Dedicated Realtor Almost Freeze's at Open House!

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

The never ending winter here in the Chicagoland area did not stop this weekend.  I got lassoed into having an open house by a negotiator that was working on a short sale listing I have about 40 miles north of my office.  I won't tell you the story how I ended up with this listing....too long.  The negotiator insisted that if I followed her instructions we would get several offers during the weekend.  Well, despite my gut feeling, I went ahead and followed her instructions. 

I posted the listing all over the Internet...thanks Postlet!  I sent out emails to listing agents in the city where the property is listed and even past agents that showed it.  The home really is a great bargain.  Located in Keele Farm, a Kennedy Homes subdivision in Carpentersville next to Barrington Hills at only

$165,000 - 3 Bedroms, 1.5 baths, fireplace, eat-in kitchen, dining room and partially finished basement.  It has some issues - broken window in kitchen, water came into basement when they turned off electricity and sump pump didn't turn off (has been drained).  You get the picture...some cosmetic work and it's a nice home for the area.  Well, have you ever stayed in a home without any heat in the middle of a Chicago winter???

It's not pretty!  The short sale negotiator had sent a lender.  Poor guy did not know what hit him.  I was dressed in several layers of clothing, plus boots, heavy fur lined leather coat full length so I was more or less prepared.  I even had a blanket just in case.  But no matter how prepared you are....and Realtors really are always prepared...sitting in that house (OK...pacing in that house to keep from freezing to the carpet) was the worst 2 hours I have spent. 

I am not a winter person by any stretch of the imagination.  I was so tempted to light a match in the fireplace and throw the blank contracts I had and start a fire but my fear of having the house fill with smoke since its been vacant for over a year stopped me. 

When a car pulled up...both Mike, the lender and I almost froze in place.  A real live buyer??? A family of 3 came.  They had just finished seeing houses with their Realtor and saw the flags and sign.  Could they take a look.  I was surprised I could even talk as I gave them the highlights of the home and explained the short sale process.  Off they went to take a look of the upstairs as I told them that the home was a bit chilly. 

After 10 minutes they liked the home enough to want to do a contract.  And this is where the story gets a bit sad.  I asked of course if they were working with a Realtor.  "Well.., Mr. Buyer said, we just finished seeing a bunch of houses with a Realtor."  Great, perhaps you can call him and ask him to come over and he can write the contract?  Oh, no....he said he was going to be busy....   Can you do it? 

CAN I DO IT??? Sure, but since you have a Realtor he might get upset but I will write the contract and give him his commission.  Here is where it gets interesting.  I asked Mr. Buyer....how much are you approved for?  Who is your loan officer/mortgage lender??  Mr. Buyer looked at me like I had asked him for his show size.  Well, we have not talked to a lender...we are not sure how much we can afford?

OK!  (Thinking in my head....I know things are slow but why would you not get your buyer pre-approved/pre-qualified by your favorite lender?  Why would you take them looking for a home if you don't know if they stand a chance of qualifying for a mortgage?)

I, of course, offered the services of the lender who was frozen beside me.  He was too scared to turn on his laptop because it was so cold and he didn't want to take a chance on breaking it....so out came the pencil and paper and after a few quick questions....how much do you make a month....how many outstanding credit cards, auto....etc. he gave them a monthly payment with the caveat that he would have to take a formal application.

I explained to Mr. Buyer and family the process that I use with all my Buyer's.  I explain that it makes no sense to look for a home without finding out if you can get a mortgage for the home unless you are buying CASH!  Imagine if you fall in love with a home, put in a contract and you don't qualify.  They had no clue what the homebuying process was...zip....nada.

Yes, I wrote out the contract but I my gut told me it would not go through.  Not because they didn't want the house but because once they contacted their agent he more than likely would convince them that the short sale home would take too long.

They promised to come back the next day with the earnest money check and finish the loan application.  They were happy and thrilled that they actually might buy this really cute house.

