Tomorrow is June 1^st, last month to close your deal or lose your $8,000 bucks!!

I am almost certain there are many buyers still hanging in there!

I have a case with a client of mine. This is one the nicest human being I have had the chance to meet in my Real Estate career. This gentleman has been so patient. Last year we started this ordeal, in May 2009 we put a contract on a short sale.  After two contracts, we even got out once and came back, and weekly communication with seller’s agent we are still hanging in there.  You would ask why is that so that you are still chasing that property?. Well, that happens when buyer has limited budget and FHA financing, along with the idea of “the place of your dreams”.

Last word we got from seller’s bank is that they’ll make a decision by June 12. Time is ticking…will my buyer be able to close on time? The only hope relays on the buyer and his lender moving the loan forward, so they are ready to close in a couple of weeks once the short sale is approved. This is a race against time!

My buyer is stubborn and perseverant, so he already spoke with his lender and they agreed to help. They will start processing and underwriting the loan.  The bank will start the process leaving appraisal for last or buyer would even pay for appraisal!!

My buyer is a fighter and he’ll take all the chances to finally get his dream place and his $8,000 bucks.

We are hoping for having the short sale approval by mid June. Having financing in place so bank is able to fund and close, after they have looked at title, underwriting and verification. It is tough since the bank can be doing this for free but I guess some banks realized that only they can help their clients at this time of need. Nobody wants to kiss $8,000 bucks good bye!

Keep you posted on new developments.