In looking for new homes my mother and I have decided we want to sell
our home and pay cash for a new home. When we went to look at homes
one of the agents told us we would still have to qualify. Why and what
kind of qualifying is he talking about? Neither of us have the income
or the credit to get qualified.
M
In article <>,
"Meg1011" <> wrote:
> In looking for new homes my mother and I have decided we want to sell
> our home and pay cash for a new home. When we went to look at homes
> one of the agents told us we would still have to qualify. Why and what
> kind of qualifying is he talking about? Neither of us have the income
> or the credit to get qualified.
The agent is full of BS. What is going on is that the agent
doesn't believe you, and he is trying to get a feel for what
you have, and how he can scam you out of it. They may also
want to try to up-sell you to a more expensive house, and they
want to see how much of a loan you could get. Run away from
both this agent, and the real estate company. If they happen
to be Realtors (and not just Real Estate agents), then you
may also want to report them to your local board of Realtors.
If this is a to-be-built home, it would be appropriate for
a builder to want some kind of guarantee that you can buy the
place that you are custom designing. That is to protect the
building from getting stuck with something that is customized
to your tastes. This would not happen with an existing home.
-john-
--
============================================================ ==========
John A. Weeks III 952-432-2708
Newave Communications
============================================================ ==========
Thanks,
We were looking at new homes. Woodhaven Homes. One was already built
and another model we were looking at needed to be built. I can see
where he was wanting to know what we paid for our existing home and
what he thought it might be worth. He then turned to the other agent
and asked her 'whats the cheapest home we have here?' Mind you these
were not high dollar homes.
117-200k. Actually we were looking to downsize from our larger home.
They also kept pushing for a program where they have a company buy our
existing home. What a nightmare. Makes us want to update our own home
and keep it. Thanks for the advice.
M
John A. Weeks III wrote:
> In article <>,
> "Meg1011" <> wrote:
>
> > In looking for new homes my mother and I have decided we want to sell
> > our home and pay cash for a new home. When we went to look at homes
> > one of the agents told us we would still have to qualify. Why and what
> > kind of qualifying is he talking about? Neither of us have the income
> > or the credit to get qualified.
>
> The agent is full of BS. What is going on is that the agent
> doesn't believe you, and he is trying to get a feel for what
> you have, and how he can scam you out of it. They may also
> want to try to up-sell you to a more expensive house, and they
> want to see how much of a loan you could get. Run away from
> both this agent, and the real estate company. If they happen
> to be Realtors (and not just Real Estate agents), then you
> may also want to report them to your local board of Realtors.
>
> If this is a to-be-built home, it would be appropriate for
> a builder to want some kind of guarantee that you can buy the
> place that you are custom designing. That is to protect the
> building from getting stuck with something that is customized
> to your tastes. This would not happen with an existing home.
>
> -john-
>
> --
> ============================================================ ==========
> John A. Weeks III 952-432-2708
> Newave Communications
> ============================================================ ==========
In article <>,
"Meg1011" <> wrote:
> 117-200k. Actually we were looking to downsize from our larger home.
> They also kept pushing for a program where they have a company buy our
> existing home. What a nightmare. Makes us want to update our own home
> and keep it. Thanks for the advice.
After knowing this additional information, I'd suggest that you
get a realtor or real estate agent to represent you in this deal
as a buyer. You need someone who is saavy on today's market, and
I think it would be worth it to you to allow that person to make
a commission on the deal. It might help you get what you want,
and save you from being taken advantage of in the process.
-john-
--
============================================================ ==========
John A. Weeks III 952-432-2708
Newave Communications
============================================================ ==========
"John A. Weeks III" <> wrote in message
news:
> In article <>,
> "Meg1011" <> wrote:
>
>> 117-200k. Actually we were looking to downsize from our larger home.
>> They also kept pushing for a program where they have a company buy our
>> existing home. What a nightmare. Makes us want to update our own home
>> and keep it. Thanks for the advice.
>
> After knowing this additional information, I'd suggest that you
> get a realtor or real estate agent to represent you in this deal
> as a buyer. You need someone who is saavy on today's market, and
> I think it would be worth it to you to allow that person to make
> a commission on the deal. It might help you get what you want,
> and save you from being taken advantage of in the process.
>
> -john-
>
I have always had a problem with so-called 'buyer agents'.
