Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Seriously "Crazy Buyer" if I turned down your offer because it was contingent on your house selling (which you haven't even listed yet), you want to go through a VA loan which notoriously doesn't fund farm property, and because you are a lawyer that seems to want to try to try to work every angle possible ....don't expect me to say yes when you ask to put 20% down and ask for owner financing for 2-3 years until you get your finances stronger.
I want some of what your are smoking "Crazy Buyer"!
It amazes me what people will try when it comes to buying RE. You POOR agents that have to deal with the bat$hit crazy buyers that are shopping for property out of their means...what a waste of your time.
Most veterans are eligible for the VA home loan guaranty benefit--which is typically done through a VA-approved broker or lender. The VA guarantees a portion of a loan on behalf of the beneficiary--rarely does the VA loan money.
The VA has Minimum Property Requirements. These requirements are verified by an independent VA appraisal prior to closing. The VA appraisal is not an inspection--it is the VA making sure their guaranty of the loan matches the property's value. The MPRs are not some far-fetched, impossible standards.
Nothing notorious about the VA home loan guaranty...save the hyperbole for the other VA headlines. This is a good program.
Your buyer seems wholly unprepared, which is enough justification for you to walk away. Don't pity the RE agents that represent these types or try to gain sympathy by pinning it all on "crazy" buyers. Your stuff is on the market, so you are exposed to buyers--most of whom are represented by agents.
If your farm is priced right for your market, there will be another buyer along, but don't expect it to get hits like you see in residential property.
I am not a RE agent. I have used VA loan guaranty benefit a few times. I own farm property.
I don't want any veterans to read here and come away with incorrect information.
VA does lend over 417K, but only in high cost areas. San Diego County, CA will lend up to $562,350 with no money down, whlie Prince William County, VA lends up to $625,500 no money down.
Seriously "Crazy Buyer" if I turned down your offer because it was contingent on your house selling (which you haven't even listed yet), you want to go through a VA loan which notoriously doesn't fund farm property, and because you are a lawyer that seems to want to try to try to work every angle possible ....don't expect me to say yes when you ask to put 20% down and ask for owner financing for 2-3 years until you get your finances stronger.
I want some of what your are smoking "Crazy Buyer"!
It amazes me what people will try when it comes to buying RE. You POOR agents that have to deal with the bat$hit crazy buyers that are shopping for property out of their means...what a waste of your time.
People always want to try to get something for as little as possible. Instead of this person WAITING until his finances are in order, he wants to try to find someone willing to working AROUND HIS LIFE.
I'm in the process of reactivating my license so all of this is very interesting to me. Even though I haven't sold real estate in a few years, I don't plan to change one of my most successful practices, which is that I don't waste more than the time it takes to screen a potential buyer to determine whether or not they have taken the time to at LEAST be pre approved, and are realistic about their expectations of the process. And I don't present an offer without presenting proof of ability to pay or be financed along with that offer.
So why would anyone hire you? Seriously, if I am pre-approved and "realistic about" my "expectations of the process", why do I need you?
You are leaving money on the table. Why don't you consider being an advisor to and educator of your clients? What about referrals to reputable mortgage brokers to help a buyer obtain financing? How about a market presentation to describe the current RE market to manage the client's expectations and perceptions? I mean, who is hiring, you or your client?
Your post reads like you want the least amount of effort to get a check. I respect that, but there are already enough agents like that. I know you cannot ignore the break-even point in your efforts. What is the point if you show 50 homes and your check doesn't cover--I would not do it either. However, there are lots of under-educated, naïve buyers with good credit, employment history and low debt-to-income ratio getting frustrated by being told to "come back when you have a pre-approval", instead of, "let's sit down and get you ready to buy"
You are surely not screening them out because they did not approach you with a pre-app and realistic expectations?
I use RE agents on all my RE transactions, and I have done multiple on both sides. There are only a few things that ever caused me to fire an agent, so I actually have a high tolerance for some of the idiosyncratic things that others would not tolerate.
A huge part of your business is excruciating interactions with ignorant people...you cannot screen out all of them and expect to profit. So what if I come to you looking for a unicorn ranch without a pre-app? Roll up your sleeves and get me approved with one of your house's "preferred" lenders and sell me a 3-2 in a subdivision named "The Unicorn Ranch".
I would reject any offer from a lawyer, just not worth the potential trouble. I did once sell to an IRS agent, though.
Just curious......unless they actually provide you thier employment information where do you obtain this? and what does there type of employment have to do with anything? If they provide the funds and can come up with financing then why in the hell would you torpedo the sale of your own house based upon the type of employment the buyer has?
I find this interesting. The only time I was ever "pre-qualified" was for my first house, bought when I was 28 years old and single. Since then, we have bought several properties and never had to prove we had the money before Realtors would show us properties. Of course we did have to prove it to the bank :-) In 2 cases, however, we were paying cash, and I even offered to show Vanguard statements to prove we had the money, and was told it wasn't necessary!
YO2F
Quote:
Originally Posted by KathrynAragon
I don't waste more than the time it takes to screen a potential buyer to determine whether or not they have taken the time to at LEAST be pre approved, and are realistic about their expectations of the process. .
What about bat crap crazy sellers ? I have seen quite a few of those . Like the ones who call an hour before closing to say that they have changed their minds on selling and want you to understand . Heck no I would and will sue if anyone ever does that to me... You can kind of get a clue when they have not moved out the am of closing or a couple of weeks before . Yes I have seen it done . my sister went through this very thing . The girl she was buying the house from was at 15 days till closing still not out she said okay maybe ten , at ten days not gone yet and 2 days before closing still not out I told her and told her this chick has decided not to sell this house I bet ya and yep sure enough 1 hour before closing she has changed her mind . That is one of the reasons I look at houses,houses that are vacant ( when thinking about buying ). If they still have folks living in them , nope not interested and never will be . Thank God my sister and I both are moving soon and am so grateful and I don't think I will move again for a very long time LOL.
My toughest sale was to a young couple. She was a lawyer, he was an engineer. They picked the deal apart. They got cold feet and did not turn up at the closing. I was BS. I told the agent to return their earnest money (which I could have kept) as I wanted them out of my life.
Next day my agent called and said they were remorseful and wanted to do the deal. Agent said they were ready and I should do it. I had my lawyer draw up an As Is rider????? and the sale went down 48 hours later.
What about bat crap crazy sellers ? I have seen quite a few of those . Like the ones who call an hour before closing to say that they have changed their minds on selling and want you to understand . Heck no I would and will sue if anyone ever does that to me... You can kind of get a clue when they have not moved out the am of closing or a couple of weeks before . Yes I have seen it done . my sister went through this very thing . The girl she was buying the house from was at 15 days till closing still not out she said okay maybe ten , at ten days not gone yet and 2 days before closing still not out I told her and told her this chick has decided not to sell this house I bet ya and yep sure enough 1 hour before closing she has changed her mind . That is one of the reasons I look at houses,houses that are vacant ( when thinking about buying ). If they still have folks living in them , nope not interested and never will be . Thank God my sister and I both are moving soon and am so grateful and I don't think I will move again for a very long time LOL.
My house was still occupied by the sellers three days after I closed. I moved in on the fourth day. No problems
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Seriously "Crazy Buyer" if I turned down your offer because it was contingent on your house selling (which you haven't even listed yet), you want to go through a VA loan which notoriously doesn't fund farm property, and because you are a lawyer that seems to want to try to try to work every angle possible ....don't expect me to say yes when you ask to put 20% down and ask for owner financing for 2-3 years until you get your finances stronger.
