Sarasota foreclosures force some buyers to make poor buying decisions. Just ask John from New York, who allowed 3 mistakes to destroy his family’s dream.

You are about to discover John’s 3 costly mistakes. If you plan to buy a home, please don’t repeat John’s mistakes.

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.

Whether one or all three mistakes, John’s family will not (now) relocate to Florida as planned:

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.

As you can imagine, I’ve heard that a few times before. John gave me permission to confirm with his mortgage guy who assured me John was good to go, faxing me a copy of an approval letter. 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 time line. 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 mediate.

I found out later when an investor-friend bought this exact house for HALF what John was prepared to pay. FIVE-ZERO…half. You see, 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 meet their own home.

Last I heard, unresolved issues are continuing to keep them from getting financed. I can’t stress it enough…and I feel horrible each time this happens to a family setting its sights on buying their “dream” home in Florida. Please listen to your Realtor’s advice. At least hear us out: we’ve been through this many times. We’ve faced mortgage people who tell us everything is okay…when it’s NOT okay.

We’ve strongly recommended buyers get a home inspected and buyers reject a home inspection over $400 or because they’ve fallen in love with the house and don’t want a home inspector to “ruin it” for them.

Sarasota foreclosures lure some buyers into hasty (read: poor) buying decisions. They think it’s too good of deal to pass up. In John’s case, he combined 3 serious mistakes to destroy their planned relocation. Hopefully, they’ll get here soon. If you plan to buy or sell a house in or around Sarasota, Florida, please visit my website now to contact me. I want to be your Realtor.

Author Bio: Sarasota Foreclosures | Sarasota Real Estate. Sarasota Realtor Mike Payne helps homeowners avoid Sarasota foreclosures. Mike and team also assist buyers wanting to buy in or around Sarasota, Florida, including Siesta Key, Longboat Key, Lakewood Ranch, Bradenton, Palmetto & North Port. Call Mike now.

Category: Real Estate
Keywords: sarasota real estate,homes,realtor,foreclosures,sale,condos