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 over 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 almost 11 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!

So many times I've met with a real estate agent and it's turned out to be a kid in his late teens. What's the deal with that? Do more seasoned agents look at them like silly young parasites or what?

Asked by Hobbes over 10 years ago

Honestly, at first they might have. I remembered getting static when I got licensed, I was only 20. If you're good at what you do, regardless of age, your an asset. The youth has brought a new twist to game. It keeps us all on our toes. New technology, new marketing ideas, it's really made it more of a make or break industry, at least here in California. I can't speak for the rest of the US. As long as your agent knows their stuff you're in good hands. I have come across a few agents who have been in the business 20 years and still can't speak openly to clients or negotiate on their behalf. Go with whomever you feel more comfortable with. If an older, more experienced agent is what you want then make that a priority when interviewing agents for the job. Thank you for the question :)

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

Asked by Ruth about 10 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 almost 5 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 about 10 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 about 10 years ago