My Buyers are Paying Cash & they want an Answer NOW !

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

    The Selling agent continued…”I know it says in MLS that the response time is 48 hours but my Buyers have lost out on quite a few homes and they don’t want to lose this one.” Well...golly gee Mr. Selling Agent…the cash you just mentioned was not even a full price offer…and the 48 hours is in MLS as cashdictated by the Seller. Do you Buyers have Proof of Funds ? “ “Well No….they can in a day or two but they want an answer right now.” “Uh Huh….well as my Mother used to say…’You know where theice cubesy want ice cubes….' “We should …bend the rules…oh not…and sell them the property with no valid proof that they can afford it….Would THEY do that ? “ I queried….. Silence at the other end of the phone.

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


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Rainmaker
3,447,736
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Sally K. & David L. Hanson,

Isn't it amazing what cash buyers will expect? I had 5 offers on my newest listing over the week-end. 2 were cash buyers. One sent proof of funds and a wonderful over the top offer and the other cash buyer never produced proof of funds.! All those with conventional offers had pre-approval letters. I guess the one cash buyer thought they were special!

Apr 09, 2018 04:30 AM #3
Rainmaker
4,650,546
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thanks for sharing this experience.

Poorly prepared prospects are more likely to miss purchase opportunities.

Apr 09, 2018 04:39 AM #4
Rainmaker
4,316,971
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Sally K. & David L. Hanson (Sally) don't you just love the demands from a buyer's agent who doesn't have all documentation in hand.... everyone's a billionaire until they need to pony up...

Apr 09, 2018 04:42 AM #5
Rainer
426,085
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

I know the urgency on part of buyer. But they do have to follow the time to respond as provided in MLS unless seller wants to wave it

Apr 09, 2018 04:47 AM #6
Rainmaker
2,440,673
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

As I often say, Sally, life is hard and it's even harder when you're stupid (which is very hard to fix)!

Apr 09, 2018 04:50 AM #7
Rainmaker
1,332,237
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Sally, I was chuckling as I read your post, recently had the same thing happen. The amount of cash offers that I've seen without proof of funds this year is mind-boggling. 

Apr 09, 2018 05:27 AM #8
Rainmaker
2,897,433
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Good morning,  Sally and David.  "Some people " huh?  How about some sugar coating to sweeten the sour approach of that selling agent? 

Apr 09, 2018 05:34 AM #9
Rainmaker
4,308,517
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Sally and David.  As soon as the agent mentioned that they've lost in a number of offers, I knew there was going to be some issues.

Apr 09, 2018 05:35 AM #10
Rainmaker
2,629,824
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Monday Morning,  You have to wonder about people and there cash buyers, they want the world but not willing to play by the rules.

 

Apr 09, 2018 06:45 AM #11
Rainmaker
3,564,194
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sally, stick to your guns, if they want an answer, they should be completely prepared - proof of funds included.

Apr 09, 2018 06:56 AM #12
Rainmaker
2,000,395
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Too funny, they should have at least come strong enough to warrant a quick response.

Apr 09, 2018 08:14 AM #13
Rainmaker
3,775,237
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Sally,

Proof of funds is key!  What is that agent thinking in the first place?  Funny how people feel entitled to having the rules adjusted for them.  A

Apr 09, 2018 08:27 AM #14
Ambassador
2,744,860
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I find the cash customer always wants a discount. Proof of funds is always a factor Sally K. & David L. Hanson 

Apr 09, 2018 08:49 AM #15
Rainmaker
1,545,464
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Sally and David - as they say, Talk is cheap, show me the money!

Apr 09, 2018 09:38 AM #16
Rainmaker
1,763,686
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I want my ice cubes in the freezer.  And I expect most people do.

Apr 09, 2018 11:45 AM #17
Ambassador
3,489,010
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David cash maybe King, but he who has the cash is not necessarily the King in command.

Apr 09, 2018 05:24 PM #18
Rainmaker
2,465,337
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.

Want to see me dig in, just demand something like what you mentioned.  The battle is on.

Apr 10, 2018 03:08 AM #19
Rainmaker
388,091
Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

It's nice to be in a market where "cash is King" and being so demanding because of that cliche', and again, I wish I was taller, too!!  Right now, the "supply and demand" economics is King ... and strong offers can appear in many ways, financing / cash ... do what is right for the Seller!!!  Always a good motto!

Apr 11, 2018 08:37 AM #20
Rainmaker
575,468
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Without proof of funds . . . ARE THEY really cash buyers . . . or buyers at all?
Isn't it funny, though? It's ALWAYS the demanding ones who are least qualified.
You nailed it with your answer.
And geeeeee . . . I wonder why they have 'lost out' on other properties? Could it be that . . . they're doing this Alpha Dog thing each time with no proof of funds? Hahahahahah!
Just get the dang POF, seriously people.
This is not rocket science. Do it on your phone!

May 08, 2018 11:34 AM #21
Rainer
156,090
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

I am glad to hear you got them to shut their mouth with your very simple and direct question. Funny how people think rules do not apply to them.

May 08, 2018 09:10 PM #22
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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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