Top Real Estate Nightmares
My article for HGTV’s frontdoor.com, Top Ten Real Estate Nightmares, came in at #7 on the top ten list and has been the most viewed article on my blog in 2011!
Learn how you can avoid these hair-raising real estate horrors
By Shannon Petrie, FrontDoor.com
After taking nearly three months to approve the sale, the bank then took another two weeks to determine that the buyers only had 30 days to close. If the buyers couldn’t close in 30 days, they would be assessed a $1,350 fee and a to-be-determined per diem penalty. “Any mortgage person can tell you that getting a loan to close in 30 days is going to be difficult,” Catanese says. “This is especially true for those that are using FHA financing, which is now taking 45 days.”
Fortunately, Catanese and her buyers were able to convince the bank to give them 30 days to close without the penalties. But the problems didn’t end there. After the lender took nearly two weeks to set up an FHA account and schedule an appraiser, the buyers decided to change lenders, fearing that their bank would not be able to close and they would lose the home. Two days before close, everything seemed to be going smoothly, until Catanese found out that the sellers had received a notice of foreclosure. For the buyers, this means they have until the end of the month — or eight business days — to close on the home before they lose it for good.
TIP: Even under the best circumstances, short sales take a long time to close and may take extra effort from the buyer. If you want to buy a short sale, be sure you have plenty of patience and an agent who has experience with the process.
If you need help buying or selling a short sale home, please give me a call 813 784 7744 or Contact me here.
Rae Anna Conforti, Realtor-Prudential Tropical Realty