Hi folks. Did you know, when I wake up in the morning the first thing that comes into my head is, "What can I Blog about today?" Then the phone rings and my question is answered.....
"Good morning, Tutas Towne Realty, this is the incredibly good looking and intelligent Broker Bryant speaking, how may I help your dreams come true today?"
"Hi Broker Bryant, this is your Seller over at 4321 Desperation Ave. I'm calling to let you know I have found a Buyer for my house. My neighbor, who has lots of money, wants to buy my house. I know he has lots of money and can pay cash for it, if he wants. I told him I would only take full price ($259,000) for it but at that price I would leave the appliances. He said something about putting 5% down and me giving him back a check for $15,000 at closing and he wants me to pay all his closing costs. Did I mention he has lots of money?"
"OK, OK, Mr. Overwhelmed, the first thing we need to do is have him call me. I need to talk to him about his qualifications and make sure he is in a position to even purchase your home. Then we can get his offer in writing so we can sit down together and go over your options. By the way, you can't just give him money back a closing, that could be mortgage fraud and we can't do that. But we will worry about that after I get a written offer from him. OK?"
"OK, but I know he has lots of money. I told him I was in foreclosure and he said he could help me out. He really likes the house, since it is the best house in Poinciana, and he has lots of money."
Anyway, I received a call about an hour later from a REALTOR®, all excited, wanting to submit an offer on this listing. She asked me the price and I told her it was $259,000. "Broker Bryant my Buyer would like to offer $225,000 and wants the Seller to pay $14,000 in closing costs. He will be getting 100% financing. Do you think we have a deal? He said he has already talked about this with the Seller."
Now folks, does this offer sound anything like what the Seller had mentioned to me earlier? Of course not. They never do. Desperate Sellers hear what they want to hear and say things they shouldn't say and Buyers will and do try to take advantage of the situation. Why would you tell a potential Buyer you are in foreclosure?
This is one of the most important reasons to hire a REALTOR®. We are not emotionally involved in the deal. We are a calming force and we are trained to weed out unqualified and unrealistic Buyers. Without a REALTOR® looking out for him, who knows what kind of a deal this Seller would agree to? You can be sure it would have cost him a lot more money than what he is paying me. This assumes he wouldn't have wasted months and months of market time, while the neighbor, with lots of money, tries to sort out 100% financing on a second home.
Hiring a professional REALTOR® who has experience and market knowledge in your area, is the best investment you can make. So before hiring a REALTOR® to sell your house ask these questions.
There are many more questions you need to ask before hiring a REALTOR® but, in my opinion, you need to have the right answers to these three, first. And make them show you their sales record from the MLS.
By the way, I never did hear back from the Buyer or his REALTOR®. I guess I need to call Mr. Overwhelmed back and let him know the neighbor has no money. Better yet, I will send him a link to this post.
I wonder who will call me tomorrow morning?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
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Thank you for stopping by. Your comments on this post are welcomed and appreciated.
No one sold more homes in Del Norte County in 2009 and 2010--*both in number and volume--than Fran Gatti. Put Fran to work for you!
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Good Post! I get a lot of my blog topics from client interaction as well. You just never know what the day will bring! Hopefully, you can help the Seller get out of his current situation.
Very good post and so true. I wonder how many FSBO's get fooled by this trick.
Fran ther is so much stuff going on out there right now. We had a listing meeting Saturday were getting the agreement together. I called the client to sign and all of a sudden she has another appointment. I have a feeling the commission may be the deciding factor and not the quality, integrity and success of the Realtor.
Hopefully i will have good news tomorrow.
Good post. Hope your doing well.
Good post. Sellers should be educated that the only acceptable response to someone wanting to make an offer is, "Great, here's my agent's contact information. Call or have your agent call to discuss details." Even if they are in foreclosure, they shouldn't hinder their agent's ability to represent them by giving away ANY extra info. We are the skilled professionals here, let us do the job you're paying us for. Thanks for sharing.
Good stuff! Thank you for re-blogging!
Very good post - thanks for sharing!