Indiana Home Buyer doesn't understand

By
Real Estate Broker/Owner with Selling Indy Metro, LLC RB14037942

Frog

Indiana Home Buyer Doesn't Understand:

Its important that a home buyer listens to their Indiana real estate agent about the process. 

There are buyer contract time lines and dates that have to be met.  If you don't meet these deadlines a seller doesn't have to extend the contract.  

 

Part of our job as an Indiana Realtor is to make sure that everything runs smoothly and gets done on time.  There is a reason that we ask for the Indiana home buyer to sign documents and respond to the inspection report in a timely manner.   There are behind the scenes problems and issues that have to be resolved that the buyer may not be aware of.  If the inspection report show items that need to be addressed in an inspection response, the seller needs time to gather bids on the items to be repaired before they respond back to the buyer.  The contractors may not be able go out and view the property or submit a bid to the seller in a timely manner.  This also slows down the appraisal because if the repairs are necessary for an item not to be noted on an appraisal, your Indiana Real Estate Agent may not want the appraisal ordered until the repairs are complete.  

What the buyer doesn't also know is if these repair items are noted by the appraiser, the lender will most likely require that these items be repaired before closing.  This usually requires that the seller submit paid invoices by a qualified contractor FHA, VA certified depending on the type of the loan.  The acceptable general contractors list is given from the lender to the seller to choose from.   Then the appraiser usually has to go back out (another fee to buyer) to inspect the property to see if the repairs have been done satisfactorily.  As you can see, this is a lengthy process and I try to avoid at all cost.  

Asking the seller to Repair items before the appraisal is being proactive.  Avoiding appraiser issues can also save the buyer time and money and get them to close on time. 

I have a buyer right now that had the inspection complete on Monday.  We got the inspection report on Tuesday, despite emails with my recommendation that we respond immediately he insists on setting down together on Saturday morning - no sooner. Repairs will be necessary.  We are to close by the end of the month. 

Do you see problems with closing on time?  I hope that all goes well but its going to be a long month with this one. 

 

 

 

 

Posted by

Shannon Thomas Realtor

Selling Indy Metro, LLC

E-Signatures on Contracts For your Convenience!

Cell: 317-681-4044

Shannon@SellingIndyMetro.com

www.SellingIndyMetro.com

Search for homes in Indianapolis Now!

Building Relationships Selling Homes!

Shannon M Thomas NAR Short Sales and Foreclosure Certification

Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

   Cell: 317-681-4044  Preferred

web: Real Estate

e-mail:  Shannon@SellingIndyMetro.com

 

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Rainmaker
90,505
Goran Utvic
606 Homes LLC | Chicagoland Brokers Inc, Chicago IL 60656 - Chicago, IL
We Buy & Sell Chicago Houses Fast

I agree Shannon. Most homebuyers don't understand that once a contract is accepted response time for all matters should be quick.

Nov 07, 2013 10:16 PM #14
Ambassador
1,549,863
Karen Fiddler, Broker/Owner
Karen Parsons-Fiddler, Broker 949-510-2395 - Mission Viejo, CA
Orange County & Lake Arrowhead, CA (949)510-2395

Unfortunately this is part of our job, to make the client follow the contract. I have had buyers want to talk after contracted due dates, and I have to tell them NO, or they can lose their rights.

Nov 07, 2013 11:17 PM #15
Rainer
82,770
Jim Miner
Miner Noh & Associates - Phoenix, AZ
Loan Modfication & Short Sale Specialist

Interesting, as a listing agent I advise my sellers not repair any items until the appraisal comes in at value.

If the deal falls through then there will be another home inspection from another buyer and that inspector will find items to be repaired which are different than the previous one and the buyer's repair requests will be different.

I have found sellers tend to stiffen their backs when it comes to making addtional repairs which are above and beyond the first buyer's requests.

Have a nice weekend.

Jim Miner in Phoenix, AZ

 

Nov 07, 2013 11:54 PM #16
Rainmaker
1,537,363
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Perhaps it's the language barrier that keeps your buyer from fully understanding the urgency to get moving. 

Best success with this! 

Nov 08, 2013 12:31 AM #17
Rainmaker
978,622
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great blog!  And managing that process up front by explaining it to them is critically important, too.  Good for you!

Nov 08, 2013 12:41 AM #18
Rainmaker
370,463
Travis "the SOLD man" Parker; Associate Broker
iXL Real Estate-Wiregrasss\ - Enterprise, AL
email: Travis@theSOLDman.me / cell: 334-494-7846

Guess it's a "Southern thang", but I've had a few Buyers just dragggggggg so much that I want to  ____ them. But, you guessed it, they always are "well, when is it going to Close?".

