Home Selling in Austin>Question Details

Cp, Home Buyer in Austin, TX

Pflugerville, TX Home for Sale

Asked by Cp, Austin, TX Thu May 19, 2011

I have a question about selling a home in Pflugerville. I am finding it difficult to sell. I have the house on sale significantly below the market value. I had a buyer who is currently living in Middle east country. This buyer does not want to close until end of July. The buyer is taking FHA loan with 3.5% down. I am OK with the sell price eventhough it is significantly below the market value. But I am concerned about the end of July closing date - it is so far out. The buyer is not willing to move in the closing date to end of June.

I would like to get your opinion if it is worth going for this deal.

As a side note, I had anouter buyer in April 2011 - from Russia. At the last minute, the deal fell apart as the lender did not approve the loan.

I am not sure why I am seeing all these buyers from outside US. Also why these buyers do not seem to have contingency to deal with loan issues. They do not seem to be serious buyers.

OK to close in July end?

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Answers

13
Cp, with all due respect, over the past 2 years you have asked 11 various questions pertaining to buying in Cedar Park, Steiner Ranch, foundation issues with a new home you supposedly bought, Title issues, and various other odd questions that simply put, do not add up, including this one! I, as well as many others have given you our invaluable time and advice but the same topics pop up varying from shopping, to selling, to post purchase issues!?? If you really have your home for sale (again), and you're having this many problems consistently, do yourself a favor and HIRE A PROFESSIONAL REALTOR and let that person help you and do their job. I am not a doctor, nor would I try to do a doctor's job. From your questions, you are obviously not a Realtor, so get a good one, sell your home properly once and for all, and let that agent help you buy the home you've consistently asked about, and then move on. Joe Jarusinsky, Realtor, Keller Williams Realty
3 votes Thank Flag Link Thu May 19, 2011
HI CP,

I know you have asked me questions here before in this forum. You should really speak with a Realtor about the option of selling your home. You could list it now and if it does not sell your other potential buyer could still purchase the home.

To keep your home off the market you should have a good amount of his earnest money being held at a title company. This way if he does not go through with the purchase you are entitled to keep the money for the time you lost being able to sell your home.

It almost sounds like this is a scam of some sort. You have a buyer sight unseen who wants to buy your home and he lives in the middle east? Was your home listed on Craigslist because if so this sort of thing happens all the time. I am 99% doubtful this is a real offer on your home and can almost guarantee you have not spoken with them directly nor have they put up any money.

If you are serious about selling your house contact a Realtor and talk about the best way to move forward. Make sure the home looks it's best and is move in ready and price it correctly. If you are not working with one I would be happy to assist you if you are serious about selling your home. Feel free to call or email me any questions about this.

Best of luck to you.

Don Groff
REALTOR | Mortgage Broker | Consultant
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
1 vote Thank Flag Link Fri May 20, 2011
Brian brought up a good point about Pre-Approvals. Unfortunately he is right that many lenders whether they be brokers, bankers or direct lenders like the big 3 often issue a pre-approval/commitment letter based solely on a credit report. That is bad.

A good lender will analyze credit, income, assets, employment status/history, rental history and have the option to have the underwriter (decision maker) review a complete credit package before proceeding. A Comprehensive Pre-Approval like that takes an extra day or two but it's the best way to go whenever possible. That is where we address any issues/concerns before a buyer even thinks about placing an offer on a home. The point is to diffuse any bombs before they go off later and people lose money.

I would also be a little weary of buying outside of the US if they cannot document they are citizens or legal residents.

Next time you have someone wanting to put in an offer make sure the pre-approval letter says they have reviewed all the items I listed and ask to talk to the buyer's loan officer as well. If they balk at that, move on.

Elliott R. Oliva
Mortgage Banker
NMLS #353884
512.825.8309 direct
eoliva@envoymortgage.com
0 votes Thank Flag Link Sun May 22, 2011
Cp,

If I were dealing with this situation, I would advise my client to request that the earnest money be significant (say 3% of the home cost) AND put in that the earnest money is nonrefundable. You will find out exactly how serious they are about buying this home.

