Home Selling in Ludlow>Question Details

Perplexed, Home Seller in Ludlow, MA

house for sale 1 1/2 yrs. same realestate 14 mths. Moved us out with a promised sale 1 month ago. 4 exts. buyer bailed, Never had bank commintment

Asked by Perplexed, Ludlow, MA Mon Jan 2, 2012

Realtors have not been upfront. Had lawyer phone us with the bad news. Lawyer stated we could not keep any of the downpayment. We have dropped the price of the house 4 times and it's ashame for the neighborhood. Nice 4 bed on cul-de-sac. We've been carrying 2 homes for 2 years and they knew it's getting harder for us. Now , what to do. We are out of contract and they exspect us to just start all over again with them

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Don't know who you used, but it sounds like you had some communication issues. Do you have to start all over? YES. Unless the buyers still want to buy which it sounds like they can't get a loan.

What you should do it interview three different realtors. Have the house staged, have great pictures and try again. Someone will buy your home and soon you will be back on your feet,

Good luck
1 vote Thank Flag Link Tue Jan 3, 2012
Did the buyers have a pre-approval when they submitted the offer and if so what was the reason they could not get the mortgage commitment? If you feel that your Realtor lacked in a multitude of ways you may want to explore speaking with another argent. It is a tough market but if your home is priced right and your are confident that your Realtor did a good job in marketing the property for sale you may want to entertain other marketing tools that may have not been utilized to attract buyers. Did you offer any incentives to prospective buyers and buyers Realtors like closing costs assistance, or a buyers agent bonus? How often did your Realtor host Open Houses?
Let me know if I can be of any assitance. I was born and raised in Ludlow and that is where my business is out of.
Good luck,
Amy
1 vote Thank Flag Link Mon Jan 2, 2012
Have you been able to list your home again in Ludlow? Ludlow is a desired market, and spring is a busy time for home buyers. I have multiple families looking for a home in Ludlow, give me a call and let me know if your home is still available.

Sue Crowley
413-427-1558
keller Williams
http://www.thecrowleyteam.com
0 votes Thank Flag Link Wed Mar 20, 2013
are youooking to sell. I might be interested.
0 votes Thank Flag Link Wed Feb 27, 2013
If you are no longer under contract, interview agents and discus your concerns. I myself like most agents do a Market analysis on homes before we list them. It is very important to be upfront and accurate with the analysis on your property, this will give you the realistic amount to list your home for. In my opinion it is the responsibility of all agents to confirm that the buyer is qualified for the mortgage, and to be realistic about your home condition as well. Buyers always have home inspections and things come up that may change their mind or even make it difficult to get a mortgage. Without knowing the details it is always difficult to say what may be the problem. I am a Broker here in Ludlow MA. If you would like a market analysis of your home it is a free service I do for all my clients. Remember the best way to sell your property is the right price and the right broker in your area.

Paul m Miele
Broker/Owner
Pioneer Realty
413-218-5262
0 votes Thank Flag Link Mon Jan 9, 2012
There are 58 homes for sale in Ludlow. 12 are under agreement. 11 Condos are for sale in Ludlow and 4 are under agreement. Get back into the market and make sure the buyer is qualified first. You have an opportunity sell your property still, just keep selling.


(Keep in mind that when you give a thumbs up to an answer - or better choose an answer as a best answer - it helps the answerer on this site.)
0 votes Thank Flag Link Mon Jan 9, 2012
Sadly, many of us can empathize. Rather than trying to review how this actually happened, I'd suggest you focus on moving forward. If you don't have confidence in your Realtor (obviously), check your listing agreement to see if you are still obligated to them. Many agreements do not count the time you are in a contract against your listing period. Even at that, ask the Broker to release you and get another agent. The broker is probably as frustrated as you are!

When you enlist another agent, listing to what they say about the house. You'll want to relaunch it on the MLS with new pictures, cleaned and freshened up. A new Broker Open will re-introduce it to the local agents.

It's hard to get enthused again, but that's what you and your (new) agent need to do.

Good luck.
0 votes Thank Flag Link Wed Jan 4, 2012
I am so sorry to hear this story. Get a new agent and find new buyers, plain and simple.

I am very confused as to what reasons you were getting from your list broker to allow extensions without a commitment or at least a conditional commitment ... something, anything. Where was your attorney during this advisement as well?

