Rose Buys a House

20 Pages Posted: 9 Jul 2019

See all articles by Gregory B. Fairchild

Gregory B. Fairchild

University of Virginia - Darden School of Business

Tierney Fairchild

Independent

Christina Black

Independent

Liz Ivaniw Jones

University of Virginia - Darden School of Business

Abstract

Rose is a single, 35-year-old social worker from Virginia who has decided to foster two small boys, with the goal of eventually adopting them. She lives in a two-bedroom apartment, which she knows does not provide the space she needs to accommodate the boys. She has been thinking about buying a house for a while, and her decision to take in the boys is the catalyst that causes her to take the next step and visit a mortgage loan officer to see if she could be approved for a mortgage. This case guides participants through the home-buying process, focusing especially on mortgages.

Excerpt

UVA-F-1872

Jun. 26 2019

Rose Buys a House

Rose's Decision

Rose was a single 35-year-old social worker in the Roanoke, Virginia, area. She worked with children to find help for them and often had to place them into foster care. She had a new case of two small boys, Richard (age 7) and Michael (age 4), whose parents had been killed recently in a car accident. After digging into the boys' family tree, Rose discovered that neither of their parents had any living relatives. Both parents had been only children, and both sets of grandparents were deceased. Richard and Michael's parents had some friends who lived in the Roanoke area, but none of them were willing to take the boys. Rose had to put them in a group home until she could find a foster family who could take them.

Richard and Michael were really struggling with living at the group home, as well as with their grief over the loss of their parents. The more time Rose spent with these two little boys, the more her heart broke for them, and she grew to love them. She kept reminding herself to remain detached and professional, but she found herself loving them more and more each time she saw them. She found this very strange; normally she could remain detached when placing children. This time was different, though. These boys were bright, sweet, well-mannered, funny, and kind.

. . .

Keywords: Resilience Education, home buying, mortgage, loans, social work, budget, credit score, debt-to-income ratio, renting, real estate, property, personal finance, fixed-rate mortgage, adjustable-rate mortgage

Suggested Citation

Fairchild, Gregory B. and Fairchild, Tierney and Black, Christina and Jones, Liz Ivaniw, Rose Buys a House. Darden Case No. UVA-F-1872. Available at SSRN: https://ssrn.com/abstract=3416908

Gregory B. Fairchild (Contact Author)

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

HOME PAGE: http://www.darden.virginia.edu/faculty/fairchild.htm

Tierney Fairchild

Independent

No Address Available

Christina Black

Independent

No Address Available

Liz Ivaniw Jones

University of Virginia - Darden School of Business

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

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