Another important point: Does the preapproval letter state that the lender has verified the client's employment and income? Some lenders will give a preapproval based off of nothing but a credit score without reviewing any of the other required documents necessary to actually approve the loan.

Hope this helps and best of luck to you,

Brian Rayl, REALTOR®
Keller Williams Elite - Park Cities
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
0 votes Thank Flag Link Sun May 22, 2011
I do have a realtor for this house sale. We have a buyer's preapproval letter from his lender. It is just that he does not want close till end of July.
0 votes Thank Flag Link Fri May 20, 2011
The answers here run the gammit. Let's assume it is a real buyer. Maybe it is maybe not but as long as you stick to the normal procedures of selling a home ie going through a title company etc there is little room for someone to scam you. Earnest money held at a title company for 2 months are good funds. When they ask for them back the title will be certain they really have the money before giving it back. So a last minute back out after two months is not a scam to steal earnest money. If you have been on sale for that long with no otter offers and you are good with the price you take it. However, now it's time to do some research before accepting the final deal. Your agent (hopefully a professional and knows what to do) needs to talk to the loan officer. A mortgage deal where the buyer is over seas is very difficult especially using FHA. Your agent needs to find out if the buyer has a job lined up when he comes back. There is a good chance he won't be able to close until 30 days at his stateside job. I would tell the buyers agent that he needs to have his loan officer open up the file to you. See the job offer letter, see the credit score etc. Ask how the loan officer plans to get the deal done with an owner occupant loan (FHA) with a borrower that is not taking possession. This is not likely. So long story short you agent needs to get to work and research this. Mr. Dream Home
0 votes Thank Flag Link Fri May 20, 2011
CP,
Comical is all I can add...anythig further would be against what my momma has preached to me all these years.
0 votes Thank Flag Link Fri May 20, 2011
Sounds like the title company scam - a deposit to escrow, then a cancelled contract asking for the earnest money back.

You really need to be working with a good agent.
0 votes Thank Flag Link Fri May 20, 2011
You are obviously being scammed by Middle Easterners and Russians. A buyer from Nigeria and a Dr. from London will be next probably. I would recommend you find a professional to help you through your plight. You can find yourself in some pretty unpleasant situations if you get wire robbed.

Best Regards,
0 votes Thank Flag Link Thu May 19, 2011
Non US citizens (or legal residents) cannot get a loan and that's that. Whoever is telling you they are buying the house and waiting for loan approval are just misleading you, not sure why anybody would do that.

I assume you are selling on your own because any Realtor would know that and would advise you not to consider any shady "buyers" like that. Or if you do have a Realtor, obviously you picked an very unexperienced one who has no clue about these things. Talk to someone knowledgeable and experienced not only in selling homes, but also knowledgeable about loans and who can or cannot get them.

If you want to continue this discussion, call me or email me.
0 votes Thank Flag Link Thu May 19, 2011
Is this a serious question? Sounds to me like you are dealing with people that aren't really in the market to sell. You should consult your realtor.
0 votes Thank Flag Link Thu May 19, 2011
Cp,

You may just be a victim of scams. Is your home listed in the MLS? Are you being represented by anyone in the sale of your home that understands how to qualify buyers before you ever get locked into a contract? If you're not being represented by someone, would you like help from someone like me in selling your home?

Call me to discuss, I can at least give you some advice about your current situation if you aren't currently represented by another agent or broker.

Thanks,

Jeffrey
512-913-7480

P.S. I work a lot, so if you're up and want to call this evening, that's fine by me!
0 votes Thank Flag Link Thu May 19, 2011
Are you represented by an agent? The foreign interest seems a bit odd. I ask about the agent because he/she can tell you obligations of being under contract. I'd have that conversation immediately.

Good luck.
0 votes Thank Flag Link Thu May 19, 2011
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