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13 showings and no legit offers says something about the property condition vs. location vs price.
Have you considered that your place is being used to sell the competition?
It's not the condition; it's the layout (different thread). Maybe a little bit of location. (Feedback from one looker was that there are chicken farms in the area. Well, yes. It's a farming area, so that shouldn't have been a surprise.) It's in excellent condition and at a low price (way below what the agent told us to price it, and way below the competition). It's certainly not for everyone. I'm just trying to figure out the best way to get it noticed by the people who would like it - without moving the kitchen or remodeling the bathroom.
Being used to sell the competition - If they can't buy ours, they can't buy the others either. We do get feedback from each looker, and generally the problem is the layout or the stairs.
These days, pre-approval doesn't mean much. And when a prospective buyer applies for a loan, it will take weeks for them to go through the underwriting process - it is very extensive right now and requires a lot of documentation and financial justification (i.e. sources of deposits over $100).
This must be lender-dependent. I just bought less than 2 months ago and didn't have to explain any specific deposits to my bank account. All I had to do was answer the following question on a form during close of escrow: "what is the source of funds for your downpayment?" I answered "savings account." Good enough.
As for required documentation, I did not find it unreasonable at all:
- paystub dated within 30 days of close of escrow
- copy of bank statements for any funds I wanted considered as part of my assets
- tax returns for the past 2 years
I had PDF files for all of these, so it took less than 10 minutes to provide all of this info.
Of course, the lender also pulled credit reports, did an appraisal on the house, and verified employment, but none of this required any paperwork from me.
The other requirement was homeowner's insurance, which actually took more effort on my part than all the other loan-related items combined.
I used a credit union, and obtained a standard 30-year fixed conforming mortgage which I'm sure they sold to Fannie immediately. Perhaps the process is less streamlined for more exotic mortgages, if they still exist.
Quote:
They may not get final approval for a loan until right before closing.
Yes, this part is true, in part because lenders (or at least my lender) need to obtain verbal verification of employment no more than 3 days prior to funding the loan. I believe they also double checked my credit at that time.
Meh - I've looked at tons of houses...bought two (in two different states) within the past 5 years and have never once been asked for pre-approval by a RE agent.
Have you ever actively looked for a house without having the means to buy one?
When my ex and I looked for our first house, in San Diego back in 1979, we didn't think we could afford one. We couldn't even afford to eat at McDonald's, much less buy a home. But we wanted one.
We went to an open house anyway. I guess that was like "real estate porn" for us, since we couldn't afford it. After we saw the house and indicated that we weren't interested, the real estate agent asked us what this house didn't have that we wanted. I about died of embarrassment.
My ex looked her straight in the eye, laughed, and said, "half the price?" She took that with GREAT grace, became our agent, and in time found us the cheapest livable house in San Diego, I think, and we bought it. It amazed us that we were able to get a mortgage when we couldn't even afford fast food. You could, back in those days. Luckily, my ex got a better job the next month so we could make the payments.
You would be miffed if a professional asked to see that you took the first steps in knowing you could buy a house? Sounds like you're hiding something if you wouldn't provide proof, and unmotivated. It's the unmotivated people who put up the most red tape. If you are truly a buyer, you wouldn't have any issues with providing information to one professional from another professional..
Translation: If you want this so bad, you'll do my bidding (no pun intended).
Yeah. I know whether or not I can afford a house.
I don't need a bank to tell me.
Banks telling people what they could 'afford' created a big fat mess.
Not all of us are the freakin' idiots that parade around trying to get a 500k mortgage on a 50k salary.
You're saying you wouldn't be turned off if you went to the car dealership and the sales guys didn't give you the time of day/test drive unless you proved you could pay for the car then and there? Or you weren't allowed in Tiffany's without a bank statement?
Btw, not one agent has ever asked us for proof of anything. Not only did we purchase a very expensive house, we put 45% down. Get over yourself.
Well I've had 2 calls so far this week from customers wanting to see my listings but they refused to get a pre-qual so I refused to show them the homes.
Translation: If you want this so bad, you'll do my bidding (no pun intended).
Yeah. I know whether or not I can afford a house.
I don't need a bank to tell me.
Banks telling people what they could 'afford' created a big fat mess.
Not all of us are the freakin' idiots that parade around trying to get a 500k mortgage on a 50k salary.
