Maggie Dokic wrote this bog that was right on. I am thinking of printing it up and making all my prospective buyers sign it!!!
Like most agents in the Miami real estate market, I have quite a number of buyers I am working with. Several months ago I started making sure that I always meet with each one before we start working together to make sure they understand the process. We also make sure they're qualified and that we're a good "fit" for one another.
Even so, I occasionally end up with the very eager buyer who thinks he can help me out by riding around his preferred neighborhoods and call me with addresses to look up for him.
Inevitably, there is always a reason why I haven't sent him this particular home to review online. It's not because I missed it. I want to sell him a house as much as he wants to buy one. Really!
If you are working with a real estate agent who is looking for homes for you, here is a list of possible reasons a home may not be suitable for you and won't make it to the emails we send you:
- The property is priced over your range - in every neighborhood there are homes priced well above what their market value is. Homes priced over your maximum don't get sent to you. If your max is $450K, a house that is listed at $575K is not going to be sent to you for review.
- The property is not listed - this includes homes you may see that look vacant and may even have a lockbox on the door. A foreclosure can take a long time to prepare to list. The listing agent will get it listed as soon as it is possible to do so. Sometimes it has issues with the title that need to be cleared up. If it is not in the MLS and there is a lockbox on the door, there is no way to know who is going to have it listed. We simply have to wait until it is. The good news is that the automatic search that is set up for you will pick it up immediately once it's listed. Lucky you.
- The property is a short sale that has not been approved - and you specifically let me know that you don't want to waste your time on unapproved short sales. Only approved short sales are being sent your way.
- The property needs extensive repairs - and you are buying with an FHA loan. Yes, there is an FHA loan that takes repairs into account. It's called an FHA 203K loan. But if you're approved for $100K FHA, the house is listed for $100K and needs $25K in repairs, there's no point in looking at that house. You are not qualified for $125K (the amount of the loan including the repairs). So this particular house will be filtered out by your agent when she reviews homes to show you.
- The seller has specified CASH offers only - Sellers usually do this because of the condition. This is usually seen with bank-owned homes. It's not that they want to arbitrarily exclude a huge portion of buyers. They're just being realistic when they say that the house won't qualify for financing. It may need repairs well beyond the limit on an FHA 203K. Or the seller may simply want a quick sale due to the horrible conditions of the house. If it's priced incredibly low, there's always a reason.
- The house is pending sale - this means the seller has accepted an offer. The sign will stay in front of the house until the property closes. But they have changed the status to Pending Sale in the MLS and they are no longer looking for offers on this one.
The above is not meant to be an exhaustive list. There may very well be other reasons why a home isn't sent to you for your review.
But please do know that I am working really hard to find you one that you can call home.
Maggie Dokic is a licensed real estate broker in the state of Florida selling residential real estate in Miami, Palmetto Bay, Pinecrest, Coral Gables, Gables by the Sea, High Pines and the Redland.
For more information on our local real estate market, or to see or sell a home in Miami, Palmetto Bay, Pinecrest, Coral Gables or the Redland, visit my Miami Real Estate blog or contact me at Maggie (at) TheBlogThatAteMiami (dot) com.
The opinions expressed herein, are those of the author, and not necessarily of Prudential Florida Realty.