Agent Lady team member Brittany Loeffler writes about the reality of buying a home in Philadelphia through a series of short stories.
Cash is King
Harvey Wilson knew since he was in high school that he would never get a mortgage, especially on his first house. Since seeing his parents struggle during the Great Recession in 2008 and defaulting on their mortgage payments, he vowed to never be put in that situation. The foreclosure on their family home and financial struggles led to his parents’ ugly divorce, forcing him and his siblings to split holidays and keep them separated at monumental events, like his little sister’s college graduation.
After graduating from Temple University’s Fox School of Business, Harvey accepted a job as a finance analyst in the business district of Philadelphia’s Center City. Dedicated and hard working, Harvey lived frugally with the salary he had and kept a simple lifestyle even with the multiple raises and promotions within the company. Now, at thirty-five years old, he had saved enough money to buy a house for him and his fiancé to live in with cash.
When mentioning his plan to one of his coworkers, he received the eye roll that was bound to come out in this conversation. Nobody seemed to believe that in this economy people could even have enough money in their bank account to even put a down payment on a house, much less buy an entire home in cash. Though the eye roll offended Harvey, he took down the recommended realtor his coworker offered and gave her a call.
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They called her the Agent Lady. Her website was sleek and the testimonials were fantastic. Harvey decided to give her a try, even though he had heard horror stories of working with real estate agents. His family encouraged him to buy a house without an agent, but he knew that there was too much paperwork and policies that he was unfamiliar with to get by without an agent.
He scheduled a free buyer consultation with Cherise, the Agent Lady of Philadelphia and explained his plan. “I want to buy a house in cash.” To his surprise, Cherise had no reaction, except for nodding her head and pulling out a folder from her briefcase.
“Perfect. That cuts out a whole step of the process. Mortgage lenders can be pains anyways.” Harvey knew that he had found the right agent to work with.
“Great, so I was thinking of buying somewhere still up and coming. I’m okay with buying something that needs a little cosmetic work, but not a full rehab. I just want to be guaranteed that the property value will go up within the next decade,” Harvey explained.
“Well, you’ve really put some deep thought into what you want,” Cherise observed, impressed.
“Yes ma’am. Since I graduated high school.” The two chatted about some areas where he should look and what the best price range would be. Cherise reminded him not to spend all of the money he saved on the just house because there were still closing costs, repairs, and the home inspection.
Over the next couple of weeks, Harvey and Cherise toured different houses in Point Breeze, Brewerytown, and Olde Kensington. Harvey loved the idea of buying in Brewerytown, especially because of the ample amount of new construction. However, the homes in Point Breeze were more in his price range. He didn’t want to buy new construction and have it drain his bank account. He found a great three bedroom, two-story house just a few blocks away from Point Breeze Avenue. After taking his fiancé to the house, they decided to make an offer. Worried that someone was going to offer more for the house because they decided to get a mortgage, Harvey could barely sleep the next few nights until they heard back from the sellers.
“You got the house! We have it under contract!” Cherise chirped through the phone. A heavy weight disappeared from Harvey’s shoulders. He couldn’t believe that he was finally going to go through with his goal. He was finally going to own a house that he bought in cash. To all of the people who didn’t believe in him over the years, he wanted to shove his new home in their face. His family, though supportive now that the deal was actually going through, always doubted him. Now he felt invincible.
Settlement came and went and Harvey and his fiancé started their new life in their new house. It was almost surreal. They sat on the couch watching a late night talk show when his fiancé said he words he loved to hear, “I’m so proud of you.”
About Brittany: Brittany is the super organized (and awesome) office and marketing assistant that helps home buying and selling clients have the best experience possible. She also shares her creative side by writing compelling short stories about the home buying process that are loosely based on actual client situations. Expect to receive emails and phone calls from Brittany if you decide to work with the Agent Lady team to buy or sell a home!
