Coldwell Banker Realty and Guaranteed Rate Affinity Work Together to Help Siblings Fulfill Their Dream of Homeownership.
Coldwell Banker Realty and Guaranteed Rate Affinity make the perfect team for anyone looking to buy and own their own home.
When a former classmate reached out to Coldwell Banker Realty agent Sean Roberts on Facebook, Roberts was excited—a lead! His classmate had seen his posts about real estate and wondered if Roberts could help her mother buy a home. While you never know where an inquiry like this might end up, Roberts had no idea at the time that it would be one of the most unique and complex deals he’d ever heard of, let alone that he would be a crucial part of its success. And it would prove that it is never too late to attain the American Dream!
Roberts’ business is in Huntington Beach, California, a city southeast of Los Angeles. The buyer was looking for a home more inland in the Anaheim or Norwalk area. While more affordable than the beachfront areas of Greater Los Angeles, these markets remain expensive, especially for buyers like Roberts’ who was a senior with a single income.
This was the challenge when the buyer found the home she loved—a three-bedroom home at the end of a quiet cul-de-sac with tons of natural light. The price tag was steep at $700K and likely to go at full ask. But the buyer had a solution: Her siblings would live with her, and they’d all contribute to the mortgage, taxes and utility costs.
Siblings owning homes together is not incredibly uncommon. Siblings will become partial owners of a property due to the death of a parent or will assume partial ownership over time. But what was uncommon about this deal is there were FIVE siblings, each hoping to own one-fifth of the home. They had already been turned away by several lenders. How could a deal like this be architected so the home seller would have confidence in choosing the siblings’ offer? Enter Coldwell Banker Realty’s lending partner, Guaranteed Rate Affinity (GRA).
When Roberts approached GRA with the challenge, their immediate reaction was, “Let’s get this done.” GRA worked with their underwriters and leaned on Roberts to make sure the siblings had all their documents organized and ready to go.
With five siblings all over the age of 60 being first-time home buyers, it took a lot of hands-on support to obtain the correct documents, get them signed electronically and ensure that all the details were in order. Roberts and the lending agent remember the siblings taking every call and meeting together—as a team. They would all sit down at their dinner table and call the lender and Roberts, who knew they needed to take that call or else they would have to wait till tomorrow’s dinner roundtable.
In the end, the five siblings were successful in securing the loan with GRA and had their full-priced offer accepted. They now get to live the American dream of homeownership together, aging in place alongside each other. They are all on the title of the home equally.
Roberts can’t believe the incredible support GRA provided. This was an intricate deal that required securing a specialized loan and guiding clients through every step of a complicated process and the technology involved. But Coldwell Banker Realty and Guaranteed Rate Affinity made the perfect team to secure the siblings their first home and their future enjoying their golden years together.
Visit coldwellbankerhomes.com/mortgage to get pre-approved with Guaranteed Rate Affinity or find an agent.
