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Old 09-11-2017, 10:48 AM
 
1,359 posts, read 2,752,885 times
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Just recently I was in a conversation with another person who was house shopping and was told that realtors can no longer show houses for sale without written proof for the seller of how the buyer will be paying. They also went on to say sellers will no longer accept contingencies and realtors will not write them. In other words, if you're buying money is currently tied up in the house you are living in, you must sell that first and be able to prove that money is liquid before an agent will show you a house for sale. Others in the conversation agreed that is how it is done now.

If this is true, isn't this something that will play total havoc in our housing market?
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Old 09-11-2017, 11:05 AM
 
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I heard no contingencies couple months ago.

The very high end agents want your name a contact info before wasting their time. So many people posing to see the inside of a house. This started in about 1999. We went through it.

The source of funds doesn't surprise me. I think that has been around for awhile too.

Its'll weed out the phony's. Won't waste agents time and I think most agents are bad businesspeople.
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Old 09-11-2017, 11:11 AM
 
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Housing Market is going to crash again.
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Old 09-11-2017, 11:16 AM
 
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I recently sold a home and when offers came in the buyer's realtor also sent the buyer's financial info and letter from their bank showing that they were pre-approved. I was a little surprised as I never asked for that information. The realtor even sent me their 401k statements! I thought that was crossing the line.
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Old 09-11-2017, 11:31 AM
 
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It all depends. You do find some very expensive houses that will require financial proof prior to showing...but mostly way above a million. Even then some take a dicker to get a showing. And you can talk your way past these most of the time.

Conventional contingencies are difficult in the existing market but variations are possible particularly on homes that have been listed for a long time.

In general proof of funds or a mortgage commitment are standard when an offer is made. The general practice is to strike account information and such from such documents. In reality the only really good proof of funds is a phone call to a bank officer that vouches for the amount involved but that is seldom requested.
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Old 09-11-2017, 12:50 PM
 
Location: Las Vegas
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A preapproval letter from a bank is usually sufficient

Why would an agent potentially waste time with someone that is unprepared and potentially unqualified?
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Old 09-11-2017, 01:42 PM
 
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Don't believe everything you hear.
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Old 09-11-2017, 03:26 PM
 
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Based on what, that it's high? That's not good enough.

Last time around, you could see the banks writing loans that anyone with a working brain could see were never going to be paid back. That isn't the case now. Mortgages are much more difficult, and the market is still rising. And Vegas is still cheap compared to Cali. A lot of people are selling out of Cali, buying in Vegas, and keeping the substantial profit from the transaction.

At some point it's going to top out. But that's different from a crash.

Quote:
Originally Posted by soclose View Post
Housing Market is going to crash again.
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Old 09-11-2017, 05:52 PM
 
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BBMW - you are so right. This is different than 2005-2007.

An agent told a friend who was going to sell to wait till when Raiders are moving here. Her house is in the price range of a Raiders lower level white collar job. Her house has went up about $70,000 since 2012. When she last had the family friend out to talk about selling.
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Old 09-12-2017, 12:45 AM
 
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When I was looking at buying a house before renting, I was told without a pre-approved letter from a lender and proof of job, bank statements, etc, I couldn't see a unit till I provided all that info.

Realtors want to know you have the money and are ready to go before moving forward.
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