Our community buyer, R.E.A.C.H., met a 68-year old veteran through a local source familiar with their program. They interviewed him and learned he is 100% disabled from PTSD and had never owned a home. He wanted to live in the historic “alphabet streets” of Lake Worth as he has friends in the area and the neighborhood offers restaurants and shops within walking distance. R.E.A.C.H. began watching REOMatch for properties and when this home came up they were determined to obtain it for him.
This small, 848 square foot single-family home built in the 1950’s was dilapidated and at first inspection the best solution seemed to be demolition. The roof needed to be replaced, the floors were falling in, there were no windows, and no kitchen or bath remained. The property also had $100,000 in municipal violation fines. However, R.E.A.C.H. had the veteran drive by the property to ensure it would fit his needs, and he said this would be his dream home. The R.E.A.C.H. team then worked with the Mayor of Lake Worth, who waived the fines.
R.E.A.C.H. introduced the new homeowner to the general contractor and allowed him to select the home’s finishes. He was at the home every day to watch the renovations. In the end, R.E.A.C.H. spent $75,000 on rehab which included a new roof, new impact windows, a new enclosed porch with air-conditioning, a new bathroom, and a new kitchen with appliances of his choosing. The home is in an historical area so care had to be taken in permitting and approvals. Now the veteran has joined the Historical Preservation Committee as a proud homeowner. R.E.A.C.H. partnered with the Florida Community Loan Fund for the repair funds, and Suntrust Bank provided a VA loan. The State of Florida waives property taxes for a 100% disabled veteran so he has no real estate taxes to pay. His income is at 50% AMI.
“To take a foreclosed property, a construction team, and a city and state regulatory system, and reconstruct a home with high-grade electrical and plumbing systems, modern impact glass windows, and a high quality roof in a middle class neighborhood, then deliver this to the end buyer (me) – you are doing good things for our veterans and community, and very importantly, I have a new home with equity,” said the veteran. “Thank you R.E.A.C.H.”
According to Patricia Tracey, CEO for R.E.A.C.H., “It’s a privilege to be on the ground working with our wonderful veteran community.”