Update to "Friends don't let friends buy short sales"

By
Real Estate Agent with greg garrett realty.com

 

Update to "Friends don't let friends buy short sales"

As you may recall a few weeks ago (or was it months?) I wrote about my friends efforts to buy a Bank of America short sale.  I am happy to announce that the closing happened and my friends are working on cleaning up their new home.

keys for closing on short sale

Of course it wasn't easy or seamless.  Even the day of closing the MI (mortgage insurance) company wanted the HUD-1 to not show the money they are requiring the buyer to pay them directly.  Sound fishy??? We thought so too. 

Long story short the closing occurred at the 9th hour.  Would I ever recommend a buyer to purchase a short sale, no.  But if another client wants to purchase a short sale I will help, but first we will have a serious talk about what they are getting into and make sure they have about 6 months to wait.

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 (7)

Cara Marcelle Mancuso
Long Realty - Dove Mountain, Marana AZ - Tucson, AZ
Call a Marana neighbor, I'm THERE! LONG REALTY

I love your title.  I've done a few harrowing short sales myself, on both sides, and I agree completely!

Oct 07, 2010 02:18 PM
Virginia Cheezum
F. C. Tucker Company - Indianapolis, IN

I'm glad to know someone was succesful with a B of A short sale. We swore them off months ago because it was causing too much stress all the way around for everyone involved.  Nice job!

Oct 07, 2010 02:31 PM
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal

I avoid them as much as possible.

Oct 07, 2010 02:32 PM
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

I wish we could avoid them but in my market of 70% of homes being distressed...well you just don't have a lot of choice...with that said though....there is a huge counseling session that goes on prior to making an offer!   SHort sales are not for the faint of heart!  LOL 

Glad that your friend got hers closed though!

Oct 07, 2010 03:21 PM
Joyce Stokes
greg garrett realty.com - Newport News, VA

Thanks for all the comments.  I wonder sometimes why I bother, but just as Deborah said there is so many of them that we just do not have much choice.  I'm not good at telling people that I can't help them unless I've done everything possible.  I guess that's why God has helped me stay sane in doing these.  Enjoy your weekend everyone.

Oct 08, 2010 09:03 AM
Stella Barbour
NoVa Brokers LLC - Vienna, VA
Principal Broker, Serving Virginia and Maryland

I wish we could avoid them and get back to the traditional real estate transactions but I think they are here to stay for a while.

Oct 08, 2010 12:05 PM
Lorinda Ward
Keffer Realty - Norfolk, VA
Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach

Joyce, any of my buyers that are interested in short sales must be educated on the process first.  If they have the time, patients, and guts they can get an awesome deal.

May 03, 2011 04:16 AM