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.
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.