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Old 06-07-2014, 10:18 PM
 
Location: SoCal
14,530 posts, read 20,027,990 times
Reputation: 10539

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Quote:
Originally Posted by jojow View Post
That's awful. 6 offers and no contract! And then, a contract that falls out! What a nightmare. I'm so sorry for you. If I were your agent, I'd be a mess.

I hope you get a good offer soon.
Is my sarcasm detector having a false alert?
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Old 06-07-2014, 10:20 PM
 
Location: SoCal
14,530 posts, read 20,027,990 times
Reputation: 10539
Quote:
Originally Posted by davebarnes View Post
It just demonstrates how weird California is.
What shows that? I see nothing to support your opinion. I see nothing odd about the OP.
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Old 06-07-2014, 10:22 PM
 
Location: SoCal
14,530 posts, read 20,027,990 times
Reputation: 10539
Quote:
Originally Posted by Wmsn4Life View Post
I wonder if they are prequalified??

Maybe your agent could request prequalified buyers only, although banks often approve people for more than they actually could pay...

No. Won't fly. You don't want to do anything to restrict the access of possible buyers to see your house and maybe become interested. How would you like it if a department store questioned shoppers before entry and asked to see their credit card and verify your credit limit. Would you shop there or walk?
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Old 06-08-2014, 07:19 AM
 
3,490 posts, read 6,077,890 times
Reputation: 5421
Quote:
Originally Posted by luckodeirish View Post
My house was listed two weeks ago and priced based on comps, pending and sold listings. Not priced on emotion or listed too high because I, the seller is unrealistic about home value.
No agents have mentioned to my agent that the house might be listed too high.

Okay that's out of the way. I have had about 30 showings and 6 offers. Offer is made, all lowball, then during negotiations the buyers bail and the agent says the same thing "they were in over their head they should be looking at houses at xxx price".
One offer got under contract and the buyer backed out 48 hours later, same reason.

Why are realtors bringing people to view homes they cannot afford or maybe they can but want to buy lower?

Also, one buyer told my agent that since they would have to make accommodations for their handicapped child I should lower the price to make it easier for them.

Ideas?
Was there a bump in mortgage rates?

Buyers get pre-approval based on the rates at that time. If mortgage rates (nationally or locally) were bumped up even .25% they may have lost the ability to qualify for the loan. If it happened to six offers in a row, that really seems like a rate bump.
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Old 06-08-2014, 10:54 AM
 
28,107 posts, read 63,481,229 times
Reputation: 23225
It was not all that long ago the home sales were measured in months instead of weeks.

My brother just closed on a property that had been on the market for 2 years.

On the other hand... I know a couple that bought a bank owned property for 800k two years ago... they beat out 17 other offers and it was listed at 499k

Anyway, they moved in... did not even paint and put the place on the market for 1,595,00 and the new buyers get the keys Tuesday... 5 weeks from listing to close.

Everyone is mum on price so I will have to check it out once it closes and this will be a record for the area...

I agree... the entire business of Real Estate has been a wild ride for some time...
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Old 06-08-2014, 11:02 AM
 
758 posts, read 850,299 times
Reputation: 2770
These people are not buyers, they are lookers, pure and simple. If you cannot afford to buy in the price range you are looking, then you are just simply looking at homes. I was a realtor for close to 30 years....over zealous buyer agents think they can turn a looker into a buyer but forget the preliminary qualification process....doesn't come "after", comes before they ever get into your car.
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Old 06-08-2014, 11:09 AM
 
28,107 posts, read 63,481,229 times
Reputation: 23225
I've never been pre-qualified or presented a mortage letter.

It was just not done back in the early 80's when I started buying property.

A few times, an agent has tried to pull this and I put a stop to it in short order.

Told them to simply look up my name on the country tax rolls and call me back and they always do.

A good friend in the mortgage business said the piece of paper means nothing other than the holder has contacted a lender...

His out is the letter is "Good" on the date printed and that is it.

Recently purchased a property we were very much interested in and at first decided to pass... 80 acres with an old home and some out buildings.

Seller's Broker came back and said the seller would carry with a third down and that is when the negotiations started that culminated in a sale...

No one ever asked for a pre-approval, bank statements, credit app, etc on a 3 million dollar deal.
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Old 06-08-2014, 11:17 AM
 
Location: Charleston, SC
7,103 posts, read 5,944,248 times
Reputation: 5712
Quote:
Originally Posted by luckodeirish View Post
My house was listed two weeks ago and priced based on comps, pending and sold listings. Not priced on emotion or listed too high because I, the seller is unrealistic about home value.
No agents have mentioned to my agent that the house might be listed too high.

Okay that's out of the way. I have had about 30 showings and 6 offers. Offer is made, all lowball, then during negotiations the buyers bail and the agent says the same thing "they were in over their head they should be looking at houses at xxx price".
One offer got under contract and the buyer backed out 48 hours later, same reason.

Why are realtors bringing people to view homes they cannot afford or maybe they can but want to buy lower?

Also, one buyer told my agent that since they would have to make accommodations for their handicapped child I should lower the price to make it easier for them.

Ideas?
Yikes!

That really is a pain for you, I'm sorry for that. That sounds like just a crazy circumstance you have there. Are you asking to see pre-qual letters on the buyers before going into contract or countering offers?
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Old 06-08-2014, 11:21 AM
 
Location: Sugarmill Woods , FL
6,234 posts, read 8,397,553 times
Reputation: 13809
Quote:
Originally Posted by luckodeirish View Post
My house was listed two weeks ago and priced based on comps, pending and sold listings. Not priced on emotion or listed too high because I, the seller is unrealistic about home value.
No agents have mentioned to my agent that the house might be listed too high.

Okay that's out of the way. I have had about 30 showings and 6 offers. Offer is made, all lowball, then during negotiations the buyers bail and the agent says the same thing "they were in over their head they should be looking at houses at xxx price".
One offer got under contract and the buyer backed out 48 hours later, same reason.

Why are realtors bringing people to view homes they cannot afford or maybe they can but want to buy lower?

Also, one buyer told my agent that since they would have to make accommodations for their handicapped child I should lower the price to make it easier for them.

Ideas?
Make your realtor verify the "buyers" are legitimate by making sure only qualified buyers are even being shown the property. Why waste you time if they aren't even pre approved? This is not unusual for upper end homes where a lot of people get entertainment by looking at homes they could not afford just to get decorating ideas etc.
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Old 06-08-2014, 11:22 AM
 
Location: Brentwood, Tennessee
49,932 posts, read 59,685,303 times
Reputation: 98359
Quote:
Originally Posted by Lovehound View Post
No. Won't fly. You don't want to do anything to restrict the access of possible buyers to see your house and maybe become interested. How would you like it if a department store questioned shoppers before entry and asked to see their credit card and verify your credit limit. Would you shop there or walk?
They do it here all the time.

And I pay cash.
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