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Falling for Foreclosures and don’t fall in love before you close….


There’s a saying in real estate that you should not fall in love with a property until you close. And in today’s market that’s even more so based on the current climate.

Buyer’s want a deal and (REO) lenders are playing hard to get even after you have an executed contract.

Here’s an example from this week. Contract was signed off on by both parties and the escrow check of $10,000 was delivered to the title company in Irving. You have 48 hours from the executed date on the contract to gets monies to title or you don’t have a contract.

This property is also suppose to close on July 29th. It’s a quick one…time is of the essence.

What happened next is strange. The lender decided to change title company and the escrow check was returned to the buyer! Do you have a contract?

Yes, because the new title company showed receipt of the escrow money that they don’t have yet! It’s being delivered as I write this. Expect surprises in dealing with foreclosures.

I’m sure you have your own stories to share – but this is an example of things that just come out of the blue and jumping through hoops is the only way to get it done. Gotta love it.

About Terry W. Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite & know stuff, ask me...

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