people told us we couldn’t do it. That just motivated us more.”
Doran’s advice to clients today is simple:
“Mortgage rates are at a 40-year low, which basically means money is on sale,” says Doran. “Don’t miss the boat this time around because we may never see these low rates again in our lifetime.”
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