It's not about the Sale!

By
Real Estate Agent with Keller Williams, Princeton, NJ

I met a prospective buyer a few weeks ago at an open house and immediately put her in touch with a mortgage lender to get qualified.  While she qualifies, with a co-signer, she doesn't have the cash available for downpayment/closing costs.  She thought she could get 100% financing.  No, that ship has sailed!  I explained that she would need 3.5% of the sale price and could possibly get a seller's assist for the closing costs, but she definitely has to have some skin in the game.  Her dad had offered to be a co-signer (he was the one out looking for a home for her, and called her from my open house), the cash is not currently available.  Yesterday she emailed me to say that she has to put the purchase on hold until the Spring, when she will be in a better situation, financially.  AND...... she will be contacting me at that time, because I didn't try to "sell" her, instead I educated her!  We will be keeping in touch and hope to be out looking for the perfect home next Spring! 

 

Comments (11)

Dawn Crawley
Dawn Crawley Realty - Pinehurst, NC
Find Pinehurst Homes

Good for you. I agree that we are here to guide and educate. Of course we need sales to stay in the business, but if we conduct ourselves ethically, and work hard, the sales will come.

Nov 06, 2010 11:55 PM
Kathy Kenney
Keller Williams, Princeton, NJ - Robbinsville, NJ
Realtor - Princeton & Central NJ Homes for Sale

So true, Dawn! 

Nov 07, 2010 12:01 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kathy, sometimes they need to be "groomed" prior to the actual purchase, and you did a great job!

Nov 07, 2010 02:48 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Katherine - While I have no idea what the mortgage lender you sent her to offered her in the way of affordable home loan options but there are indeed options for first time buyers (which I suspect she is). 

First and foremost, there is the USDA program and in your area there are eligible areas.  There are also down payment assistance programs for the low-medium income buyer available to NJ first time buyers.  Anyway, the point is (I really do have one) is that buyers (especially low-medium income buyers) need to really research their options and find out as much info as they can about their home loan options.  JMHO

Nov 07, 2010 07:41 AM
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

Katherine, soft non-aggressive sales techniques work better in this market.  Congratulations, your patience and helpfulness with get you a sale and a happy buyer.

Nov 07, 2010 05:10 PM
Kathy Kenney
Keller Williams, Princeton, NJ - Robbinsville, NJ
Realtor - Princeton & Central NJ Homes for Sale

Thanks for the comments, ladies!  Donne, I appreciate your financing suggestions.  I will check with the lender, but I think he would have mentioned it, if it were available.  He is a long time veteran in the mortgage industry and knows his stuff!  But I will ask, nonetheless!  I had suggested a moderate income condo to the buyer, and while at first she wasn't interested, the price point was appealing to her and is now under consideration.  She needs to pay down some debt and save some money.  She will be a future buyer!

 Leolinda, I have always employed a non-aggressive sales technique, and have enjoyed success.  I know that I personally don't like a hard sell, so I won't participate in it!  Thanks for your comment!

Joan, you're absolutely correct.  You'll end up with happier clients if they understand the process!

 

Nov 07, 2010 10:26 PM
Charita Cadenhead
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

I believe the days of the pushy sales person, are very fortunately behind us.  Although springtime is a ways away, I do hope that you remember to keep in touch.  I know that sometimes I have that intent, but I forget along the way.

Nov 14, 2010 03:32 PM
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

This sounds like very good future pipeline business - and those clients with whom we take that extra time usually end up being our biggest fans because they know we do care!

Nov 20, 2010 03:56 PM
Linda Graves Arnold
Coldwell Banker Gundaker-St. Louis, MO - Chesterfield, MO
St. Louis Real Estate Pro - 314-422-2762 - Referr

Katherine - I really think clients respect us more when we tell the truth.  When you tell a seller that this is not the right time for them to sell their home ( short ownership time, no equity, etc) they really appreciate your honesty.  You'll end up as their agent for life that way!

Dec 06, 2010 03:10 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

You set her up for success not failure and that set YOU up for success as well! Woo Hoo! Great job!!

Dec 08, 2010 05:23 AM
Kathy Kenney
Keller Williams, Princeton, NJ - Robbinsville, NJ
Realtor - Princeton & Central NJ Homes for Sale

Thanks for all the responses!  I am absolutely keeping in touch, in a non-aggressive way, and I will have a sale with her in 2011.  Building the pipeline for 2011, which I hope will turn out better than 2010!  Happy Holidays, everyone!

Dec 08, 2010 10:21 AM