Fab Real Estate Blog: September 2008

Hurry Up and Wait!

I was talking with one of my buyers, who currently has an offer in on a short sale property. 

In talking, we started ruminating how buying a short sale property is like a day in the airport:  Hurry up and wait! 

Airport:  Hurry up!  Hurry up!  Have to leave the house on time.  Might be traffic.  Arrive at the airport early.  Now, wait. 

Short sale:  Hurry up!  Hurry up!  It's priced right.  It's in pretty good condition.  It's in the location you've been wanting.  Let's write that offer today.  Now, wait. 

Airport:  Hurry up!  Get in line to check in.  Now, wait. 

Short sale:  Hurry up!  There are multiple offers.  Get yours in and sign all the disclosures.  Now, wait. 

Airport:  Hurry up!  Have to get through security.  Get in line.  Now, wait. 

Short sale:  Hurry up!  The bank wants a contract, not just our typical offers used in this area.  We told the listing agent this, but he didn't want a contract - just a standard offer.  Now, hurry up!  Hurry up!  Write the contract.  Submit it to the sellers and the lender.  Now, wait. 

Airport:  Hurry up!  It took forever to get through security.  Run to the gate.  Plane is delayed.  Now, wait. 

Short sale:  Hurry up!  Lender wants more information.  Lender wants an updated mortgage pre-approval.  Hurry up!  Send it in.  Now, wait. 

Airport:  Hurry up!  It's time to board the plane.  Hurry up!  Get in your seat.  We're 19th in line for take-off.  Now, wait. 

Short sale:  Hurry up!  The lender wants you attorney's contact information, even before they decide if they will approve the sale.  Hurry up!  Send it in.  Now, wait. 

Airport:  If all has gone well, and the flight wasn't cancelled, and the weather cooperated, you arrive at your final destination.  Your vacation begins.  All is well... 

Short sale:  If all has gone well, and the lender and the attorneys and the agents and the buyers and the buyers' mortgage broker and the sellers all cooperated and worked through it all together, you arrive at your final destination:  The closing table.  Your new life in your new home begins... 


Buying a short sale property is not for every buyer.  You need an unlimited amount of time.  And patience.  And the cooperation of all involved.  And a sense of humor.

But all can work out in the end.  You can get to your final destination.  You'll just need to Hurry Up and Wait throughout the process!      

Don Fabrizio-Garcia, REALTOR 
Real Estate Sales and Appraisals 
Keller Williams CT Realty 

 

 

Comment balloon 16 commentsDon Fabrizio-Garcia • September 28 2008 12:23PM
Hurry Up and Wait!
share
I was talking with one of my buyers, who currently has an offer in on a short sale property. In talking, we started ruminating how buying a short sale property is like a day in the airport: Hurry up and wait! Airport : Hurry up! … more
Register to Vote
share
The election is in less than six weeks. If you have not yet registered to vote, or if you have moved since you last registered to vote, now is the time to register! Please visit the Connecticut Secretary of State's website to download… more
Ridgefield, CT - August, 2008 Real Estate Market Report
share
Ridgefield, Connecticut Real Estate Update August 2008 Closed home sales in Ridgefield, Connecticut: There were 22 home sales closed in Ridgefield, CT. List Prices ranged from $365, 900 - $1, 784, 000. Closed Sales Prices ranged from $300… more
Bethel, CT - August, 2008 Real Estate Market Report
share
Bethel, Connecticut Real Estate Update August, 2008 Closed home sales in Bethel, Connecticut: There were 19 home sales closed in Bethel, CT. List Prices ranged from $199, 900 - $998, 000. Closed Sales Prices ranged from $206, 000 - $885, 000… more
New Milford, CT - August, 2008 Real Estate Market Report
share
New Milford, Connecticut Real Estate Update August, 2008 Closed home sales in New Milford, Connecticut: Single Family Homes: There were 14 single family home sales closed in New Milford, CT. List Prices ranged from $299, 750 - $799, 000… more
Brookfield, CT - August, 2008 Real Estate Market Report
share
Brookfield, Connecticut Real Estate Update August, 2008 Closed home sales in Brookfield, Connecticut: Single Family Homes: There were 25 single family home sales closed in Brookfield, CT. List Prices ranged from $179, 000 - $1, 950, 000… more
Danbury, CT - August, 2008 Real Estate Market Report
share
Danbury, Connecticut Real Estate Update August, 2008 Closed home sales in Danbury, Connecticut: Single Family Homes: There were 29 single family home sales closed in Danbury, CT. List Prices ranged from $217, 000 - $975, 500. Closed Sales… more
Sherman, CT - August, 2008 Real Estate Market Report
share
Sherman, Connecticut Real Estate Update August, 2008 Closed home sales in Sherman, Connecticut: There were 2 home sales closed in Sherman, CT. List Prices were $590, 000 - $1, 095, 000. Closed Sales Prices were $585, 000 - $950, 000. … more
New Fairfield, CT - August, 2008 Real Estate Market Report
share
New Fairfield, Connecticut Real Estate Update August, 2008 Closed home sales in New Fairfield, Connecticut: There were 15 home sales closed in New Fairfield, CT. List Prices ranged from $150, 000 - $1, 495, 000. Closed Sales Prices ranged… more
Foreclosure vs. Deed-in-Lieu of Foreclosure vs. Short Sales
share
Ilyce Glink published a great Q&A today regarding Deed-in-Lieu of Foreclosure Oftentimes, when homeowners are behind on their mortgage and owe more than the home is worth, they panic. Some will just decide they have no options and… more
Brookfield, CT Home for Sale: Spacious End Unit Townhome w/Garage
share
Brookfield, Connecticut Real Estate For Sale Newbury Crossing 8 Bristol Path, Brookfield, CT $275, 000 *** UNDER DEPOSIT *** Oh-So-Spacious End Unit Townhome with Garage 2 Bedrooms + Den + Loft 2 Full… more