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First Time Home Buyers in Ontario | Françoise Pollard

“I don’t have the down payment and the properties I can afford need to be renovated”

Tom and Jane Spence, a young married couple in their early 30’s was referred to Françoise by a previous client. They had been living in a basement apartment for quite some time and wanted to purchase a home. Françoise arranged for her mortgage broker, Kristen Gignac to meet with them at her office. Like most first time home buyers the Spence’s were not aware of the many home buying programs that were available. After speaking with the Spence’s Kristen was was able to provide them with several options that would fast tract the home buying process for them.

Listed below are a few of the challenges that were revealed at the meeting:

  1. They had some savings but didn’t have the full down payment;
  2. Debt needed to paid off ;
  3. The maximum purchase price they could afford;
  4. The homes that they liked in their price range would need renovations;
  5. They didn’t have the funds to do the renovations.

Françoise’s and Kristen’s first task was to source the down payment for Tom and Jane. This was accomplished by using one of the many home buying programs available to first time home buyers. Kristen then had to find a lender that was willing to provide the Spence’s with a suitable mortgage that would fit their specific requirements.

With the pre-approval in hand Françoise and the Spence’s were able to start searching for homes in Brampton. It took Françoise approximately three weeks to find Tom and Jane a freehold townhouse that was listed below their budget. The property was in bad condition however it had a lot of potential. Françoise quickly discovered that the sellers were going threw a nasty divorce and were desperate to sell the home quickly and move on with there lives. She and two other agents registered offers which were all declined. One of the sellers’ felt the offers were too low and that they could get more. The following week the house was still on the market and after speaking with the listing agent, Françoise registered another offer and increased the offer slightly. The offer was accepted.

One of the conditions outlined on the Agreement of Purchase and Sale was that a home inspection be done. It was completed and a list of repairs were revealed. Françoise suggested to the buyers that they ask for a reduction in price and the sellers agreed.

Four months later and with the help of another program available to home buyers, Kristen was able to provide them with a cheque that covered the renovations. The value of their home has now significantly increased and they plan on selling their home within two years.