The seller is paying the entire commission to be divided with
an agent representing the buyer. The seller is the principal in
this transaction unless the buyer has hired an agent and is
paying him directly without a division of the seller's commission.
I know the real estate commissions are allowing this
but it is, in my opinion, a direct conflict with agency law. It
is the principle of the matter that concerns me since the sellers
are not aware that they are paying an agent to work against them
and for the buyer. Regardless of the disclosure forms, sellers
think the real estate agents are working for them. To hell with
ethics!
"Admin" <> wrote in message
news:ijgpf.4590$
>
> I have always had a problem with so-called 'buyer agents'.
> The seller is paying the entire commission to be divided with
> an agent representing the buyer. The seller is the principal in
> this transaction unless the buyer has hired an agent and is
> paying him directly without a division of the seller's commission.
> I know the real estate commissions are allowing this
> but it is, in my opinion, a direct conflict with agency law. It
> is the principle of the matter that concerns me since the sellers
> are not aware that they are paying an agent to work against them
> and for the buyer. Regardless of the disclosure forms, sellers
> think the real estate agents are working for them. To hell with
> ethics!
Agreed. Also, my experience with buyer's agents is that they "represent" the
buyer only in a limited way. The ones I had experience with tried to steer
me to a limited selection of available houses on the market, presumably ones
where the commissions would be the highest. That is, they did not
"represent" me in the sense of helping me to the best of their abillity find
the property I was looking for, but only in a more limited way of "helping"
me in discussions with the sellers (the sellers they wanted me to deal
with.)
"Don" <> wrote in message
news:7Lgpf.8547$
> "Admin" <> wrote in message
> news:ijgpf.4590$
>>
>> I have always had a problem with so-called 'buyer agents'.
>> The seller is paying the entire commission to be divided with
>> an agent representing the buyer. The seller is the principal in
>> this transaction unless the buyer has hired an agent and is
>> paying him directly without a division of the seller's commission.
>> I know the real estate commissions are allowing this
>> but it is, in my opinion, a direct conflict with agency law. It
>> is the principle of the matter that concerns me since the sellers
>> are not aware that they are paying an agent to work against them
>> and for the buyer. Regardless of the disclosure forms, sellers
>> think the real estate agents are working for them. To hell with
>> ethics!
>
> Agreed. Also, my experience with buyer's agents is that they "represent"
> the buyer only in a limited way. The ones I had experience with tried to
> steer me to a limited selection of available houses on the market,
> presumably ones where the commissions would be the highest. That is, they
> did not "represent" me in the sense of helping me to the best of their
> abillity find the property I was looking for, but only in a more limited
> way of "helping" me in discussions with the sellers (the sellers they
> wanted me to deal with.)
>
I have been a real estate broker for thirty years. The problem with
the profession there is no professionalism. It is too easy to become
an affiliate broker. Agents are not educated or experienced. With
so many agents the business has became cut-throat. About 90%
of new agents does not make it over one year. Real estate agents
probably ranks with used car salesmen as for honestly. Anything
for a quick buck.
In article <skhpf.2520$>
wrote:
> I have been a real estate broker for thirty years. The problem with
> the profession there is no professionalism. It is too easy to become
> an affiliate broker. Agents are not educated or experienced. With
> so many agents the business has became cut-throat. About 90%
> of new agents does not make it over one year. Real estate agents
> probably ranks with used car salesmen as for honestly. Anything
> for a quick buck.
There are some good ones out there, but it seems that this housing
bubble has brought out a whole new crop of worthless agents looking
for that quick buck. Now that the bubble has burst, look for 80%
of them to leave the business in the next year, and go back to selling
shoes or tacos or where ever it was that they came from.
-john-
--
============================================================ ==========
John A. Weeks III 952-432-2708
Newave Communications
============================================================ ==========
"Meg1011" <> wrote in message
news:
> In looking for new homes my mother and I have decided we want to sell
> our home and pay cash for a new home. When we went to look at homes
> one of the agents told us we would still have to qualify. Why and what
> kind of qualifying is he talking about? Neither of us have the income
> or the credit to get qualified.
Maybe the agent was not clear. All you have to do is to submit proof of
funds availability for the down payment and the balance of the purchase
price which is standard in some states.
www.AmericanWest.biz
>
> M
>
>