Licensed Loan Originator
Amerifirst Financial, Inc.
apply online: http://www.mattpuzz.com
I think she is doing what she should do ( or should have done already ) which is...........make sure these buyers are qualified, and have all their paperwork in order.
Hang in there - what other option do you have?
If you get another offer today - great - if not - Monday is tomorrow, and you will soon see if these buyers are ready to perform.
if, by chance, they get "cold feet', better now than later! You will soon find out.
Good luck, and please let usknow how it turns out.
This is a nerve wracking time....I hope all goes smoothly for you!
Prudential NJ Properties
Any update as to where things stand with the sale of your home.
The market is doing terrific and one is seeing excellent offers.
Hope things worked out for you.
Certified HAFA Specialist and
I dive, too. Have you done Monterey?
I've not. I am too spoiled and prefer warm weather and clear waters.
Just wanted an update.
How did you do? Did the offer come? Did you get the place sold?
I always like to hear how a FSBO sees the market!
This is not uncommon even in regular transactions, where buyers back out after carrying out inspections Or back out for loan Reasons.
In your case the first red flag is the 2% down, which requires few select lenders, the second red flag was your mention of a low ball offer, you are dealing with a wheeler or dealer. The last red flag was that the Agent was preparing an offer with an Un qualified buyer. Loans are tough to get, even tougher with almost nothing down.
Hope your brokers tour went well, and you will get a viable and credible offer.
Perry and Ruth
Many buyers go away, think about it for a few days and then switch directions. Without telling their agents. Happens all the time. In addition, you asked about buyer getting cold feet â€“ itâ€™s a condition that has significantly increased in the past six months â€“ here is a post that may help you understand a bit more about what is going on out there right now:
Buyers Balking â€“ Five Key Reasons, Two Significant Results
In addition, 2010 was a terrible year for the real estate industry â€“ we had SO many issues last year that many of us are still reeling. If Realtors are uncertain, you can know with a certainty that buyers are even MORE confused right now. Here is another post that may be helpful:
2010 In Review â€“ Top 8 Issues That Affected Bay Area Real Estate
Make sure your attorney structures your contract so that you may continue to show the home until all the contingencies are met.
Good luck with the offer, the inspections, appraisal and mortgage commitment. As all of us here know, it's not over till it's over!
I know how stressful it must be for you.........here's wishing you a smooth trip to the closing table!
ps.... Hi...and happy New Year Grace!
We lowered our price by 10k, since we don't have to pay both sides of the commission. I made an HTML ad on CL with a clickable flyer and a link to a web site with additional photos and information. I tried to make my ad appeal to buyers by stating what THEY would get out of living in this home, instead of just stating factual information like sq footage. I also emailed agents who had recently sold property similar to my own and offered them a generous commision if they could contact potential buyers who had seen their recently sold property and sell them our property.
I am VERY VERY grateful for all the responses. I was so excited on Friday to hear we would be getting an offer soon, then let down to hear it wasn't happening in the time frame we were initially told. That led to some anxiety on my part because I had already envisioned myself moving! I know I can't get ahead of myself, and even if we get the offer something can still go wrong. But, after having our home on the market for 100 days with no offers, having open houses every other weekend, etc. it gets to be grueling to get the house ready for showings. I also have two little ones which only adds to amount of work involved.
Trust me, I am not considering this a done deal by any means. I have 30 brokers coming by on Tuesday for a tour.
If you don't mind, I had a question for you. I find your experience marketing your property FSBO to be very interesting.
You said that you had your house listed with a real estate agent with no offers and then placed your property on CraigsList and are now potentially getting an offer.
Are you doing anything differently to market your home other than moving from a real estate agent to CraigsList?
Did you lower price? Did you make improvements to the property? Is anything else different?
What do you think is the root cause of your current success after the real estate agent was unsuccessful?
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I'm with Terri on this one, and believe, as she noted, that this may simply be a situation where unprepared buyers found their dream home and now they're scrambling to get all of their documents in order to determine if they can purchase the home. As the others also wisely noted, until you have a contract, you have nothing, so continue to actively promote your property on Craigslist and do what you must to find as many interested buyers as possible.
I've got my fingers crossed that you see an offer on Monday, but if not, move on. The market will be heating up soon as the weather clears and buyers get geared up to move to larger homes or better school districts. Good luck!
Grace Morioka, SRES
Area Pro Realty
Tel (408) 426-1616
Listings for as little as 1.5%, Rebates to Buyers or 1.5%-2% of Sales Price
Since you were once a licensed Realtor, I'm sure you know how these things go. Your house is not sold until you have a meeting of the minds, and signed by all parties. The agent wants to make sure that what the buyer puts in the contract the buyer can perform to. This not only includes the purchase price, but down payment and closing cost, contingency time frames, closing date, etc. Since many lenders do not work the weekend they may need Monday to get the verification of loan application, funds, etc.
FYI, the lending laws have changed and I would want to make sure that any loan approval is verified that the Mortgage Loan Officer lender has completed their MLO certificate and that their license will be active through the close of escrow.
I would continue to market the home and proceed only with what you have in writing. Or as the ol' saying goes, don't count your chickens until they hatch.
Best of luck to you in the sale.
It could also be stalling but what good is it to worry about that? Do you have another offer that you are considering at the same time?
I think what you should be more concerned about is what happens after you get an offer.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Sounds like the Buyer's Agent did not have his Clients complete the Pre-Approval process. Unless a Buyer is paying cash, a Pre-Approval is vitally important to making a successful offer that closes escrow. You should request that the Pre-Approval be submitted with the offer!
You can read more about this here: http://www.Steven-Anthony.com/GettingStarted