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Do buyers even know what they want?? Playing a game of blind darts?

By
Mortgage and Lending with Gateway Mortgage Group NMLS# 1290123

Do buyers even know what they want today or are they playing a friendly game of blind darts?

I ask because after going thought the entire short sale process and getting a short sale deal approved, the buyer canceled because they wanted a pool. Seriously??? You didn't know you wanted pool before submitting an offer on a home that didn't have a pool? You just decided you wanted a pool? You thought this home would magically have a pool after a couple months negotiating with the bank to get an approval? Buyers agent even said how happy the were and would go up in price if the bank countered so they were a great buyer and would be patient. Get real buyers....I know you are the bread and butter but please don't be the thorn in our side also.

Plus the buyers agent called or emailed like every other day asking for status. You mean this buyer wanting a pool is news to you too?

I am thinking about requiring a non refundable earnest deposit only refundable if the seller doesn't perform or the bank does not accept the offer. Have any of you tried the non refundable deposit on short sale listings to make sure the buyers are serious or they will lose the earnest? I am thinking of a grand as non refundable so there is some skin in the deal. Not too much skin to scare away potential buyers but enough to make it worth while if the buyer changes their mind.

 

Posted by

Michael Martell

Licensed Mortgage Originator (AZ and WA)

Stearns Lending

NMLS# 1290123

7850

Comments(2)

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Aaron Seekford
Arlington Realty, Inc. - Arlington, VA
Ranked Top 1% Nationwide 703-836-6116

Wow. That sounds like a pretty rough experience. Hopefully that buyer will invite you over for a swim after such an ordeal!

Jul 21, 2010 03:52 AM
Joan Cox, Retired Broker/Owner
Denver, CO
Enjoying Every Day to Its Fullest!

I just had that very same buyer!    He wrote on the short sale, it never went thru, and when it came back on as a bank owned, he won the bid.   Only to do the inspection and WALK.     Alot of work for nothing!   NEXT!

Jul 21, 2010 04:48 AM