They loved the house but they can't buy it.....

By
Real Estate Agent with John L. Scott Sp34627

Yesterday, a lady called me about my home on 1408 Dearborn St in Caldwell (I own it).  They were in love with the home.  They decided they wanted to buy it.  We settled on $175K,  I sort of figure that I was going to pay another agent $5k to bring the buyer.  They had a home they  needed to sell first.  They were willing to list it with me.  Doesn't get any better, does it?  I went to their home, they have no equity to speak of.  I probably would have to do yet another short sale.  It is cute, decorated in Victorian style with lots and lots of dolls (the fancy kind).  It is also right next to the highway in the worse part of Caldwell.  I think I could list it for 99K and settle around 90K but they have a mortgage out for 90K.  I asked them about finances they don't have near enough to qualify.  The lady looks like she wants to cry.  I felt the same way because she would have fit so nicely into the house with all her dolls.  I wonder if she could run a B&b out of the home.....  I did the market analysis on her home and pulled up some listing to give her next time I'm in Caldwell (no internet)...  The family could get into a larger home in a better area of Caldwell...   Sometimes its sad being a real estate agent...  

 

         

Posted by

 Debbie Holmes

John L. Scott Real Estate

  

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

 

Comments (7)

The Entire Team of Price & Company Professionals
Price & Company Realty - Myrtle Beach, SC

Sometimes people's hopes and dreams are bigger than the balance in their checkbooks.  It's unfortunate she couldn't qualify, but hopefully with your assistance, she'll be able to sell her home and get into one she can afford, and be happy with.

Mar 02, 2008 04:24 AM
Ryan Vivo
Gateway Realty - Fairfield, CA
NRBA Realtor Solano County, Gateway Realty 707-384-5894
That is sad new.  I think she should have got pre-approved to find out how much of a house she could afford before she fell in love with the one that she saw, so she could have known at what price range she was looking at.
Mar 02, 2008 04:28 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Get your financies figured out first then you'll know how much you can afford for the monthly payment.

 

Patricia Aulson Hampton NH Real Estate 

Mar 02, 2008 04:30 AM
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY
I strongly encourage my clients to get approved BEFORE we start looking because I have had it happen, and it is heartbreaking.  Clients would fall in love with a house that they can't afford and it is very hard for them to like anything else after that. I know that your heart breaks too with their disappointment and I would rather spare them an unnecessary disappointment and emotional turmoil.  I just don't like to set my clients up for failure.  I would much rather keep it upbeat and positive. Besides for some it is embarrassing that they find out after the fact that they can't afford what they want.  Sometimes we  just "have champagne test on a beer budget"!  I am not discounting the way you feel when that happens, I am just saying it just works out better in the long run for everyone involved to get them qualified first. It sounds like you have a good heart and that is important!  Vickie
Mar 02, 2008 05:00 AM
Jim Dunlap
Roberts Realty - Yucca Valley, CA
This seems to be the common story of how most people seem to live at or beyond their means.
Mar 02, 2008 05:20 AM
JL Boney, III
Coldwell Banker - Columbia, SC
Columbia, SC Real Estate
It's tough when this sort of thing happens. I listed my wife's old home when we moved into our current home and found a couple the was absolutely in love with the place. They came up short on their credit score and still can not get approved for a loan. I feel very sorry for them, because they were so excited about the place.
Mar 02, 2008 05:27 AM
Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!
The lady called me off the sign....  She wasn't a customer before she called me....  I do ask people to prequalify so this doesn't happen....  Sometimes this happens with open houses and sign calls....I have already suggested they call the loan officer on Monday.  I think they will qualify for about $120K.
Mar 02, 2008 05:49 AM

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