Again, sorry you are going through all of this, especially the financial burden of carrying 2 mortgages.
Web Reference: http://territory.com
0 votes Thank Flag Link Wed Jan 4, 2012
Unfortunately the situation you’re in is not that uncommon. Many agents are simply trying anything possible to keep clients. The best thing for you to do is to interview new agents and explain you situation in detail. Don’t pick an agent because there a friend or they claim they can get more for your home then everyone else, If possible use a broker you will see the difference instead of simple using an agent especially if the agent is part time or not from the area. Call me any time with questions at 413-218-5262

Paul M Miele
Broker/Owner
Pioneer Realty
0 votes Thank Flag Link Tue Jan 3, 2012
This is indeed a confusing situation. Be aware, though, that your agent should be responsible for marketing and negotiating, while your attorney should be responsible for contracts and compliance. Meet with your attorney and go through the papers, so that you understand exactly why you have lost the right to keep the deposit. Then meet with your agent, or other agents, and commit to an aggressive plan to get your home sold. Good luck to you.
0 votes Thank Flag Link Tue Jan 3, 2012
4 Extensions and never a commitment.

1. Why would a realtor allow 4 extensions without a bank commitment?
2. As a seller...Allowing extensions is one thing in this market allowing 4 without a bank commitment or a clear understanding of why they cannot issue a commitment is another.

I certainly would not use the same agent going forward...whatever the excuse is. At some point the agent needs to accept some responsability for the deal falling apart.

I see nothing wrong with a listing agent requireing a buyer to be pre-approved by a lender they suggest...particularly when they are asking for multiple extensions. A good loan officer may have known when the applications was taken that a commitment would be difficult. Agents have argued that they do not want to scare a buyer away by doing this. If the listing agent had made that a condition of the 1st or 2nd extension....would the seller be better or worse off if the potential buyer was scared off then?
0 votes Thank Flag Link Tue Jan 3, 2012
Perplexed:

Sorry to hear about your situation.

First a realtor should never promise you a property would be sold within 1 month. There are so many places where a deal can fall apart - no buyers, home won't appraise out, buyer can't get the mortgage, home inspection etc... There are good and not so good realtors out there. I'm sorry you had a bad experience with your realtor. I hope you were communicated with, during these 4 extensions.

I am a local realtor, let me know if I can do anything to help you
0 votes Thank Flag Link Tue Jan 3, 2012
I'm not going to suggest throwing the agent under the bus. It can be very tough in this market. Getting the price right - ideally in the beginning - is really key. Sometimes - oftentimes - that's hard to swallow. But if the price is too high it will kill you.

I would imagine the buyers had a pre-approval to begin with. Nowadays with all the upheaval in the mortgage market it's unfortunately more and more common for even a pre-approved buyer's loan to fail to close.

I also wouldn't be too quick to hold it against the agent because the attorney made the call. It's not uncommon for the news of the sale's demise to be delivered to the attorney. You're his or her client - it makes sense for the attorney to make the call. I'm sure the agent was very disappointed too - it sounds like this has been a long haul.

The good news is that we're heading into the spring market. In an ideal world I would consider keeping your property off the market for 91 days so the days on market clock in the MLS could reset. But it sounds like the cost of carrying the house might make that impossible. You do want to make sure that the house is showing its best - even though it's now empty. Make sure it sparkles inside and out.

Good luck. This process can be a real roller coaster especially nowadays.
0 votes Thank Flag Link Mon Jan 2, 2012
You agent may have been overly sanguine.. or afraid to tell you the bad news... or just very perseverent in pushing the buyers to keep applying for a loan. You need to evaluate your satisfaction (or lack thereof) with this agent and act upon your conclusions. We all have competition.

The matter of deposit forfeiture may be best advised by your attorney. You have certainly suffered economic loss which the deposit may redress. But whether you can depends upon the exact wording our your contract and other details which quite naturally I do not know but are ones which you can go over with an attorney.
0 votes Thank Flag Link Mon Jan 2, 2012
You say "Lawyer stated we could not keep any of the downpayment." Was that your lawyer or the would-be buyers'? If it's the buyers' lawyer, what does yours say? (Don't trust a lawyer representing the other side.) If it was your lawyer, then I defer to his/her judgment. Still . . .

Others will point out that your agent should have made sure at some point in the process (the sooner, the better) that the buyers were pre-approved or at least pre-qualified.

Unfortunately, it's virtually impossible to force someone to buy your home. And though it's not a pleasant thought, your best prospect is still the #$%$# buyers.

However, you also might want to re-examine your relationship with your Realtor. I obviously don't know the details, so I can't make any suggestions. (And even if I did know the details, the Code of Ethics would severely limit what I could say.) But perhaps there is reason to believe that another agent might have handled the process differently. Just something you may want to think about.

Hope that helps.
0 votes Thank Flag Link Mon Jan 2, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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