I've got a listing down in spring hill. Of course it's a Bank of America Short- Sale. Forget that whole "co-op" 14 day-we'll get back with you talk.... their just as screwed up interdepartments as the rest of em'!
Well- we're negotiating this thing along and yikes- (big surprise) buyers are getting anxious. It's only been not even 2 months, but their ready to CLOSE!! They want to move in early....OR ELSE....
My client doesn't want to lose the buyers and wants to make them happy, but I stop and think for a moment.... "Is this REALLY a good idea??"
Problem 1: my client is HAFA- BOA placed him in it...then back out of it....now back in it.... "segmentation" is the term they're calling this now-a-days right? So if my client moves OUT, then what happens to HAFA if he's no longer owner occupying?
Problem 2: He has to go get an apartment....this is a short sale where he's still completely current in payments- so then he'd have to go pay MORE for an apartment. What do the buyers do? Do they contribute on the mortgage, or is that deemed as extra income for my client and squashes his entire hope of an approval? Not to mention his costs of moving....
Problem 3: What if the buyer's move in and then a.) the short sale DOESN'T get approved, or b.) they just plain decide they don't like the house?? I can already tell they'renot 100% on the home anyways, and I look at early move-in's like I do lease purchases: testing driving a car before you buy is OK with cars- NOT SO GOOD with houses.... (and hey, I'm sure if they let you test drive some cars for 12 months too....they'd never sell either!!!)
I advised my client that this early move-in was a BAD IDEA and despite that we may not be able to secure another buyer (which you never know...could happen) It's listed below market value, shows like a model, and the first folks came along in the first week of it being on the market. I say, "Hold your horses buyers and be PATIENT or find another house....." We weighed the pros and cons together...I simply feel the cons outweighed the pros.
fyi: I have done one another early move-in on another short sale....believe me, i was NERVOUS the entire time...that's why I just don't know if I want to do another one....
Thoughts and suggestions are welcomed on this one....
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