"My Lender told me to write for 94% of asking and amend the price Later" Said the Anxious Buyer

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

 Say WHAT ?    Golly gee whiz...Ms Buyer....Does your lender know it's a SELLERS MARKET ?  Does your Lender have a Real Estate license ?   Please tell your lender...I don't lend money and it would be best if she/he didn't practice real estate. If yOffer to purchaseou write for what the lender may in some strange way to consider this to be  a "usual and customary price" formula....you may well find yourself without a home....now and for as long as this market condition exists.  

    We will look at the market...the most recent homes that have sold in the area that we are writing an offer on...we will look at the inventory...we will look at the listings that are active with offer...and then together....based on the facts...we will decide what you are comfortable with ...if this is the house you want to call home...we will decide the offer together...without the "assistance " of the lender.

       You won't ask for closing costs...regardless of the price point and how much "over" asking you write to "compensate" for  the closing costs...Sellers hate it...especially now.    

      We want you to have the house you want to call home...and we know how to get it for you...how to write the strongest offer....our successful record speaks for itself.  We appreciate your trust and confidence in us...and we will look forward to that housewarming party  !SOLD sign

      If you or anyone you know is looking for the house you want to call home...and Sell the one that has gotten too big...too  small...located too far from this and not close enough to that...Call the Hansons...we look forward to being of service to you in all things southeastern Wisconsin real estate.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Ambassador
2,357,654
Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

What kind of bonehead lender would give advice like that?   Good grief!

Jul 15, 2016 11:02 AM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David I am a Loan Originator, so let me say if the L.O. told the Buyer that the L.O. is STUPID regardless of the market conditions.  We are Loan Originators, and we should stick to that and let the Realtor do his/her jog.  Like wise I would say the same thing of a Realtor trying to do the job of an L.O.  The whole transaction works a WHOLE lot better when we each stick to what we do.

Jul 15, 2016 11:31 AM #2
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sally and David- I find that very hard to believe!  I agree with what George Souto said.  Lenders stick to doing what they know and the same for agents.  each has to support each other. 

Jul 15, 2016 11:46 AM #3
Rainmaker
2,394,979
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I thought it was a well written "letter" to current buyers who are wanting to play the "let's offer less, they will be so glad to have an offer" mentality. I loved it!

Jul 15, 2016 12:27 PM #4
Rainmaker
528,806
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

In some markets, buyers that really need closing costs in order to buy, have no chance.  It is unfortunate in those situations.  But you are correct, the lenders have no reason to be recommending how to write an offer or to practice real estate.  Thank you for reading.

Jul 15, 2016 01:25 PM #5
Rainmaker
1,849,772
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I had a potential client tell me that his realtor told him I only charge $175 for a home inspection (the house was $1.9M).  That was true 10 years ago, for a pre-drywall inspection, but not a home inspection! 

Calling the realtor I asked that she please send people to my website to see my pricing (I am very upfront) and not to cause issues by pricing my service for me!

Jul 15, 2016 08:13 PM #6
Rainmaker
4,432,217
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope home buyers will read this post and learn from it. Thanks for sharing.

Jul 15, 2016 09:10 PM #7
Rainmaker
4,797,386
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I've had this happen to me once, not so long ago as well.  They decided not to listen to me but to their out of state lender and golly gee, they still aren't homeowners here.

Jul 15, 2016 09:41 PM #8
Rainmaker
3,828,686
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Sally K. & David L. Hanson ,

It just goes to show you all lenders aren't created equal!! What a ridiclous statement made by a lender! George Souto is right "The whole transaction works a WHOLE lot better when we each stick to what we do!"

Jul 15, 2016 10:41 PM #9
Rainmaker
3,127,347
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Sally and David... exactly my first reaction -- "say whaaat?" And since when do lenders advise on negotiating strategy? That's lender I'd have had a serious conversation with.

Jul 15, 2016 11:21 PM #10
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Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

Everyone's an expert. 

So glad you had a conversation with him. Some people have no idea the damage their careless words can cause.

Jul 16, 2016 01:19 AM #11
Rainmaker
1,548,055
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Once in a great while we encounter these situations and it is never acceptable to us, Sally K. & David L. Hanson 

Jul 16, 2016 02:19 AM #12
Rainmaker
3,358,088
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Sally and David -- you gotta love the "expert" advice.   Yikes!

Jul 16, 2016 03:01 AM #13
Rainmaker
5,420,015
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It may be a good time to look for another mortgage lender.

Thanks for sharing this story.

Jul 16, 2016 03:06 AM #14
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Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Excellent blog Sally & David, this just shows that people need to use the advice of a Realtor to purchase a home, and not get the wrong advice.

Jul 16, 2016 05:51 AM #15
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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