I have a client come to me and ask “can you help me find a rental house for me and my family?” The woman is the mother of 9 children two of which are over the age of 18 years.The youngest is under 1 year. The woman and her husband of 21 years have never owned a home of their own. I asked the woman some basic questions about the family combined income verses outgoing expenses and discovered they have enough funds to afford a home of their own. The woman then began to explain some of the family difficulties surrounding past credit issues.
So, I suggested we could see if your daughter would qualify to purchase under her income and because you and your entire family would reside under the same roof everyone would pitch in and cover living expenses and cost. Besides this is what the family has been doing for years anyway and the woman said yes.
Now as a real estate agent it is important to learn how to pre-qualify the person or individuals first before you invest time and energy into a client or potential client. So I questioned the woman some more only to find out that there is a bankruptcy involved, 12 people living in a two bedroom apartment and some other issues pending.
It is going to be nearly impossible to find a 3 bedroom apartment that will accept 12 people. It would be better to attempt to qualify the family for a two on a lot piece of property.
It is at this point that you must make a decision. If you are not sure what exactly you should do, ask your broker for directions. Remember to be honest.