Agent Lady team member Brittany Loeffler writes about the reality of buying a home in Philadelphia through a series of short stories.
Wait for the Commitment
Jerry and his wife Laura were just two weeks away from the settlement of their very first home purchase in the lovely neighborhood of Fishtown in Philadelphia. After going through the renting process one too many times, the couple decided it was time to invest in themselves and their newly formed family. Instead of renting a three-bedroom apartment, they decided it was time to settle down and have a place for their one-year-old daughter to have a place to grow up and create memories in.
If it weren’t for their lovely realtor, Cherise Wynne, who was known around Philadelphia as the Agent Lady, they wouldn’t have had the patience or time to look for a house. Jerry was a very busy discrimination lawyer who worked long hours in Philadelphia. Laura was the head of the mathematics department at Drexel University. What the couple loved about working with Cherise was that she was always on top of issues, deadlines, and explained the home buying process in simple terms. There is no question that Jerry and Laura would recommend the Agent Lady to anyone buying or selling a home in Philadelphia.
Just as Laura was about to close her email, she received an email from Cherise. “Jerry!” she called to her husband who was in the kitchen feeding Lola her breakfast. Jerry walked into the office and put his hand gently on his wife’s shoulder.
“What is it?”
“Cherise just emailed us. The seller’s agreed to fix all of our requests after the home inspection came back!”
“That’s amazing! I already negotiate too much as it is,” Jerry laughed as he remembered he had a meeting to get to soon. In a short amount of time, the couple would be living in their new home with all repairs requested made.
It was on Jerry’s way home from work that he slowed down by the Audi car dealership he drove passed everyday. He had had his eye on a beautiful, sleek black sedan with a white leather interior for weeks now. They were in need of a new car in the near future, but the conversation was put on the back burner so they could focus on buying a house. With the excitement of knowing that their deal was going smoothly and the fact that he had just won a court case he had been working on for months, he decided to walk into the dealership and see about getting more information about the car.
In just two hours, Jerry walked out of there with the keys to a brand new car. He emptied out his previous car and transferred paperwork and baby toys into his new toy. Giving up his keys to the dealer, who convinced him to trade in his current car, he was off to go home and show his wife.
The thought of his wife being upset never crossed his mind. She was never one to get upset over decisions he made on his own. She had too much to worry about already. In fact, she was just as excited as Jerry was when she saw the brand new car pull in front of the house. She ran out with Lola in her arms and gave her husband a kiss. “Oh, it’s beautiful!”
New house. New car. New family. Life was perfect for Laura and Jerry.
Until their lender called just four days later. Their mortgage commitment deadline was coming up and he had run into a little trouble getting their credit score. Jerry answered the phone during his lunch break. “Joe, yes, how are you?”
“Not so good, Jerry. I’m having some trouble coming up with your mortgage commitment. Did you happen to make any large purchases recently?” Jerry dropped his fork. How would his mortgage lender know?
“I bought a car a few days ago.”
“I’m guessing it wasn’t in cash, was it?” Jerry shook his head.
“No, it wasn’t.”
“Well, Jerry. I typically advise clients not to make large purchases until after settlement since it can mess with your credit score, which then affects your interest rate. I don’t think you’re going to like what I’m about to tell you.” Jerry was shocked at the number his mortgage lender offered.
“Oh my God. I have to call my wife.” Jerry hung up the phone instantly and called Laura.
He explained the situation and it was the first time in a long time that his wife had gotten so upset. “We can’t afford that, Jerry!” After talking it over, they decided to give Cherise a call and explain to her what happened. She told them the decision to go through with the deal was theirs. They could still make it work, but may have to refinance in a few years.
Jerry and Laura sat at home that night, both with a glass of wine in their hands and talked about what they were going to do.
About Brittany: Brittany is the super organized (and awesome) 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.
