Your recourse would be to request your broker do a more thorough evaluation of the qualifications for the next party who writes an offer. PRE-approved is not final approved. Have the income and asset documentation been reviewed by the loan officer or better yet, an underwriter? If not, kindly suggest that their offer will not be responded to until they have.
Even then there are no guarantees. I had a well qualified buyer get laid off in the middle of a purchase. No one saw that coming at the time. He got a better job later, but not in time for that home.
Comgratulations on having a popular home, the right, well qualified buyer will be along soon.
My point is simply that it is terribly inconvenient to have your house on the market for sale. It's no fun. But, it is what it is. People will come at the worst times. People will write offers that have a pre-qualification letter from a lender that is useless. There are thousands of things that can go wrong with a house listing/sale. Unqualified buyers are just one of the issues. You just have to live with it.
I would definitely talk with you broker give them the benefit of the doubt, these are possibly even people that are just calling from off the street that want to see the home.
Coldwell Banker Bain
1661 East Olive Way
Seattle Wa 98102
Dan, I agree on the 24 hour showing, but there's another element too. For agents that like to preview a 24 hour notice doubles the problems, and makes it even less likely that the property will be seen.
d, as to the dogs, if they are locked in the back yard, and the buyers can get in through the front, I would think a better solution would be to just restrict only the access to the back yard to some sort of notice. I see dogs in the back yard all the time, and if the gates and doors to the back yard clearly state not to go out there if the dogs are there. But if the dogs are particularly dangerous, maybe that isn't a solution.
As to the offers that came in, I think it's hard to keep contingent offers from coming in, but that could be stated in the agent remarks. As to the other buyers, not clear how your agent listed the property, but if the main house was priced at including both lots, and said both lots had to be sold, seemingly that would solve your problem. If, however, there was a separate listing for the other lot, I could see that would cause confusion.
I read your responses and have a couple of suggestions. Your agent can post in either the general marketing remarks which the public sees, "Parcels not to be sold separately". If you have no room in the public remarks they can be added in the "Agent Only" section. This will reduce some of the interest in trying to break them apart.
The other suggestion is to reduce the time necessary to plan for showings. 24 hours will scare off some agents. We often work on short notice with buyers, not that we want to, but when a buyer wants to see something and we have an opening, being able to show on short notice will really help.
If you can either remove your dogs with 1 or 2 hours notice or have them temporarily housed elsewhere so the home can be seen on very short notice, you'll see in increase of activity. Realize, once you have the "right" buyer, you're back to normal.
I would also mention that the 24 hours notice for showing your house is hurting your chances of selling. You're probably cutting your traffic by more than half with those showing arrangements.
You have many options.
However, I am curious regarding the 80% failed statement. How many offers have you had? How did they fail? What was the cause, if any, that was provided. "Could not get financing" may have noting to do with the buyer and everything to do with the appraisal, inspection, price or condition.
You should feel fortunate that your agent and broker are getting eyeballs on the lising and feet in the house. What that means is you do have choices. No showings means you have few choices.
What can you do?
#1. Confirm the reason for failure is not on your side of the equation.
#2. Compel your agent to SEE the qualifications of the buyer before showing the house.
#3. Evaluate those qualifications and if the outcome is know (i.e. another Wells Fargo pre-approval) require approval through a source that you know will finance your home through the methods you indicated.
Be very aware, such action will result in a higher quality buyer, but few of them will subject themselves to such scrutiny without overwhelming cause. Is your house that 'SPECIAL?" If not, the result will be no body looking....but the good news is the weak buyers will be gone too.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Palm Harbor University High School distirct
If your agent refuses to provide you the pre-approval letter, then donâ€™t agree to the showing request. What is the risk to you? Turn away a qualified prospect that doesnâ€™t want to follow your rulesâ€¦. Comes back to the question of how bad do you want to sell your house?
Some of the Realtors I work with wonâ€™t even show a prospect a home unless they provide a pre-approval letter. At times, they will require the prospect to chat with me EVEN if another lender has issued a pre-approval letter. The reason for that is the quality of the approval letter; if it contains a dozen â€œweasel clausesâ€ like, subject to review of the borrowerâ€™s income documents, that indicates the Loan Officer hasnâ€™t done a very good job.
I can see both sides of the street, the more people that look at your house the higher the probability it will sell. On the other side, how good are you as a selling client? Ask yourself why it is a pain in the neck to show your home. It could be your lifestyle needs some modifications, at least temporarily while selling the home. If you are scrambling around trying to get the home ready to show because it is typically a wreck, then pretend it is going to be shown every day. Donâ€™t toss your socks in the middle of the kitchen floor when you get home from work.
If the problem is you have listed the home with a Realtor that doesnâ€™t care if the prospect is credit worthy or not, it could be you have hired the wrong agent. But the way you worded the question, â€œwhat recourse do I haveâ€ implies you are not approaching the task the way I would want my clients to work with me. It signifies you and your Realtor are not on the same page, both of you are to blame for that problem. I bet this was not a topic PRIOR to listing the home, but now you want to insert it in the rules. Nothing wrong with that, but donâ€™t blame the agent if you havenâ€™t had the discussion. Make an appointment to drop by their office, have a chat, reach an understanding, but listen to them, it is a two way street. No matter how much you think you know about the real estate business, it is nothing like HGTV and if your agent has experience it is valuable so listen as well.
Communicate with your agent, team with them, donâ€™t blame them, work with them. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Why aren't the 20% that are qualified buying your home?
Your agent is working hard to attract the widest possible audience to come and see your home. The more people that see your home, the better the odds of a sale to a qualified buyer. Why not have a conversation with your agent about your frustration? Find out if he or she is encountering any special challenges in marketing your home. Your agent can explain the dynamics of the current real estate market, and their strategy for marketing your home. I believe better communication would help in this situation.