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Real Estate Deal Analysis & Advice

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Eboni Allen
  • Real Estate Broker
  • Tacoma, WA
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34
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From bad credit to buying a house

Eboni Allen
  • Real Estate Broker
  • Tacoma, WA
Posted Jun 28 2016, 20:48

Don't Let Bad Credit Deter You

So if someone asks me what my real estate success is, I can tell him/her that I have done one deal so far - buying our first family home in 2014. Around Jan/Feb 2014 my husband and I had credit scores that looked more like what you preheat your oven on to cook a pizza or broil some chicken.  We couldn't even get a department store credit card. But to make a long story short, within six months we cleaned up our credit raising each of our scores 100+ points. We used a free credit tracker, some due diligence, persistence, lots of phone calls, lots of letters, crediotr negotiating, networking, lots of questions, and the list goes on.  It took about 9 months total to clean up our credit, accumulate some positive payment history, qualify for a loan, make an offer on a house, close and get the keys! So we close on our house and moved in November 2014 to our remodeled 1928 1.5 story. It helped we had an amazing loan officer who brainstormed and worked super hard to get the deal to pan out. And we had a generous listing agent/investor who's only concern was to solve our problem going so far as to sacrifice his commission. (I want to name drop and give him Kudos on this post but I don't know if that violates BP's R&Rs. So I look forward to the day I can bring him a deal and make him some money).

Now only 18 months later our home value has increased nearly 30%! On the one hand it makes me nervous about a newly forming bubble. But on the other hand, thank goodness for the equity! We are happy we didn't give up and become disheartened due to bad credit! So for everyone else out there in a similar position to where we were in 2014: identify your obstacle, destroy your obstacle and go full speed ahead towards your goal(s)!!

*I am not a credit repair expert. I am assuming my results are not typical. Sharing my experience is to inspire hope. 😊

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