First let me give you a little background. This property was completely rehabbed back in February. Infact you can watch the video rehab on my youtube channel. Days after the rehab was competed we were approached for a purchase by a very exited and unrepresented couple. They claimed to be pre-qualified for 130k which was perfect since the list price was also 130k. However they had never been issued a pre-qualification letter and the lender was anything but organized. I called her almost daily to get a pre-qualification letter. The few times I could get her on the phone she told me the deal was a slam dunk and that everything would be ready to go in a few days. After a few days I felt that the lender was dragging their feet and suggested to the buyer that they use someone else. As it turned out the lender was a family friend of the buyer so they refused to use anyone else. Weeks went by and no progress was made.
A few months later I was contacted by the above mentioned couple. This time they were looking to lease one of our rental properties. When I pulled their credit I was surprised to find each of their FICO scores in the high 400’s. Needless to say it’s unlikely that they were every pre-qualified.
Several weeks later we were approached by an agent who had a client who rated our home as number two on their list. Her client’s number one home was now pending with a different buyer so she felt certain we would be receiving an offer. A few days went by and no offer was received. So we called the agent. Apparently her clients had decided to keep looking for awhile longer. Instead of their number two house becoming their number one house after their original number one was taken by someone else they wanted to find a new number one.
After a multitude of fruitless showings we were again approached by an exited couple. They were first time home buyers and were clueless as to how the home buying process worked. I quickly got them in contact with one of my trusted lenders and a few days later they were pre-qualified. Things were looking pretty good and everyone in the office felt confident the deal would close. Then just as their loan went into underwriting the wife quit her job. Without her income they could no longer qualify for the loan so once again the deal fell thru.
So now this listing has been on the market for 122 days, as of today. Anytime anyone in the office mentions this property I am overcome with frustration. I have never had this many deals fall thru on a single listing. We have dropped the price. We have added an agent bonus. We have even added several appliances including a dishwasher, range, and fridge. If you type the property address In Google you will get over 500 results, granted a few of those aren’t mine. So my question is what now?
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