Manassas Buyer Success on a Tight Budget

By
Real Estate Agent with Long and Foster REALTORS®, Gainesville, VA VA License # 0225089470

Manassas Buyer Success on a Tight Budget

When first connected with this buyer-client in mid-March, the budget given for our house hunt (given from a lender he had qualified with) gave the buyer many options.  However, as our search got more serious and my buyer found a home or two he wanted to pursue, I began to question...well, more like interrogate, the buyer's choice of lender. 

9294 Taney Road in Manassas sold for $192,000 on May 19, 2017.Why would I interrogate an unknown lender?  Well, in a seller's market, the competition is fierce.  Buyers need to work with reputable lenders.  And from my interrogation of the buyer's choice of lender, I could tell he was not what I would consider reputable.  In fact, when digging deeper on the buyer's first choice of lender, I found that lender to be working in an area that could only be called fraudulent.  Next step, get the buyer to qualify with a reputable lender.  That's when I referred him to two or three reputable lenders.  

The buyer was stunned to find out his pre-qualification purchase price was cut dramatically once he started talking to reputable lenders.  That meant a budget so tight we had only a handful of properties that worked in his price range in our entire county.

Once we narrowed the search to two properties, we saw both, he chose one and we wrote an offer ASAP.  The buyer was able to offer a little more than list price on a newly renovated townhouse in order to cover part of the closing cost help he was requesting.  In the meantime, we prayed no one else was submitting an offer.  We had no more room to manuever in my buyer's budget.

Negotiations were easy.  The seller was essentially a For Sale By Owner (FSBO.)  He had no agent to advise him.  He had just hired a limited service agent to throw it in the MLS.   If we made a request, he said yes.  The seller said yes to everything.  He probably did more home inspection items than he would have if he would have had someone represent him.  He also paid more in closing cost help then he would have if he would have had an agent.  He probably would have netted more if he had hired a full service agent, but we didn't care.  His lack of knowledge and expertise worked in our favor.  Of course, I wouldn't let the seller skate on things like HOA violations that need to be corrected per our contract.  Those were corrected and abated in writing. 

My buyer got a fantastic deal on a very well done renovated Manassas City townhouse. He paid $192,000 and got the maximum allowable closing cost help.  

If you want top notch representation, you don't have to be shopping the top of the market to get it.  Give me a call and let's get started finding your Manassas, Bristow or Gainesville home.  703-402-0037.

 

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Virginia Prince William County Manassas Georgetown South
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Chris Ann - Great job for your client, first in keeping him out of trouble and then finding him the right home at the right price. Working with a real pro certainly pays off.

Have a great weekend!

May 19, 2017 02:17 PM #1
Rainmaker
1,842,137
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

What a story, Chris Ann. Where would your buyer have been without you? Well, I already know the answer to that. No where. No house, no nuttin'. Thanks to your experience, you were able to pull him away from a bad lender who promised nothing but heartache, and win him a home in an extremely competitive market while taking advantage of a seller who thought he knew more than any agent, LOL. It doesn't get any better than that for your buyer!

May 19, 2017 03:15 PM #2
Rainmaker
434,763
Dianne Goode
Raleigh Cary Realty - Raleigh, NC
Realtor/Broker

That's a great story!  With a solid prequal you know what your buyer can and can't do.  I'm working now with a buyer whose lender isn't responsive to either of us.  How I wish he had taken my advice to at least check with one of my favorite lenders!  He wishes he had taken that advice, too ..

May 19, 2017 05:26 PM #3
Rainmaker
2,334,282
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Congratulations to your buyer and yourself on the sale Chris Ann Cleland 

May 19, 2017 05:58 PM #4
Rainmaker
664,120
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Chris,

Your buyer was lucky to find you.  Without your help I will bet the buyer would still be looking for a home....or renting!

May 19, 2017 06:50 PM #5
Rainmaker
1,946,445
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I'm glad your buyer prevailed and was able to find a home they could close on. CONGRATULATIONS!

May 20, 2017 03:24 AM #6
Rainmaker
391,649
Alan Gross
PrimeLending, A PlainsCapital Company - Bethesda, MD
Loan Consultant

Chris Ann Cleland  Glad you were able to find a home that fit your clients needs and fell within the budget and cash needs. Some many people mistakenly feel some of the online and other approvals they get are valid only to find out they are not. Shopping for interest rates on line can also lead to problems. Not sure why the font is so big.

May 20, 2017 07:35 AM #7
Rainmaker
3,811,871
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Chris Ann Cleland ...and what you made happen only happens with the guidance from a well-versed buyer's agent.... another job well done....

May 21, 2017 03:33 AM #8
Rainmaker
991,264
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Another fantastic deal by Northern Virginia's best agent. I used to hang out in Manassas quite a bit. I used to date the mayor's daughter. Then it was a small, quaint town. cheers cvc

May 21, 2017 07:24 AM #9
Rainmaker
366,520
Pat Starnes, Brandon, MS
Front Gate Real Estate - Brandon, MS
Broker Associate, ABR, 601-278-4513

I'm always hesitant when buyers are pre-approved from unknown lenders. I'm happy it worked out with the new lender.

May 22, 2017 03:57 PM #10
Rainmaker
1,357,016
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

Hi Chris Ann, It is so important to make sure that our buyer clients are working with a reputable lender.  Good job getting this buyer into a town home.

May 22, 2017 07:22 PM #11
Rainmaker
2,686,781
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hi Chris Ann -- in this post you showed the importance of having the right representation.   Your client was quite fortunate to have met you!  

May 26, 2017 06:36 AM #12
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Chris Ann Cleland

Associate Broker, Northern VA
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