Real estate experts advise millennials to wait to buy their friend’s foreclosed home

Real estate experts advise millennials to wait to buy their friend’s foreclosed home

Fredericton — A housing shortage across the country has led some millennials to get creative in their quest to one day own a home of their own. Real estate experts are advising prudent 20- and 30-somethings to simply wait out their friends who bought high at the wrong time.

“If your best friend bought a home in 2021, say, they’ll probably be bankrupt before long since they could never really afford that $450K mortgage,” said real estate expert Kathy O’Donnell. “If you can’t find a decent home for sale but you kind of like their place, simply wait for the bank to foreclose on them, and strike while the iron’s hot.”

One money-savvy former friend did just that, and now lives in her dream home.

“When Natasha bought that 4-bedroom, 3-bathroom place in Lincoln Heights for just her and her boyfriend, I knew I wouldn’t be waiting much longer to snag my first home,” said Darrah Lyons, 30, who went to kindergarten with Natasha Colchester, 29. “I got the lay of the land when she invited me over for the housewarming party, so I kind of mentally mapped out where I’d put all my stuff when the time came.

“And, that time is now!” exclaimed Lyons. “I saved up the down payment just in time for the bank to put it back on the market. Natasha has to move in with her boyfriend’s stepdad, but I think she’ll see that I was only doing what’s in my best interest. I’m even going to invite her over for my housewarming, as an olive branch. So yeah, I think we can still be friends.”

Banks are notorious for convincing naïve would-be homebuyers they can afford a huge mortgage on a teaching assistant’s salary. By the time the buyers are in over their head and locked into a mortgage on a brand-new split-entry, it’s too late.

Real estate experts agree that you need to take what you can get, given the low vacancy and ridiculous prices.

“Remember, your friend would do the same to you,” said agent Jeremy Davidson. “There are no alliances in real estate.”

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