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Posted on 7/5/23 at 9:27 pm to Thecoz
quote:
She knew things were going bad and I was getting suspicious.. i point blank asked her a few times if things were on track.. she always said yes…i heard through the grapevine they were trying to get a loan suddenly ( small town we all know everyone business)..
Ah so there is more to the story. The thing she was probably guilty of the most of is not communicating. Stuff happening at the 11th hour happens and I always try to keep a good relationship with the other agent so that I’m always in the loop. That being said it’s totally possible that your agent wasn’t getting answers from the buyers agent. I’ve worked with some doozies and there is only so much you can do.
Posted on 7/5/23 at 9:30 pm to TJG210
quote:
there is only so much you can do.
You can be open and communicate. I’d have canned her too. Or any agent that did that. Not like I can’t hit a pickle ball and hit three more.
Posted on 7/5/23 at 9:34 pm to threeputt
Friends in the French Quarter who had a very large property there with offstreet parking limited showing that property to those who could show a sufficient D&B Dunn and Bradstreet rating.
First she showed it to a rock star "He was a very nice young man".
First she showed it to a rock star "He was a very nice young man".
Posted on 7/5/23 at 9:34 pm to pwejr88
quote:
You’re not getting a pre-approval letter until you’ve been approved.
A pre-qualification letter should suffice anyone and if it doesn’t the sellers can get bent.
A pre-qualification letter is issued from what the buyers have stated their income to be. It takes only a few minutes to produce and is done by only the lender.
A pre-approval requires income documentation, underwriting, and a more lengthy process.
Many prequal letters are not worth the paper they are written on. They are too often based on the word of the buyer without any verification by the lender. When I was selling I rejected many buyers prequals from online and out of town lenders because I knew they did not do any verification.
As for proof of funds, yep, done that too. If the house is being sold for cash then show the funds. If it's a high dollar property then it's not unusual to ask for verification that you can afford the property before you schedule a showing. High wealth people don't like unknowns walking through their house just to see how rich people live. Yes, there.are people who like to just tour expensive homes.
Posted on 7/5/23 at 9:42 pm to TJG210
Gets worse…. It was an old historic home and decorated as such… people like the neighborhood for that reason.. they originally wanted me out asap so moved up the closing date… it was not my primary house so I called up an estate company to sell all the furniture as I did not want it in my primary house.. all clean then deal fell through.. took a loss on selling the households so quickly and then had a historic house with no staging furniture and empty showing every blemish.. I had to then hustle to put lipstick on it..
Yes it was communication.. but I took a financial loss and a lot of aggravation because of her lack of communication..
She lived five houses down from me and was my agent for the house when i originally bought it ten years earlier….
Surprised me… was was know as a top seller and the primary agent for this historic area.
Yes it was communication.. but I took a financial loss and a lot of aggravation because of her lack of communication..
She lived five houses down from me and was my agent for the house when i originally bought it ten years earlier….
Surprised me… was was know as a top seller and the primary agent for this historic area.
Posted on 7/5/23 at 9:51 pm to threeputt
Could be trying to keep lookey loos away
Posted on 7/5/23 at 9:54 pm to Thecoz
quote:
Gets worse…. It was an old historic home and decorated as such… people like the neighborhood for that reason.. they originally wanted me out asap so moved up the closing date… it was not my primary house so I called up an estate company to sell all the furniture as I did not want it in my primary house.. all clean then deal fell through.. took a loss on selling the households so quickly and then had a historic house with no staging furniture and empty showing every blemish.. I had to then hustle to put lipstick on it..
Strategy for anyone in this type situation. Never let the buyer go through escrow without having to put up more guaranteed em at some point before closing. For instance, the contract would require up front EM at execution and then stipulate that the buyer deposit and additional EM amount when the buyers appraisal is completed ... AND all EM is non refundable.
This puts an end to all the games.
Posted on 7/5/23 at 10:19 pm to threeputt
Common for houses over 2 Million
Posted on 7/5/23 at 10:34 pm to threeputt
if the house is in the million dollar range, it's pretty common.
Posted on 7/5/23 at 10:46 pm to pwejr88
quote:
This is why it’s important to have a relationship with a community and local bank. A client can get a letter in 30 seconds from his banker.
Posted on 7/5/23 at 11:16 pm to LoneStarRanger
quote:
Common for houses over 2 Million
You are all full of shite. Proof of funds has been required whether I sold a pad worth $140k vs $1M. Were my standards looser at the bottom end of the price range? Yes.
Buyers are largely total c$*ts.
But I also have had many, many browsers not even view the pictures on the website, or the drone videos, yet walk into my old houses and walk out within seconds because of Feng Shuai (Stairs too close to the door, stairs on the wrong side of the entry, etc.)
You could have seen that had you done any research, but I rolled my entire family out, and all the pets, I've made it look like people don't actually live there (hiding coffee makers, etc.) Those were people that could afford it.
Buyers in the sub 500k range I expect may be first time or young buyers, fine. You can probably leave the dog in the crate in the garage and get away with it. That's not happening in the last two houses I sold. Put yourself in the seller's position.
Posted on 7/6/23 at 5:33 am to Hateradedrink
quote:
Pre approval should be good enough but they may have been burned before. I recently got burned. A preapproval didn’t show problems until underwriting and I wasted 45 days under contract.
Did you keep their earnest money?
Posted on 7/6/23 at 9:12 am to Dawgfanman
No, most contracts have a financing clause that lets buyers get out of a contract if they can’t secure financing.
Posted on 7/6/23 at 9:19 am to Hateradedrink
Yes, underwriting is the issue. A banks that rhymes with Bells Cargo that I used for my last mortgage really screwed me over in underwriting and it essentially lowered the loan amount and forced me to give a larger down payment. Of course this happened at day 35 when I only had 45 days on the accepted offer letter so I couldn’t go shop around for another mortgage. Underwriting has caused other contracts to fall through locally as well. So in an active area at a price point with a lot of competition, this isn’t unreasonable. Also probably increases the chance of a 10 day close.
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