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Asked by Katrinka Jack, Columbia Heights, MN Tue May 21, 2013

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Answers

11
Ron Thomas, Agent, Fresno, CA
Tue May 21, 2013
Could you step back and see that this is the nature of the dragon you are trying to slay?
If it was easy, we wouldn't be fielding these questions.
I really take exception with chewing through 3 Agents; blaming them; obviously that isn't the problem and pretty soon no one will want to represent you.
The best hitters of all time, also had the most strike-outs of all time, and Edison failed 1,000 times before he invented the light bulb!
If your goal is worth the effort; don't give up.
1 vote
Ron Jensrud, Agent, Bloomington, MN
Tue May 21, 2013
There are always lot of things going on and it is really hard get a good understanding of what you may or may not be doing wrong. Inventory is low and there are lots other buyers to compete with. You didn't say that the offers you submitted we're in Multiple Offers or not. If you couldn't come to an agreement on 10+ offers that we're NOT multiple offers than its something you are doing wrong. If its because you are losing in Multiple Offers than welcome to the club, strap up, hang on because it is going to be a bumpy ride.

As a 100% for Home Buyers - 100% of the Time, Exclusive Buyers Agent I'd be happy to discuss you situation with you.

612-272-1520
0 votes
Chris Block, , Saint Paul, MN
Tue May 21, 2013
Hmmm let's slow down here for a minute. This question seems very similar to your previous question asked I believe maybe a couple weeks ago.

Ya know it is not that much different than when a seller asks me "why is my home not selling?". There are concrete answers a Realtor should be able to give you. In my professional opinion only your current realtor can tell you this, because none of us have worked with you. We don't know all the facts or dynamics that are playing out.

On the other hand, my response to you is very similar to what I discussed in your previous question. If you are losing out on homes multiple times you are not "overbidding", because another buyer is willing to pay more for the house than you. It really is that simple.

So market expectations are still #1. You may feel at this point you will bid on just about anything, but hopefully your realtor can dampen this frustration and keep you focused. Like I always say in this market you won't pay a premium for a home unless it is the right one. You have to find the right home and then bid accordingly.

It is not that uncommon anymore for buyers to lose out on multiple homes. My most recent buyers lost out on 4 before we got one, so hopefully you know that you are not alone. Your realtor should be able to contact the listing agent and simply ask why your offer was not picked. Most listing agents are nice enough to tell us if it was price or terms.

Because terms are the 2nd possibility and a concern you have voiced. Once again, your realtor should be able to look at the comps and see if the financing is FHA, conventional, or cash. From there they can look at seller paids and see what the average is for the market. Also, what % of list price is being received or if homes are getting appraised above list price.

All this information is out there, and once you know it then you can stop coming on Trulia. We won't help you buy a home faster only your Realtor can. Once all the information is gathered the game-plan can be altered in order for you to buy a home soon.

Who knows maybe things need to get shaken up because your budget won't get what you want in Columbia heights (or wherever you are looking). Maybe it is time to review goals and see if TH's are preferred. Maybe go low and look at 203k options where there may be less options.

I am concerned that one lender will pre-approve you higher than another. That should not be the case with FHA at all. By god I hope you don't go through all of this to find a good home and have the financing fall apart. Be careful and make sure you understand why one lender will approve you higher than another.

As you can see there is a process when buying a home. Every realtor adds their own flavor, but the process should be very similar. For some reason you still are unclear on why you are losing out on homes. Answering the question to "why" is the job of your realtor. Communication and trust is key for you two being a team.

Good Luck
Chris
Realtor North/NE suburbs
651-307-7663
chris.block@imetroproperty.com
0 votes
the loans are not FHA
Flag Tue May 21, 2013
Gordon Parker, Agent, Highland, IN
Tue May 21, 2013
Katrinka,

I'm sorry to hear of your frustrations in your home search. Without putting blame on anyone or anything lets look at the situation.

First it good that you've been pre-approved. Second it is good that you have stable income and a decent credit score. You are making the right steps in your home purchase so don't get discouraged in the steps you are doing right.

Your next step should be "To Find" a Real Estate Professional that will work for you and not just sell you a house.That means they have interviewed you, understand your buying needs and have a system to help you find the home to meet your needs.

Contact me directly in my office @ 219-934-6300 - I don't mind- and I will help assist you get the right Real Estate Professional for you in your area, provide you literature to keep you on the right tract and share with an idea system to insure you are in your new home in a timely fashion.

Respectfully,

Gordon Parker
0 votes
Chad Kenning, Agent, Blaine, MN
Tue May 21, 2013
Katrina

Again, I totally feel your pain. The reason I got into this business ten years ago was very similar to what you are going through right now. I used two realtors and fired them both. Some realtors have such a sense of arrogance and they put you on the back burner so they can close other deals. I encourage you to stay strong and this realtor you are using now will find you a home. Like I said before, just keep making strong offers in this competitive market. Listen to your agent and review the comps for each offer you make. Ask lots of questions and do not let people or this situation get you down.

