“Closing Date Set for 6/1/18”

“Closing Date Set for 6/1/18”



It was not a misprint. A prospective client contacted me a few weeks ago after reading one of my blogs about qualifying for a mortgage after a short sale. After reviewing all of his information I let him know that based on current regulations he would not be able to qualify for a mortgage for two and a half years.


This morning I got a purchase agreement from a Realtor that was representing him that had a closing date of 6/1/18, which would take it to the three years that were needed. What are the odds of a seller waiting that long? Apparently this one is totally OK with it.


I can assure you I never expected this individual to find a seller who would agree, but he did. The purchase agreement has a $5,000 non-refundable deposit, a monthly rental fee 25% higher than what would be normal for a $195,000 home, so maybe the seller is not so foolish.


You just never know when you give someone a mission the creative ways they might just come up with a solution. Now that is what I call planning ahead for my future business.


Image courtesy of stuartmiles/freedigitialphotos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 28 commentsJoe Petrowsky • November 04 2015 01:19PM


Good morning Joe. This is one that has one asking for the rest of the story! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) about 5 years ago

This is a smart Realtor and buyer, Joe.  They saw the problem and managed to come up with a solution.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 5 years ago

Now that is really interesting.  I guess it's good creative problem solving.

Posted by Women of Westchester Working Together, Women helping Women get ahead (Women of Westchester Working Together) about 5 years ago

Good morning Joe.  Not a bad deal for all parties involved.  Creative thinking and cooperation by both sides regardless of the time frame is a win-win situation.

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) about 5 years ago

And the price is going to remain the same.....that is pretty amazing since nobody knows where prices will be in a couple of years.

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) about 5 years ago

 I hope you told him thaat there are other ways to do this...and that the waiting period only applies to federally backed loans...the intreest rate was what ?  He must have a crystal ball to be able to forecae payments !

Posted by Sally K. & David L. Hanson, WI Real Estate Agents - Luxury - Divorce (EXP Realty 414-525-0563) about 5 years ago

That is incredible Joe.....but I guess stranger things have happened.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) about 5 years ago

Good morning Joe. This is a new one for me. I guess all things are possible if you are creative enough.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 5 years ago

Good morning, Joe... at first I thought you might be building up to a joke!. This is certainly a new one on me... but one should never under-rate peoples' creativity and/or deep desire to own a home.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Realty) about 5 years ago

Solution oriented and creative thinking always gets my vote. It's unusual, but if it works for all parties, who cares?

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) about 5 years ago

Good morning, Joe --- that's unusual - to say the least.  So much can and obviously will happen before the "closing" date.  Dare I ask -- will you keep us posted on this one?   

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 about 5 years ago

Hi Joe.  So you have a lender that will give a three year mortgage commitment?

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) about 5 years ago

Talk about a determined buyer!  Impressive. Glad they found someone who would work with them.

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) about 5 years ago

Wow, what a story! That buyer is determined, and the seller sounds pretty smart also. Great job!

Posted by Kat Palmiotti, The House Kat (406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty) about 5 years ago


I love people who find a way, and think outside the box.  What a brilliant solution and it sounds like a win/win for everyone.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) about 5 years ago

I am thinking like Wayne Martin, what is the rest of the story?  

Posted by Cynthia Grimes, "With You Every Step Home!" (Coldwell Banker Realty) about 5 years ago

They will probably need to redraw the purchase agreement in June of 2018 in order to close, right? Doesn't the purchase contract need to be dated after that date?

Posted by Elizabeth Weintraub Sacramento Realtor Top 1%, Put 40 years of experience to work for you (RE/MAX Gold) about 5 years ago

Joe: Incredible to say the least. It sounds like this future buyer is renting with the intent of buying the home in 2+ years.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (Coldwell Banker Access Realty ~ 478.960.8055) about 5 years ago

Ok I had to readjust my reading glasses.  You really did say 2018.  Anything can happen by then.  I just wonder if this buyer's haste will still be a good idea in 2 1/2 years.  Crazy!

Posted by Belinda Spillman, Colorado Living! (Aspen Lane Real Estate Colorful Colorado) about 5 years ago

Great story and I really enjoyed reading this Joe.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 5 years ago

As I tell ALL my clients Joe Petrowsky, their mortgage situation is UNIQUE  and it's up to me to find the right product for THEIR  situation.   Obviously, you followed the same concept with this scenario. 

Posted by DEANNA C. SMITH CERTIFIED MOBILE NOTARY, Highest Ranked Certified Mobile Notary in Virginia (Certified Mobile Notary Signing Agent) about 5 years ago

This is an incredible story, Joe. This buyer must really like that particular house, too, to be paying all that money into it. Of course it sounds like he's locking in on the purchase price. So the seller wins and the buyer gets the house he wants as long as he doesn't screw up his credit in the next 2.5 years. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) about 5 years ago

Joe this is the first time I have heard of anything like this.  The Seller is coming out on the top of this deal, and who knows it property prices sky rocket in the meantime maybe the Buyer does as well.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 5 years ago


That's what I would say . . . . is planning ahead.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) about 5 years ago

Hello Joe Petrowsky 

Where there's a will, there's a way.  This buyer obviously wants to be a home owner once again and is willing to do anything it takes!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) about 5 years ago

Joe - I guess when the buyer is on a mission anything is possible.  But he probably did not get the best deal.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) about 5 years ago

All I can say is HUH?

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Home and Condo Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) about 5 years ago

Thanks, Joe, for sharing this very interesting story. I hope the plan works.

Posted by Roy Kelley (Realty Group Referrals) about 5 years ago