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  Are most buyers NOT prequalified anymore?
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Picture of indycatCarol
posted
My house went on the market March 1st. I'd say 3/4 of the people the realtors bring to the house supposidly like the house but can't get financing.
Why would you show someone a $200,000. house if they can only qualify for $125,000? Seems like a waste of time for everyone.
The last person they showed my farm to said she had horses and didn't want the farmer that is farming part of the land to plant it because they wanted pasture for their horses. The farmer said he was hoping weatherwise to plant by the end of next week. Told the customer that but she couldn't know by then if they want it. So I told the farmer to go ahead and plant.


I don't mind coming to work. But that 8 hr. wait to go home is a drag.
http://s182.photobucket.com/albums/x189/indycatCarol/
 
Posts: 3432 | Location: Indiana | Registered: Nov 20, 2004Reply With QuoteReport This Post
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Hmmm, sounds like you have two different questions, indycatCarol. I have to agree that it's not smart to waste time showing your home @ 200K to people who are only qualified for 125K. Unless they have a substantial down, I think they are hoping to get a "real steal of a deal." Need to talk to your realtor to put a stop to that nonsense.

Think there is a 3rd issue here if your house has been listed since March 1, 2013 ~ it's coming up on 90 days so something isn't working. Either the market where you live? the property itself? OR maybe the price? Need to figure that one out, indycatCarol....

As for as the fields, crops and such ~ most states have protection for anyone farming a property that allows them to finish the season -talk to a real estate attorney or ask your realtor re the laws in your particular area.

Bottom line, you were RIGHT to have your place planted ~ never put growing crops on hold based on some inadvertent, passing comment from an uninformed "potential" buyer! Post back and let us know how it is going.... Cool

This message has been edited. Last edited by: Idaho Resident,
 
Posts: 6487 | Registered: Jan 01, 2008Reply With QuoteReport This Post
Picture of indycatCarol
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I know that 2 or 3 times appts. have been set up they have been cancelled due to bad weather and had to be set up again.
Also, I'm thinking the average home buyer isn't looking for a 22 acre farm 10 miles out of town. So it is catering to a rather specific group.


I don't mind coming to work. But that 8 hr. wait to go home is a drag.
http://s182.photobucket.com/albums/x189/indycatCarol/
 
Posts: 3432 | Location: Indiana | Registered: Nov 20, 2004Reply With QuoteReport This Post
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Ya most of the buyers are not qualified and not having experience in selling and buying homes.

In this time you need to consult with Some Realtor to buy and sell an home.

http://propertybuyersgroup.com/buyers/
 
Posts: 2 | Registered: May 28, 2013Reply With QuoteReport This Post
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gladysjames, I prefer a Realtor who is able to construct one simple sentence.

Please go away...

No advertising
 
Posts: 2438 | Location: Southern CA (Southbay) | Registered: Nov 08, 2005Reply With QuoteReport This Post
Picture of real estate lady
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Gladys, while you claim some association with HGTV, I do not think they would appreciate the insult to Realtors of working with un-qualified buyers and showing property to them. Realtors from all over the world may very well read this board, and may find your comment possibly hazardous to your future business endeavors.
 
Posts: 9179 | Registered: Aug 14, 2007Reply With QuoteReport This Post
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I can answer this question from personal experience. I do not get pre-qualified, because it really means nothing. You can get a pre-qual letter from anywhere, or even make one up. I don't get pre-qualified because they pull my credit to get one. the letter is only good for a short time, and finding a house to buy these days is a very time consuming effort. So my pre-qual runs out. then they pull my credit again.....then when I actually find a house they pull it again for the actual mortgage. So no, you cannot pull my credit for a pre-qual. I will show you my credit report, I will show you that I will qualify, I will show my bank statement that I have the money for a downpayment, but I have already lost a house and a mortgage because the company pulled my credit so many times my score went down just enough to make me ineligible....some of the long timers on this board might remember my rants about that.
 
Posts: 1147 | Location: pa | Registered: Sep 18, 2002Reply With QuoteReport This Post
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oh, why do they show someone who qualifies for $125,000 a $200,000 house? Either they think you are going to come down that low, or the realtor is hoping the buyer will find money to buy it. I get so frustrated when I tell the realtor a certain number- and I don't see one house in that range....and the rationale is that we can offer less.
 
Posts: 1147 | Location: pa | Registered: Sep 18, 2002Reply With QuoteReport This Post
Picture of aychihuahua
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quote:
Originally posted by ames:
oh, why do they show someone who qualifies for $125,000 a $200,000 house? Either they think you are going to come down that low, or the realtor is hoping the buyer will find money to buy it. I get so frustrated when I tell the realtor a certain number- and I don't see one house in that range....and the rationale is that we can offer less.


Correct me if I am wrong, but qualification refers to the amount of money one borrows to buy a home, not the full purchase price. So, yes, it is conceivable that someone who qualifies for a $125,000 mortgage would look at a $200,000 asking price home.

Why? 1. because the home may be somewhat overpriced for the market (it happens!)and 2. because the buyer is able to come up with a hefty down payment of one's own funds (like the proceeds of from a recent sale of their house) to the tune of $60,000 - $75,000, in this example.

Why would someone pay such a high down payment? Well, for starters, to get a very low interest rate and lower mortgage payments. And, to build equity in their home much faster.

I doubt there are many who would do that, but it happens.

But, I agree with you, ames. Pre-qualification can be a useful first step for figuring out how much a buyer can afford to borrow -- especially for first time buyers. But, it is the bank's pre-APPROVAL that counts.
 
Posts: 5163 | Registered: Jul 12, 2009Reply With QuoteReport This Post
Picture of real estate lady
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Ay- you're so smart - could not have said it better myself!

Really...is a insult to Realtors and Lenders to say steps have not been taken to pre-qualify the buyer. Understand that this is based on file credit report. All three reports from the three credit reporting agencies are pulled at application of the loan.

No lender I know just hands out pre-qualification letters.

Indy, you hired your Realtor, so let her do her job and don't assume.

This message has been edited. Last edited by: real estate lady,
 
Posts: 9179 | Registered: Aug 14, 2007Reply With QuoteReport This Post
Picture of Charming
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Don't forget, with the way FNMA has written the rules now - DH and I would not be able to buy our house, even though we have enough assests to pay cash for it. Roll Eyes
 
Posts: 3395 | Location: Coastal SC | Registered: Jan 10, 2006Reply With QuoteReport This Post
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Hi,

If you are looking for professional opinions on this you could also use RESAAS, a platform where only official realtors answer questions. Maybe give that a go here: http://rebla.st/qbxxhkt

Hope it helps! Smile
 
Posts: 13 | Registered: Aug 08, 2013Reply With QuoteReport This Post
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