Stay strong and you will get there. Buying a home is one of the biggest purchases you will ever make and I believe it is well worth it. Hang in there and do not let anyone get you down.
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue May 21, 2013
The best path to getting your dream house is using 1 loan officer who will guide you through the loan process. Then use 1 buyer agent who can find homes for you to see that meet your criteria AS SOON AS THEY COME ON THE MARKET, then make a good offer, reduce or eliminate contingencies, be ready to close within 30 days, stay away from short sales as they are not quick or easy.
0 votes
Ron Thomas, Agent, Fresno, CA
Tue May 21, 2013
Kat;
You are ASKING us to judge you!
You asked us to help you.
You are defensive and you are a First-Timer:
You have much to learn.
0 votes
its hard not to be defensive when the blame is being put on me. i wasn't asking to be judged, just for help. i just dont understand what I'm doing wrong with the offers. sellers dont know how many agents or lenders i've been through, so i dont see that being the problem. the agent i have now is great and is on the ball which is very helpful. i've tried to stick with one lender but like i said, if a house comes up at a higher price than the other lender would approve, i need to go with them in order to put an offer in. im wondering if its possibly the down payment i'm going about the wrong way? all i hear from both lenders and realtors is "it's usually $1000" . Could that be a reason?
Flag Tue May 21, 2013
its hard not to be defensive when the blame is being put on me. i wasn't asking to be judged, just for help. i just dont understand what I'm doing wrong with the offers. sellers dont know how many agents or lenders i've been through, so i dont see that being the problem. the agent i have now is great and is on the ball which is very helpful. i've tried to stick with one lender but like i said, if a house comes up at a higher price than the other lender would approve, i need to go with them in order to put an offer in. im wondering if its possibly the down payment i'm going about the wrong way? all i hear from both lenders and realtors is "it's usually $1000" . Could that be a reason?
Flag Tue May 21, 2013
its hard not to be defensive when the blame is being put on me. i wasn't asking to be judged, just for help. i just dont understand what I'm doing wrong with the offers. sellers dont know how many agents or lenders i've been through, so i dont see that being the problem. the agent i have now is great and is on the ball which is very helpful. i've tried to stick with one lender but like i said, if a house comes up at a higher price than the other lender would approve, i need to go with them in order to put an offer in. im wondering if its possibly the down payment i'm going about the wrong way? all i hear from both lenders and realtors is "it's usually $1000" . Could that be a reason?
Flag Tue May 21, 2013
Katrinka Jack, Home Buyer, Columbia Heights, MN
Tue May 21, 2013
No where in here have I blamed the agents or the lenders. My first agent was very bad and did not know what he was doing, so I took the referral of the lender for the next agent. Unfortunately, she became too busy and I got put on the back burner. I have been speaking with both lenders since December. One has pre-approved me for a much higher amount, I go to them if a house hits that the other lender will not pre-approve me for. I do not have committment issues, it is not my fault if I am a first-time homebuyer that did not know to interview agents before finding out they didn't know how to do their jobs. Not taking the effort to talk to your buyer's lender and know exactly the loan program they are participating in is not my job, that is theirs. And that's what the first agent did not do. The second agent was great at first but like I said, she put me on the back burner. I don't appreciate that as I am trying to find a house just as bad as the next buyer. I know I am a team player and loyal, don't appreciate being judged by my situation.
0 votes
Sherri Sherpy, , Saint Paul, MN
Tue May 21, 2013
Katrina, I am going to be brutally honest here. Going through multiple real estate agents and getting approved through several lenders is not doing yourself any favors. No one is going to want to put the effort in and go the extra mile for you when there is no sense of "team" or loyalty. Now, with that said if you have had experience with a really bad agent or really bad loan officer, that is another story.

This market requires strategy. Work with one agent and one loan officer who you trust and build a strategy TOGETHER. It works.

Good luck.
0 votes
, ,
Tue May 21, 2013
Sounds like you have commitment issues. Why don’t you try working with only one Realtor, one lender and follow their advice? The root of your problem could be you aren’t listening, that is the most common issue I witness with all buyers, especially first timers. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference:  http://jamessimms.com/
0 votes
Chad Kenning, Agent, Blaine, MN
Tue May 21, 2013
First of all, you are not alone. There are a lot of people that are in the same spot as you right now. There is a lower inventory of houses then we are used to seeing. A lot of houses going into multiple offers quickly. If you are paying over asking price and offering on the houses as soon as they come on the market, you will get one soon.

Buying a home right now can be very hard and frustrating right now. Keep moving forward and you will get there. Without knowing more of the details of your situation I can not give you anymore details then that but just know that you are not the only one in this situation. You can get a home and it will happen for you. Just keep making those solid offers and your dream of home ownership will come true. Also, it sounds like you have used several agents already. I would suggest interviewing several agents before you choose who to use next time. Interviewing a buyers agent is just as important as interviewing an agent to sell a home.
0 votes
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