[elky] Re: update 2

-Staten Island Frank-

In a message dated 8/5/2009 12:51:01 P.M. Eastern Daylight Time, 
printces@xxxxxxxxxxxx writes:
good luck. It's a 'process'.  Sounds like you're doing okay with him.
Thanks

Some inspectors are very thorough, some aren't.  just luck.
very true

If he isn't pre-approved, don't waste a whole lot of time while he shops for a 
mortgage.
They have the money, putting down 66,000.oo 
[http://cdn-cf.aol.com/se/smi/0201e05b65/05]
[brian mongar] Frank, Don't be too persuaded by his down payment, it means 
almost nothing, trust me on that one.  I wouldn't remove the house from the 
market until he can show you a pre approval from a Lender, not a mortgage 
broker.  Someone like Wells Fargo, alot of brokers will entice their buyers by 
saying, oh year your approved for a loan, but they cant get a car loan, let 
alone a home loan.
I recently had a buyer call me on one of my listings that was listed right 
around $500,000.  They wrote an offer and showed me they had nearly $300,000 to 
put down and were going to finance the rest.  We couldnt find a lender anywhere 
that would give them a loan, he had way too much in dept vs his income.  I have 
no idea how he had that much cash on hand when he was spending more than "HE 
MADE"      :)
  Can you put a time limit on it?
not necessary, I'm not the one in a hurry, he is.
[brian mongar] All of our states contracts have a limit on them for the buyer 
to be fully locked.  We are allowed to change the amount of days, to a maximum 
of 10 days(the 10 days may be our company policy).  There is no way I would 
advise a seller to accept an offer without a pre approval letter from a lender, 
but the buyer still has 10 days to get a full mortgage commitment letter from 
their lender.  I would tell him that you will wait until he can supply you with 
the preapproval before proceeding to consider the house under contract and 
pulling it from the market.  My advise, again is to make sure it is from a very 
reputable lender.
and continue to show the house?  Try and write those into the contract.  And a 
provision that you get his deposit if he cannot get a mortagage by X date.  It 
will put a little rush on him and - who knows?- maybe a better offer will come 
along.  Never good to have the house off the market while he diddles.  We had a 
pre-approved on the house in NJ and it still took from the beginning of Dec 
until the end of Feb to get to closing.  They kept coming back with this and 
that until I told them to tear up the contract, they must have thought it was 
some other house.  They closed.  Remember - what you see is what you get.

sometimes ya just gotta call that bluff...

[brian mongar] I Would definately continue to show the house.  Use a 48hour 
first right of refusal, the offer is accepted once the buyer supplies you with 
the preapproval letter.  You can still show the house and entertain offers, if 
you get one your buyer has 48 hours to supply you with the preapproval or its 
the new buyers court. The provision to keep the earnest money if he cant get a 
mortgage would make any buyer walk in my opinion
Our contracts have that 10 day period for the buyer to obtain financing 
commitment and after that if they walk they lose their deposit..
 Very true, now your an educated consumer. I think they(the buyer) push, and 
push just to see what they can get. Then ya call their bluff and the silliness 
stops.
Capitalism at its best.
[brian mongar] You Never know what is going on on the other side, they may walk 
too.

shuttles crossed.

mary

Hey guys, we still have a buyer, survived his home inspection. This buyer is a 
real poker player. Me thinks he told the inspector to find something so he 
could use it as leverage. They were digging around for two hours.
 On our other inspection it took 35 minutes and we got flying colors. He did 
produce a small list of items to be addressed. Nothing I can't handle for about 
400.oo
[brian mongar] I would be absolutely pissed off if my inspector only spent 35 
minutes inspecting a house.  What a waste of money that was.   I can't believe 
a home inspector can do all he/she needs to in 3  hours that the good ones here 
spend.  On the larger homes they have 2 inspectors there to move things along.
   Then came the poker move, the buyer says he could take care of all of this 
stuff for 1000.oo Of course in order to move things along. Well, I know he 
wants to move in as soon as possible. So I say no, I'll correct these things 
but I need some time.
[brian mongar] If I were buying a house I would rather have the moolah, who 
knows what kind of shabby job the seller is going to throw together to say "Its 
Fixed".  The buyer can take the liability and have it done the way they want 
to.   The seller then doesn't have to take the responsibility (it can come back 
on you), do the work, or uncover burried treasures (Many times that small $200 
project unravels into a $500 oh crap)
     I saw it coming and had a better hand, plus I had the house.
 After he thought a bit he knocked 80% of the list off, to move things along.
  Ya see he wants to lock in with a bank before the rate goes up again. Can't 
do that until he signs the contract. Actually, ya can but Maybe he doesn't know 
that.
     I'm doing OK in spite of it being a buyer's market. We shall see what 
tomorrow brings. So far I have anticipated his moves, maybe he has an ace up 
his sleeve. [http://cdn-cf.aol.com/se/smi/0201e05b65/05]
-Staten Island Frank-[brian mongar]
[brian mongar]


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