I was out this evening with new buyers. Pre qual. letter and all and out we went. After about 3 houses with 3 to go, the lady said she would like to look at homes that were higher priced.
"Well, we can look a little higher, but we are already looking at homes that are listed above your pre-qual. amount already."
"I want to look at homes that are 30-40% above what we are qualified for."
"Just how do you plan on paying for this extra dollar amount you will need above the loan?"
"Well, the sellers will just have to come down in their price!"
I explained, that in this area, homes are selling within about 5-7% of the list price. No one is fire saleing their homes. These homes are all occupied, as you preferred. None of them are on the short sale list.
"Well, I don't care about that, I want.....!"
The next stop was back at the office. The couple was told when they decided to be realistic in what they are looking for, let me know and I would work very hard to get them the best deal we could get.
If these had been cash buyers, that would have been one thing, but they needed closing costs paid also. I will call them in a day or 2 and see where they stand. I reminded them that we have a signed buyers rep contract.