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Have been absolutely desperate to sell an "unsellable" house for nearly a year now. Not only no offers, but not the slightest interest, even now that we're getting more showings with greater exposure and a lower asking price. I then noticed that the realtor described it as only a "large yard" when, in fact, it's a double lot. Hello? Selling point! Especially considering what's on the OTHER side of the house (shared driveway with undesirable neighbors). Got this fixed after a week or two of people totally missing that.
By some miracle, we got an offer. Young family fell in love with the house and lot; not at all bothered by neighbors. Realtor wouldn't tell us what it was on the phone (this was 7:00 pm on the Friday of the Labor Day weekend) so, as my sibling and I drove to her office to learn the details, we discussed how eager we were to sell it and how agreeable we would be to any decent offer whatsoever at this point...
Turns out it's a GOOD offer; just $5k off asking. They didn't have cash, so needed closing costs. Also wanted the washer/dryer, etc. Anything; we were ready to take it. Why we didn't just sign off on it, I'll never know, but the realtor -- rushing off on her holiday weekend and talking fast -- went off on some tangent about how they really just need the cash for closing and that's the only problem and so that, along with all the appliances and even some furniture they'd requested, it would amount to $5k, and adding another $5k to the home loan wouldn't matter over the life of the mortgage, blah-blah-blah...
Giddy that the end was in sight, mesmerized by droning on and on, reassured that this wouldn't be a problem, we signed a *counteroffer* for full asking, conceding all asked and paying all closing costs...
***DEAD IN THE WATER***
Suddenly the down payment is supposedly an issue.
WHY???
Signed, "Too Dumb to Live"
Last edited by otterhere; 09-08-2015 at 11:59 AM..
I realize that the ultimately responsibility rests with us, the homeowners, but I'm ready to throttle this realtor! Who argues with an offer like that after a year on the market with none? Bad advice, much???
I realize that the ultimately responsibility rests with us, the homeowners, but I'm ready to throttle this realtor! Who argues with an offer like that after a year on the market with none? Bad advice, much???
Yes...but....better to find out now that they don't have any cash, than to have signed a deal at ANY price, thinking you have the house sold, and then finding out that the buyer has no money.
They can't scrape together a few thousand between now and November? Borrow it from parents? Parents can't borrow it if THEY don't have any cash? Heck, I'll GIVE them the down payment. What do I care if they suck at handling money as long as they qualify for the mortgage and "buy" the place.
They can't scrape together a few thousand between now and November? Borrow it from parents? Parents can't borrow it if THEY don't have any cash? Heck, I'll GIVE them the down payment. What do I care whether they have poor financial skills if they qualify for the loan and buy the house? Not my problem!
I guess that was my point: no money? No loan. Yu can't buy a house, generally speaking, with a smile...and rotten financials.
They can't scrape together a few thousand between now and November? Borrow it from parents? Parents can't borrow it if THEY don't have any cash? Heck, I'll GIVE them the down payment. What do I care if they suck at handling money as long as they qualify for the mortgage and "buy" the place.
That won't be MY problem!
Most lenders (I assume they were going FHA) wont allow that. The down payment needs to be in the account before the process has started, or if it is a gift, needs to have a paper trail. Thats why I always get a pre-approval with all offers I receive and call the lender to see how solid it is before we accept or refuse.
So the offer, accepted, signed off on, would've been invalid. I'm trying to figure out what went wrong between Friday and Saturday, if it wasn't that they were insulted by our counter or had time to think.
Because they have dumb realtor who would do anything to write a ticket?
And what if we had just signed off on it; accepted it? Wouldn't they have been locked in?
It would have contained a financing contingency, which would never have been met.
Finding a few thousand before closing would've been up to them, and I'll bet they'd have managed it!
Don't count on the latter. You would be AMAZED at the financial condition of MANY families out there. Credit Cards maxed out. Mom, Dad and all their friends won't loan them a dime MORE. Zero savings. Living from paycheck to paycheck to payday loans.
No offense...but there was a reason they were interested in your dog house with bad neighbors at presumably a "cheap" price. They have been looking for as long as you have been waiting. This was their ONLY shot.
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