Are buyers being creative or flat out lying?

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

Is it an A for effort or are Buyer being Liars? There is a shortage of homes for sale in a lot of areas along with an increase of buyers. Here in the Manchester NH area, I have run into some "creative" buyers lately. There is a "however" though and that is what this blog is about.

 

Perhaps it could be their buyer agents are creative or not so upfront. Lets take a recent sale. The seller mandated cash offers only without any contingencies. A hand full of offers came in the first day. The highest offer said cash. It did not include any contingencies. It said closing in 10 days. What more could the seller want? 

 

Funny you ask... The seller wants to close. The buyer though, was not cash after all. But was getting a "Hard Money loan". The hard money lender was not so ready to close in 10 days. The buyer was found in default and lost their deposit. The property sold to a "real" cash buyer actually using their own cash.

 

The second example which I may have to expand on later, is buyers writing over full price offers to get their offers accepted. Then they want to re-negotiate after the inspection to get the home back to an affordable price. The home was a newer home, well built and needing nothing. I attended the inspection and there was nothing found that alarmed the inspector and he said that. SO when the inspection request came back for $15,000 in credit to the buyers closing cost in lieu of repair items, i fell off my chair. 

 

Lets take a look at this list. Trim the bushes. Replace the carpets due to pets. (wait there is no carpets, the whole house is hardwood floors and tile.) Lastly, prepare to replace the roof as 10 years of the 25 year roof is used up.... I burst out laughing. The seller, was not laughing. He wanted to cancel the contract. Instead the countered at $0 in repairs. 

 

The final buyer, well they decided to not disclose that they had a house for sale. Not only was it not sold yet, it was not on the market. They would use the mortgage contingency to get out if their house is not sold in time. How did I find this out? The buyer discussed it when they showed up at the home, rang the bell and asked the seller to show their Uncle the home.

 

In the end all were found out. Asking questions and paying attention to a sale has a way to expose any tricks any one may try. In the end all 3 homes sold. The sellers of all 3 were very happy on the outcome if each speed bump we hit. Quick and constant communication is the key to working out any issue. 

 

Perhaps the MOST IMPORTANT message is to share with every consumer that my philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other.

 

To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com .

 

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 32 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties. 

 

    

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Rainmaker
4,913,031
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Scott Godzyk "half truths" never workout.... and lies are just poor business.... where do the buyer agents come into picture???  are they promoting this attitude or is it totally the buyer agent's idea.... it's scary out there!!

Jun 25, 2019 06:26 AM #1
Rainmaker
3,018,807
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I must admit, Scott, I've not run into these situations or similar ones in my market... and I'm thankful for that.

Jun 25, 2019 06:52 AM #2
Rainmaker
1,183,157
Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417
United Real Estate - Addison, TX
Real Service. Real Results. Real Estate

Yes, I've seen all of these scenarios. It never turns out well for the buyers.

Jun 25, 2019 06:57 AM #3
Rainmaker
677,759
Peter den Boer
Atlanta Communities - Woodstock, GA
MBA,GRI, Associate Broker, Realtor

WowSeems like the whole Ethics thingy is being overlooked.. Have not seen that here yet...

Jun 25, 2019 07:24 AM #4
Rainmaker
3,143,058
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

We just had a similar situation. Buyer was a CASH deal with NO contingencies. The condo has been Under Contract for 3 weeks and now the buyer sent text...We are going for a small mortgage and need to extend the closing date!

Jun 25, 2019 07:39 AM #5
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Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Scott we've seen these situations going on for many years and are wise to those type of buyers.  I discuss the potential pitfalls of ' iffy' offers with the sellers and it's up to them to make their choice. It's easy to spot the bait and switch offers.

Jun 25, 2019 09:13 AM #6
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Scott- is there no buyer agent in the picture or are these DIY buyers???

Jun 25, 2019 11:32 AM #7
Rainmaker
2,497,266
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

That strategy has been rearing its ugly head for awhile now.  The minute an offer comes in as "Cash," with no contingencies and a very short escrow period, I become leery.

Jun 25, 2019 03:32 PM #8
Rainmaker
2,497,266
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS Scott, on having this blog FEATURED in the Old Farts Club group!  

Jun 25, 2019 03:41 PM #9
Rainmaker
1,295,714
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

None of these are new tricks and that's why verifying funds and a valid pre-approval is critical BEFORE accepting an offer.

Jun 26, 2019 08:32 AM #10
Rainmaker
751,086
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Things are not always what they seem, creative maybe, but it carries a risk as these buyers found out. Honesty is always the best policy.

Jun 26, 2019 11:17 AM #11
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Oh man, how not to make an offer on a property. And, I'm with Carol, don't accept an offer without some due diligence. 

Jun 29, 2019 08:10 AM #12
Rainmaker
1,524,140
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I vote on the side of "They're liars." Sad that some people are, but that's the reality.

Jun 30, 2019 01:21 PM #13
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Scott Godzyk

One of Manchester NH's Leading Agents
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