Friends don't let friends buy short sales....

By
Real Estate Agent with greg garrett realty.com

I just want to share a little story with you.  I have a good friend, we'll call her Connie.  Now Connie and her patient husband Juan decided they had to have a particular house in a particular neighborhood in York County in Hampton Roads.  This property is a great buy, about $50,000 less than it could have sold for if it wasn't a short sale.  So where's the problem?

Now Charlie, the listing agent, sounds like he has it all together.  He's in touch with the bank often, things are moving right along, painting us a promising picture.  So Connie and Juan do their inspections and appraisal all based on Charlie's confidence that the written short sale approval is going to be here any hour. 

That was 2 months ago and poor Connie and Juan are still shacked up living back home with her parents.  I can't even tell you the details of what this is doing to their love life (I write a PG rated blog).  Their lives are in storage.  So when do Connie and Juan cut their losses and move on?  Don't know.  We need to pray for patience and strength for this couple.  Right now Connie doesn't have much hair on her head left.

This story is to be continued........... 

If you are in need of a GOOD, SUCCESSFUL, HONEST real estate agent to help you sell or buy a home in Hampton Road, VA I would love to talk with you.  I have been working with buyers and sellers for 10 years and have been in the Top 10% of Realtors in the Virginia Peninsula Association of Realtors for several years.  

Posted by

Joyce Stokes, Licensed Real Estate Broker in Virginia, Realtor®, SFR (Short Sale and Foreclosure Resource), affliated with greg garrett realty.com.  To contact Joyce call 757.508.5944 or email at jstokes@greggarrettrealty.com.

Comments (5)

Brian Rugg
Rugg Realty LLC Sun City Texas 512-818-6700 - Georgetown, TX
Sun City TX Real Estate - Georgetown, TX Real Est

Hello Joyce:

 

I feel their pain. I rarely if ever hear someone tell a good/great story about their short sale experience.  Only they can decide, but moving on to a house that is really for sale may do them some good.

Aug 28, 2010 04:32 AM
Don MacLean
New England Real Estate Center Inc. - Easton, MA
Realtor-Homes for Sale- Easton, Mass 02356

Please let us know the out come.

Does Connie buy a wig ? Do they ever get the house?, Did Juan kill Charlie before heading to the border.

Enjoy the day

Aug 28, 2010 04:46 AM
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

I just finally got an accepted contract on Short Sale from B of A after 13 months, 7 buyer offers falling out, and going through 3 differenct B of A systems, and numberous negotiators.  Not worth the time and pain.

Aug 28, 2010 04:50 AM
Jason Feinman
Coldwell Banker Residential Brokerage - River Vale, NJ
Bergen County Real Estate Expert, ABR, CNE, e-PRO

I avoid shorts sales like the plague. I would not risk my reputation on clients being unhappy when you are relying on others to do their job and you wait and wait for nothing. Not worth it at all.

Aug 28, 2010 05:56 AM
Joyce Stokes
greg garrett realty.com - Newport News, VA
Thanks for all the comments. I'll definately let everyone know the end result. I actually do quite a bit of short sales the listing agent but hate handling them for buyers. The only other buyer for a short sale I had this year I got "lucky" and was added as an authorized party so I got it closed for a whopping 2% on $120,000! That was a friend also. They just won't listen to me!! What we don't do for friends.
Aug 28, 2010 06:22 AM