Let's admit it that most sellers hate paying a commission to sell their house. After all, don't we "just put it on the MLS?" But I think yesterday proved why Realtors are so important in a real estate transaction.
I have a listing that is set to close in a few weeks and yes it is the third of a four party sale. Couple A are buying Couple B's house who are buying my listing, allowing my seller to become a buyer as well. After that, I'm not sure how many cars are in this train.
Anyway, the ironic part is that I showed houses to Couple A who later went back and looked at a FSBO next door to a house I had showed them and decided to make an offer on the FSBO to get this ball rolling. Of course they did this now with no representation or guidance. After all, it's just buying a house.
Well, yesterday, the wife of Couple A calls in a frantic. Their pre-qual letter on a VA loan turned out not to be so solid after all. Debt to income ratios weren't good enough for final loan approval and things were starting to unravel. I asked if they had tried switching to an FHA loan? Wife A gave me the number of their lender who admitted that he should have thought of that on his own and then later told Couple A to tell me not to call him anymore because every time I called it hurt their credit score (this was really news to me, HA!).
To make a long story shorter, I think they are on the right track now with an FHA loan, but what really horrified me was that Couple A (the party without a Realtor) were on their way this weekend to Kansas City to buy furniture on their new home and you guessed it, they were putting it on plastic.
I guess Mr. Loan Man forgot to mention that this was a no-no.
Sometimes as agents, we have to mother hen our buyers, but if that is what it takes, so be it.
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