I left frozen but happy on the long 1.5 drive back to my home territory with the only regret that I had to come back to freeze another day. 

To be continued......

No, I am not that cruel.  Sunday....I am all set-up in record time.  Lender comes with warm lap top ready to go and we wait and pace.  I finally can't stand the suspense and call the potential Buyer. 

"Hi, Mr. Buyer...have you warmed up from yesterday?  (laugh...)  When do you think you can stop by and finish up the paperwork....(long pause).  You are leaving the country???  You decided to leave the country overnight??  I see, well I knew you guys were cold but leaving the country seems a bit drastic...spring is around the corner....  No, don't worry, I will tear the contract up.  Enjoy your trip?.....

The lender and I had a great belly laugh.  The excuse was almost as good as my dog ate my homework...or even .....I went to Macy's to buy socks and the perfume lady spritzed me....

But...before we could crack another smile...another car pulled up with another family.......and hope came back.

Did I tell you why I hate open houses????  I think you can figure it out.  But if you know of anyone that wants a great 3 bedroom....check out MLS#06852294 in the MRED (MLS of Northern IL).  Just dress very warmly!

SHORT SALE - 1896 CAMBRIDGE - CARPENTERSVILLE, IL  - $165,000

 

Posted by

Evelyn Santiago

Managing Broker/Owner - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Illinois
Groups:
Posts to Localism
Tags:
open house
winter
kane county
chicagoland
cheap homes
1st time home buyer
il
barrington hills
short sale carpentersville

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
2,756
Tony du Preez
RESE Realty Inc - Provo, UT

i have had that experience even when showing all these vacant homes - freezing

Mar 02, 2009 07:52 AM #1
Rainer
2,692
Amy Nilsson
Prudential California Realty - Tulare, CA

Even worse than no heat is when you really have to go to the bathroom but all the utilities are off & you can't use the toilet. When buyer's come in to tour the house, they wonder why you're dancing all over the place with your legs crossed. It would be twice as bad if it was freezing at the same time!

Mar 02, 2009 08:11 AM #2
Rainmaker
4,798,469
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

So, are they leaving the country because they couldn't qualify for a loan, or did you scare them that badly?  :-)

Mar 02, 2009 08:31 AM #3
Rainmaker
655,982
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

At least you thawed out in time to be able to type the post.

Mar 02, 2009 02:05 PM #4
Rainmaker
321,367
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Good point about taking a "restroom break".  Luckily for gas stations and doughnut shops.  Spent about $12.50 and added about 500 calories to take my breaks.  When can someone invent something to handle this delicate issue especially for women???  We can connect with almost anyone in the world but we still don't have some of the basic plumbing issues covered in a economical, discrete way.

But all kidding aside - if you have a buyer and you don't have an exclusive buyer's contract especially in today's market some other agent might not have been so "nice".  I am sure they contacted their agent like I told them and he realized that he left himself open.  We still need to get our buyers pre-approved not just pre-qualified.  Get the credit report, get their income verified, get their assets verified...you will save yourself some time when you finally have an offer accepted.  Educate those buyers so they really understand the home buying pocess especially the financial side.

If you don't understand the financial side yourself - get some education - if you are having a slow week - read about FHA loans - learn how to do your own pre-qualifying and do yourself a favor, as well as your buyers.

Give them your business card(s) and if they get the urge to go without you to an "open house" or a new home builder - teach them what they need to say to the open house host.....Thank you....I am working with an agent and here is his/her information.  Better yet....ask them to call you when the urge strikes them and see if you can join them.  Tell them you are working for them, have them sign the exclusive buyer contract and let them understand that its only their best interest to have you with them.

Keep your sense of humor througout the trials and tribulations of this real estate challenge and come out a winner!

 

 

 

Mar 02, 2009 11:58 PM #5
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
321,367

Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
Ask me a question
*
*
*
*
Spam prevention

Additional Information