Sellers- This is why you have an agent. Agents- This is why you must instruct your sellers not to talk to the buyers!
The agent called to make an appointment to show one of our listings. Our sellers were at home and happened to be home when the buyers came over with their agent. The buyers fell in love with the house. The agent tells us they will make an offer. After a few days we still don't have an offer from these buyers so Nestor calls the agent to get the feedback as to why they did not pursue their offer.
The buyers told their agent that they liked our sellers so much and did not want to hurt their feelings because they felt the pride that our sellers had for their home. The buyers were only qualified for a certain amount for a loan and our listing was well over that price.
My first question is: Why are you showing a house that is out of the price range of what your buyer is qualified to pay?
Nestor with his great communication skills tells the agent to just make the offer. If it offends the sellers than he will deal with that. The agent procures the offer and we start negotiations until we come to a meeting of the minds between the parties. The agent tells us her buyers are approved and we get the mortgage broker information to follow up.
Their lender tells us everything is fine. Then one evening our sellers get a call from the buyers. The buyers tell our sellers that they must come over to talk to them. The sellers allow them to come over. The buyers show up with no agent.
The buyers tell the sellers that their lender just told them that they can not do the contract the way that it is written. They want the sellers and them to rewrite the contract without the Realtors involved and do a second note under the table after closing. >HELLO! What is wrong with this picture!
Now you must understand that the sellers just saw all their dreams of moving unraveling before their eyes, the time spent packing their boxes to accommodate a fast closing looks at first glance like such a waste of time. They are in no emotional state to make this decision. That is why they have AGENTS!
They called us straight away and they called their attorney who was going to do the closing. We told them that this is called Mortgage Fraud and we will have no part in it and neither should they. We spoke to their attorney and he said that as the closing agent he must testify that the only proceeds and the only deals are the ones on the HUD1 closing statement and that he knew we would not go along with this. He concurred that this is Mortgage Fraud!
Our sellers would in no way ever willingly or knowingly participate in mortgage fraud. They felt like something was wrong. They could feel this just stunk! Can you just imagine if they had participated in this deal? The sellers said what if they did this and after the closing, what type of assurance did they have that the buyers would even execute the second mortgage and if they stopped paying and the sellers tried to foreclose, can you see the conversation? NOT GOOD!
So back on the market goes our listing and the sellers will now tell any buyers that they must bring all their conversations through their agents. Mortgage Fraud is not acceptable!
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Contact Nestor and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida. We are accepting referrals.
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