Tuesday, 12 July 2011

Property Virgins - Buying A Short Sale in Florida

I watched a very disheartening eposide of Property Virgins last night. The show took place in Florida with a young couple trying to by a condo. When they where shopping for a new home they found that all of the condos in their price range where short sales.

However, they probably isn't full accurate I would imagine that most homes for sale in Florida are short sales these days. In any event of the 3 homes they looked at they found one that they loved at the top end of their budget and made an offer on it.

The current condo owner accepted their offer and that is when the wheels of progress ground to a halt as now the paper work went to the bank for it's final approval. Well the show fast forwards 4 months to 5 days before the condo is set to close and we find out that the property virgins didn't get the home. It seems that at the last minute the bank decided it wasn't going to accept the deal and offer to change the loan conditions of the current owner!

There is something seriously wrong with this situation. You should have a firm deal withina week of an offer so people don't get strung along like this.

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