Sorry, I’m Not Becky

Sorry, I’m Not Becky

Sometimes I just have to shake my head. I was working with a potential buyer who wanted to buy one of our office’s listings. Turned out he already owned another property and wanted to buy the new home with a loan. Although he had the income to buy, his FICO score was under 640, the minimum to qualify for a mortgage loan these days.

The lender’s solution was for him to sell his current residence, which he owned free and clear and he did indicate he didn’t want anymore. I set about finding out the market value of his current home. Turned out it was 20K less than what he thought it was worth.

Because of a family issue, the most expedient means to convey the information was over the phone. When I phoned him to tell him what I thought he would be able to sell his home for, he said, “no,” and hung up. He called me back shortly after and apologized.

I understand sellers want as much as possible back from the years they’ve invested in their home. The reality is market value is based on SOLD comparable homes in the same neighborhood. Even with the 20K less than he expected, he would still be able to purchase the new home he wanted.

Taking an over-priced listing would not help him accomplish what he wanted to do. He was still adamant about getting the price he had in his mind, so I left it that he could call me any time if he changed his mind.

A few days later, he called and left a message to call him. I called him back shortly after. I make it a point to return calls immediately, if possible, or depending on my schedule, at least within the hour.

Me: “Hi Mr. Buyer, you just called me so I’m returning your call.”

He answered: “Becky, I’m at the house now.”

After straightening out the confusion and a brief conversation, he was set on buying a second home with a mortgage loan. He was sitting outside Becky’s listed home for sale waiting for her to arrive. So glad I’m not Becky.