Nov 08, 2013 01:01 AM #19
Rainer
145,773
Theresa Akin
CORPUS CHRISTI REALTY GROUP - Corpus Christi, TX

My nephew and his wife live in Indiana. They just recently purchased a home. First time home buyer. While I was up north this past summer, they were in the process and went past the house, looked through the windows (their insistance). While at the house the real estate agent came by and I introduced myself. Their agent was having the same problem with them. The kids were moving at a snails pace. My sister (nephew's mother) was making up excuses as to why they were moving so slow. BS this and that. I looked at her and told her to call him and I spoke with him. Nothing other than a health emergency was more important than dealing and listening to their agent.  I told them she was right at the house. They were only 3 blocks away. They were there in 5 minutes. I babysat with Gma while they got everything else in motion. They signe the necessary papers for repairs and closed at the end of the month, a week earlier than expected. The agent thanked me. I was just glad I could help. But of course they weren't from another country, just another generation. All I heard was " Well daddy said we had this much time and I said why waste it? You never know what might come up. Don't remember the agent's name but she said for once she was glad an out of town agent who was related to the client wasn'ttelling her buyer's how the agent was suppose to do her job. I try to be very specific with my clients as I know everyone does.

 

Nov 08, 2013 02:40 AM #20
Rainmaker
1,431,210
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

Never tell the lender there is an inspection report.  They will find something wrong.  And inspectors always find some minor issue that will set them off.

Nov 08, 2013 07:07 AM #21
Rainmaker
840,482
Bob Miller
Keller Williams Cornerstone Realty - Ocala, FL
The Ocala Dream Team
Sometimes we think it's just setting the right expectations. But often is continually reminding the buyer of the timelines that are involved.
Nov 08, 2013 08:04 AM #22
Rainmaker
96,721
Shannon Thomas
Selling Indy Metro, LLC - Avon, IN
Managing Broker, E-Pro, ABR,SRS, SFR

Hi Marte, Yes the language barrier has definately been an issue.  The buyer will nod his head yes like he understands but in reality he didn't.  Very nice person though and hard worker. 

Nov 08, 2013 08:26 AM #23
Rainmaker
96,721
Shannon Thomas
Selling Indy Metro, LLC - Avon, IN
Managing Broker, E-Pro, ABR,SRS, SFR

Karen, Great advice to bring the extension along just incase it is needed he could sign in advance.  Pro-active is good.

Nov 08, 2013 08:28 AM #24
Rainmaker
96,721
Shannon Thomas
Selling Indy Metro, LLC - Avon, IN
Managing Broker, E-Pro, ABR,SRS, SFR

Jim, I agree with you on the listing side but in this case I am representing the buyer.  It will cost him extra for the appraiser to go back out to inspect and much more time.

Nov 08, 2013 08:30 AM #25
Rainer
99,143
Brian DeYoung
Howard Hanna Real Estate Services - Ithaca, NY
Brian DeYoung

I hope for you they dont lose the deal. I hope for them that if they do lose it that they learn fast and dont screw around again.

They give the impression that they are not serious.

Nov 08, 2013 11:19 AM #26
Rainmaker
398,943
Marnie Matarese
DWELL REAL ESTATE - Sarasota, FL
Showing you the best of Sarasota!

Just had a closing yesterday in spite of the sellers.  They could not get their heads wrapped around the concept of timely return of documents and this one was a tough one all around.

Nov 08, 2013 08:12 PM #27
Rainmaker
96,721
Shannon Thomas
Selling Indy Metro, LLC - Avon, IN
Managing Broker, E-Pro, ABR,SRS, SFR

Marnie, Thank you I hope not either. 

Brian, I hope not either.   

The inspection response is in now to the seller.  We gave them til Wednesday to respond due to having to possibly get contractor bids. 

 

 

Nov 09, 2013 11:15 PM #28
Rainer
128,548
John Fauth
Coldwell Banker King Thompson - Grove City, OH
Turning your dreams into an address!

This is why there are Realtors. I have a couple that will be out of their rental at the end of the month and the Sellers want an extra 2 weeks to move because they didn't think it would close so quick. Had to tell their agent no. The contract says at closing. Normally I would see if we could help but this time the buyers have time crunch and would be homeless. Amazing that people do not always READ the contract. Always prepare your clients for the process...the whole process. Good post Shannon.

 

Nov 10, 2013 12:39 AM #29
Rainer
389,343
Anna Hatridge
Goodson Realty - Farmington, MO
Missouri Realtor with Goodson Realty

We are the expert and too bad many buyers forget why they began working with us in the first place.

Nov 10, 2013 01:06 AM #30
Rainmaker
96,721
Shannon Thomas
Selling Indy Metro, LLC - Avon, IN
Managing Broker, E-Pro, ABR,SRS, SFR

Thanks John and Anna

 

Nov 12, 2013 02:17 AM #31
Rainmaker
273,520
Wayne B. Pruner
Oregon First - Tigard, OR
Tigard Oregon Homes for Sale, Realtor, GRI

Good Luck. We can advise, but the Buyer is still the boss.

Dec 03, 2013 11:44 PM #32
Rainmaker
2,394,954
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Do you think part of this is Buyer Remorse? I haven't really had a buyer who drug their feet, just because.

Feb 24, 2015 10:46 AM #33
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