You're saying you wouldn't be turned off if you went to the car dealership and the sales guys didn't give you the time of day/test drive unless you proved you could pay for the car then and there? Or you weren't allowed in Tiffany's without a bank statement?
Btw, not one agent has ever asked us for proof of anything. Not only did we purchase a very expensive house, we put 45% down. Get over yourself.
I see it differently as a seller. In NC, the buyer makes no commitment (other than maybe a couple hundred dollars) while the seller takes the house off the market for a month or so, waiting to see if the buyer will actually buy it. In order for us to take our house off the market for a month during the best selling season, I want to know that there is a high probability the "buyer" will, in fact, buy.
Selling a car doesn't have the time factor and is much less risky. The salesman might waste an hour or so, but he won't give you a month-long exclusive right to buy the car.
We weren't asked for any proof when we came to NC on our househunting trip, but we when we were writing our offer we gave our agent proof that we could pay cash. It may have been submitted with the offer (minus account numbers). When we sold in CA we were given the buyer's financial information along with the offer.
Not all buyers are dreamers or idiots, but some are, and it's something I want to know before I accept an offer.
I see it differently as a seller. In NC, the buyer makes no commitment (other than maybe a couple hundred dollars) while the seller takes the house off the market for a month or so, waiting to see if the buyer will actually buy it. In order for us to take our house off the market for a month during the best selling season, I want to know that there is a high probability the "buyer" will, in fact, buy.
Selling a car doesn't have the time factor and is much less risky. The salesman might waste an hour or so, but he won't give you a month-long exclusive right to buy the car.
We weren't asked for any proof when we came to NC on our househunting trip, but we when we were writing our offer we gave our agent proof that we could pay cash. It may have been submitted with the offer (minus account numbers). When we sold in CA we were given the buyer's financial information along with the offer.
Not all buyers are dreamers or idiots, but some are, and it's something I want to know before I accept an offer.
Oh, geez, no!!! I absolutely 100% do not think ANYONE should be submitting OFFERS without proof of funds. And not just some pre-approval that anyone can do up on their computer. Serious stuff.
No seller should have to take his house off the market for somebody who doesn't have all their ducks in a row. No agent should have to fax ONE PIECE OF PAPER unless they know the finances are above board.
I'm just talking about this attitude that they aren't even going to show you a house unless you pull your pants down and show 'em yer hoo ha. And the worst part of that whole thing is something I referenced earlier. Anyone can mock up some fake-ass letter of approval to jump through the hoops. It's insulting to even be asked.
But, no. I respect the seller taking the risk of removing his home from the market. I wouldn't waste a day of their time with that crap. Though showings can continue despite negotiations being in process.
Oh, geez, no!!! I absolutely 100% do not think ANYONE should be submitting OFFERS without proof of funds. And not just some pre-approval that anyone can do up on their computer. Serious stuff.
No seller should have to take his house off the market for somebody who doesn't have all their ducks in a row. No agent should have to fax ONE PIECE OF PAPER unless they know the finances are above board.
I'm just talking about this attitude that they aren't even going to show you a house unless you pull your pants down and show 'em yer hoo ha. And the worst part of that whole thing is something I referenced earlier. Anyone can mock up some fake-ass letter of approval to jump through the hoops. It's insulting to even be asked.
But, no. I respect the seller taking the risk of removing his home from the market. I wouldn't waste a day of their time with that crap. Though showings can continue despite negotiations being in process.
I pretty much agree with Stan. Even though I'm currently selling my house, I will show it to anyone who wants to see it. Even if they can't afford the house, if they like it maybe they'll tell a friend, you never know.
When a seller requires a pre-approval just to see a house, it rubs me the wrong way. I wouldn't bother to look at a house I couldn't afford because it would be a waste of my time. Plus, it leaves me with the impression that the seller(s) is high maintenance and would probably be horrible to deal with in a negotiation and/or if things were found during the inspection.
Right now I think the market is too tough for sellers to be that picky and I think they shoot themselves in the foot if they are.
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She took that with GREAT grace, became our agent, and in time found us the cheapest livable house in San Diego, I think, and we bought it. It amazed us that we were able to get a mortgage when we couldn't even afford fast food. You could, back in those days. Luckily, my ex got a better job the next month so we could make the payments.
