Fab Real Estate Blog: Hurry Up and Wait!

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

Comments

You are right.  The short-sale is not for every buyer they do have to be patient.  If the buyer has the patience they will end up getting a terrific deal. 

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) almost 10 years ago

They MAY end up getting a terrific deal...or they may end up wasting a month or two of their lives chasing something they'll end up not getting.

 

Not for the faint of heart.

Posted by Andy Raffle, Team Leader - NMLS#156564 (Emery Federal Credit Union) almost 10 years ago

So true-Great Analgoy

Posted by James C. Johnson (Legacy Real Estate) almost 10 years ago

Pat - Patience is a virtue.  Actually, it's a must when working with a short sale!

Andy - With so many short sales falling apart, it is quite possible that at the end of the day, the buyers may need to begin looking for a home again.  That is why buying a short sale is not for everyone.

James - We thought the analogy was quite appropriate!

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) almost 10 years ago

Don,  Nice analogy.  I haven't down a short sale but I have arrived at the airport a couple hours early.  Waiting is frustrating.

Posted by Jimmy McCall, The Ex-Mortgage Consultant (JimmyMcCall.com) almost 10 years ago

Jimmy - As I tell all my clients, it's all part of the fun...

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) almost 10 years ago

HA!  A week ago we finally settled a short sale on a property we wrote on in April.

 

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) almost 10 years ago

Lenn - That's part of the problem - with all short sale listings we have, they will not work for all buyers.  The buyers need to have patience and plenty of flexibility as to when they want to move.  Also, they need to have secure enough financing in place that we don't have to worry whether or not they will still qualify for financing in six months...

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) almost 10 years ago

Hey, Don. I totally despise that saying, "Hurry up and wait!" I had a boss several decades ago who used it all the time, and he was not my favorite boss. I didn't stay too long with him because I didn't want him ruining my life. LOL

Posted by Not a real person almost 10 years ago

Russel - That's the point - the phrase "Hurry up and wait" is annoying.  The concept of "Hurry up and wait" is annoying.  But it is what is required when attempting to purchase a short sale property.  And, it is also unfortunately required when trying to catch a flight...

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) almost 10 years ago

I think some of these self-serve checkout lanes at the grocery store, my computer on Monday mornings, and Active Rain on the weekends, are programmed with special versions of the "Hurry up and wait" software.

Posted by Jim Frimmer, Realtor & CDPE, Mission Valley specialist (HomeSmart Realty West) almost 10 years ago

Jim - Great way of extending the analogy!  Those self-service check out lines never work right.  There's always something you're buying that they won't accept...

 

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) almost 10 years ago

Don, great comparison...really spells it out.  Patience is the key in a short sale, hurry up and wait!  Thanks for reminding us that everyone's going through this!

Posted by Laura Giannotta, Your Realtor Down the Shore! (Keller Williams Realty - Atlantic Shore ) almost 10 years ago

Laura - Short sales. The bane of our existence, but the biggest growing portion of our business...

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) almost 10 years ago

I have a short sale listing right now with 2 offers on the table.  But, you are right.  Hurry up and wait.

signature

Posted by Jen Bowman, Realtor - Anna Maria Island & Bradenton FL (Keller Williams on the Water) almost 10 years ago

Jen - All things must happen on the lender's time schedule.  "This paperwork must be in by tomorrow."  Fine, here it is.  "OK, now you wait until we decide to respond..."

Posted by Don Fabrizio-Garcia, Owner/Broker/Trainer - Fab Real Estate (Fab Real Estate) almost 10 years ago

Participate