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.
I have had people ask me what is wrong with a property if it sits on the market for two weeks.
I think the record was "It's been on the market for 12 days. What's wrong with it?"
Ha Ha. You must have a crazy hot, desirable market with tons of super qualified buyers gobbling everything up right away.
Comps, by their nature, are dated, as sales information is not posted until escrows close - so it could be 30, 60, or 90 days behind. In a hot market, that will not suffice. This is why properties sometimes don't appraise. The hot market can drive up prices way beyond comps. I am surprised this is not common knowledge. It is VERY basic.
I can see you're stubbornly clinging to your assertion when you could bow out graciously.
Markets vary, and you gave bad advice to the OP. More words won't change that. The end.
I have had people ask me what is wrong with a property if it sits on the market for two weeks.
I think the record was "It's been on the market for 12 days. What's wrong with it?"
Yep. Here we have an active shadow market, so in certain areas if a house isn't under contract in 2 days people get nervous.
Yep. Here we have an active shadow market, so in certain areas if a house isn't under contract in 2 days people get nervous.
We have calmed down a little here.
A couple of years ago, a colleague had something like 35 showings the first day, and maybe 18 offers, (I forget the exact numbers, but they were huge) and a fight nearly broke out in the driveway as people tried to get into the house.
We have a level of hysteria here over schools that is breathtaking.
No one in their right mind wants 2 weeks of that crap...
Last edited by MikeJaquish; 11-11-2018 at 03:27 PM..
Honestly: I am shocked by this! Of course it is the listing agent's job to vet the buyer. I am perplexed as to why you think it would not be. That's a prime reason why you even have an agent - to protect you and represent you!
There are a lot of unqualified buyer's agents AND buyers - so when an offer is made, the seller's agent has to determine the quality of the offer - which includes analyzing the financial aspects - because that is often a contingency of the sale, as well.
It's crazy to me that this is being questioned.
No wonder the lay public thinks that agents don't do much - they don't even understand what goes on (or should go on) behind the scenes.
Is the seller's agent helping the buyer to secure a loan? That would be the only logical reason for vetting the buyer. If the buyer has been pre-approved for a loan and makes a reasonable offer on a house, why would the seller's agent want to see the buyer's check stubs? That doesn't make any sense to me. The seller's agent is getting paid when he/she sells the home, as well as the seller, and the buyer's agent. If the buyer defaults on the loan right away, how does that hurt the seller's agent or the seller?
It's not a hot market where the house is located and the market analysis including comps was done well. My partner and agent collaborated and agreed on a price, set fairly but with some room for negotiation. The house is in pristine condition. The first people who wanted it paid for an irritatingly thorough inspection. That punch list was quickly worked off. It's an awesome house. I love it. I'm not feeling snake-bit. (I didn't think that sounded creepy - I got it) It's going to work out.
What aggravates me is I wanted to list it in May. My partner dragged his feet on finishing the renovations. (After 3 dang years) Until I suggested he pay half the mortgage since 1. He sleeps there (it's empty except a bed, dresser & food) 2. He's going to split the profit.
That moved him along.
We've talked about renting it but I really don't think that's a great idea.
Is the seller's agent helping the buyer to secure a loan? That would be the only logical reason for vetting the buyer. If the buyer has been pre-approved for a loan and makes a reasonable offer on a house, why would the seller's agent want to see the buyer's check stubs? That doesn't make any sense to me. The seller's agent is getting paid when he/she sells the home, as well as the seller, and the buyer's agent. If the buyer defaults on the loan right away, how does that hurt the seller's agent or the seller?
A "pre-qualification" letter is often meaningless. If the offer is written contingent upon the buyer getting x,y,z loan and they can't get said loan (which would come up in underwriting the loan), then they would not be able to complete the sale.
I told him he should move all his stuff back in from storage and then it will sell right away.
He's renovating another place to move into.
That's a great idea.
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.
inspection. That punch list was quickly worked off. It's an awesome house. I love it. 
I'm not feeling snake-bit. (I didn't think that sounded creepy - I got it) It's going to work out. 
