Sarasota foreclosures, John claims, “cause” him to commit 3 home-buying MISTAKES, delaying John’s family’s planned move to Sarasota.
You tell me, did these 3 mistakes “cause” John’s failed home-buying attempt?
In this short video, you will discover John’s 3 costly mistakes. If you plan to buy a home, don’t repeat John’s mistakes.
John *thought* he had scored a great deal on a new home for his family. Turns out, John made 3 costly mistakes preventing his family from moving to Florida.
Of course, I feel bad for John and his family. I understand the desire to want to do business with friends. In this case, John’s “mortgage” friend let John down.
I’ll tell you straight up: John’s mistakes are 100% John’s fault. Sarasota foreclosures have NOTHING to do with John’s not getting financed.
Click Read More below now to tell me whether you believe these 3 mistakes “caused” John’s family to delay its opportunity to buy a home in Florida.
FRIENDS DON’T LET FRIENDS DOWN…THIS WAY!
John, a native New Yorker, was relocating his family to Florida. He needed to be relocated in 43 days, and he needed to stay under $300k.
Staying within budget was much easier than finding & closing on his “perfect” home in 43 days….
Perhaps it was John’s unrealistic time table that created these 3 serious mistakes. Whatever it was, here’s are John’s 3 mistakes:
- Mistake #1 is that John chose (despite my concerns) to offer list price on a house declining in value by 3% a month.
Quickly, he found a home he liked. Reality was, 30% of the neighborhood was renting & every other listed property was distressed.
- Number 2 mistake—John refused to get a home and/or systems inspection.
Without doubt, the house had issues including but not limited to water intrusion. Water stains and mildew odors greeted us at the front door. That alone was scary, as water intrusion often means mold.
- Number 3 mistake—John did not choose a qualified mortgage professional.
Of the 3 mistakes, this might be the most damaging mistake.
The first time I talked with John, I iterated the importance of getting pre-approved. He waved me off, claiming “his mortgage guy” had him covered.
Naturally, I’ve heard this claim a few times before. John gave me permission upfront and immediately to confirm with his mortgage guy who assured me John was good to go, faxing me a copy of an approval letter.
Every experienced real estate licensee KNOWS to confirm a buyer’s financing BEFORE moving forward. This is good for agent and buyer. However, we agents and buyers can’t always rely on mortgage “professionals,” some of whom are so hungry for a paycheck they’ll claim any buyer is approved.
Clearly, John’s mortgage guy was wrong.
Once John submitted his offer, John’s mortgage guy could not get John financed. John was not going to meet his timeline.
On the bright side–and there always must be a silver lining–the house John was prepared to buy at list price was filled with mold—serious mold—and required $1,000s to remediate.
You see, I found out later when an investor-friend bought this exact house for HALF what John was prepared to pay. FIVE-ZERO…half.
My investor-friend did his due diligence BEFORE he wrote an offer. He submitted this PROOF with his offer.
What else could the bank do but accept this offer? What other buyer would make full market offer on a house filled with mold? And the bank knew most buyers are scared to death of mold. Whether you think one mistake was more serious than the other 2 is not important now.
What is important is that John’s family did not move in to their own home. Last I heard, they have some unresolved issues keeping them away from getting financed.
If you plan to buy or sell a house in or around Sarasota, please call me. I want to help you. Check out more home-buying and selling tips @ sarasotahomesforsalenow.com.
Sarasota foreclosures clearly did NOT cause John’s 3 mistakes. Do you agree or disagree? What do you think about John’s mistakes? I want to hear your “take” on this. Please jump scroll down below to share your opinion, comments or questions. Thank you!
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