REALTOR®

My buyer is apparently having trouble with his financing, even though we've signed the sale papers. I technically have the right to declare a default, but are there others strategies I should consider before doing that?

Asked by Rick almost 10 years ago

That would depend on what the nature of their financing trouble is. Perhaps they should speak to a different lender? I have heard of deals falling through after they have been accepted because buyers aren't told that the loan underwriters keep their financial life under the microscope after pre qualification. Many buyers, if not instructed properly, will go out and buy all new furniture after hearing about their offer being accepted without realizing their credit gets run again before the loan is funned. They rack up the credit cards, their scores adjust and suddenly they no longer qualify for their loan and the deal falls through. Not sure if that's the case with your buyers, either way it's not a fun thing to go through for either party involved.

Thank you for the question Rick!

Have you ever had a buyer or seller try to back out of a sale after the paperwork was signed, and what happened?

Asked by Maddy1 over 10 years ago

I've never had this situation happen to me, but deals do fall through for many reasons. It is totally possible to back out after negotiations; however, it is not without cost. Once an offer has been inspected a buyer usually has a 17 day inspection period where they can order a terminate report, home inspection, and roof inspection. Depending on negotiations either party could pay for these. If the buyer finds something troubling in the inspections we write up a request for repairs where we ask the seller to fix the issue. If the seller refuses the buyer could back out of the deal and get their earnest money deposit back (Usually at least $1000). If they back out after the inspection period they lose their earnest money deposit and whatever money they put into inspections.


I hope that answered your question Maddy1, thank you for asking it!

If a home is put on the market for $1 Million and I agree to pay that asking price, what's my approximate out-of-pocket purchase price going to be after all the fees and taxes involved?

Asked by Mr.F almost 10 years ago

Are you paying cash? Are you financing all or part of this purchase? What rate did you secure? What state do you live in? What county? What does your lender charge in fees? What inspections are you paying for?

Unfortunately, it's not cut and dry. Every purchase is unique and tailored to each property, client, and market. If you're serious about purchasing property I would suggest speaking with a local agent in your area.

What's your best advice about how to predict the direction of the housing market?

Asked by Ruth over 9 years ago

real estate agent is a career that peaked my interest since I am career planning for my future What was the process of becoming a real estate agent for you? and could you explain how the pay is since RE Agents get paid commission And is it stressful?

Asked by Alex01106 about 4 years ago

I assume you're not always out showing apartments and houses. What's a day like at the real estate office?

Asked by Lagerfeld over 9 years ago

Are cities where real estate prices are higher automatically more desirable to work in for realtors, because the commission is higher?

Asked by Mike over 9 years ago