Virginia Beach Home Loans: Get creative!

Get creative!

I have have a client who is seeking a home loan for the purpose of aquiring a foreclosed upon property. His plan is to renovate it then either flip it or rent it. He has not decided yet. Unfortunately he was laid off just prior to getting ready to close. He is laid off every winter. This winter everyone in his area who works in a similiar capacity is being laid off early.

He is also rehired every summer and has averaged around the same annual income for the past six years. I decided to get creative and contact his employer. I asked them to sign a contract of employment that I wrote myself. It did not bind them to anything that they were not already prepared to do. I submitted the contract of employment and told my borrower that I would have an answer quickly. The answer has not come so quickly, Underwriters are really analyzing every detail.

I am not sure if a contract of employment will suffice or not. I have used contracts of employment on multiple occasions for people such as teachers and professors who are getting their financing done in the summer. I was about to let the loan file die, but I wanted to give it one last shot before I canned it. I just got word back today that the contract for employment will be ok. When you are faced with a difficult situation like this; get creative!


Christopher Ohlsen

37 Boynton Ave

(845) 243-5293 (Office)

(518) 565-0799 (Cell)



Comment balloon 3 commentsChristopher Ohlsen • September 25 2007 07:37AM


Since I'd want someone to tell me if I have spinach on my teeth, I'll return the courtesy and let you know you spelled "creative" wrong in your title :-)

Good post though, and am glad to hear it worked out for your client!

Posted by Kris Wales, Real Estate Blog & Homes for Sale search site, Macomb County MI (Keller Williams Realty - Lakeside Market Center) over 11 years ago

Kris -:) Thanks didn't notice. Me too; Its worth going the extra mile. It puts more money in my pocket and keeps my clients happy.

 James - Something like this is very handy for those people who regularly get laid off during the winter such as; Carpenter's, Excavater's, and Landscaper's in the same way that it is useful for teachers.

Thanks for the comments!

Posted by Christopher Ohlsen (Credit Werx, LLC.) over 11 years ago
good try, I hope this works out.  I had not though of something like that but it is a good idea for this situation.
Posted by New Jersey Real Estate James Boyer Morris, Essex & Union County NJ Realtor (RE/MAX Properties Unlimited, Real Estate) over 11 years ago