Posted by phil fernandez on November 19, 2000 at 18:51:10:
Realtors are certainly a slippery breed. My response to your seller would be, if the realtor couldn’t sell it during the past six months ( I know you didn’t state the time of the listing), what makes you think that he can preform in the next ten days."
I’d tell the seller that a bird in the hand is worth more than the realtors hollow promises and that you will be moving on to other deals in the meantime.
I guess it would depend on how much equity you think you could pick up if the seller came back to you on Nov. 27th.
I had a seller call me (very motivated) to sell her house to me subject to. She had it listed with a realtor and said that the listing would expire on 11/17/2000. It had expired approx 30 days prior and she had granted this realtor a 30 day extension. I told her I was interested and explained the subject to deal to her. She was so relieved when she knew that I would be able to take the burden off her shoulders by taking over this loan as well as the 1 month back payment.
I had sent her all of the paperwork (postdated to reflect the 11/18/2000 date). She lives out of state by the way (I failed to mention that earlier) She got all of the paperwork notorized and signed by her and her husband. She had emailed me on 11/15/2000 stating that she had sent the paperwork to her mother who lives in the same neighborhood as the house she is selling. (Just wanted Mom to meet who is buying the house since she never met me in person I suppose). Anyway, on 11/17/2000 she sends me another e mail. Here is what it said.
Please tell me if this sounds legit or is it the fancy footwork of this realtor to buy some more time to sell.
Les.
Things have been changing hourly on the house. Steve has a lady who is going
to buy it, he thinks, but he hasn’t been able to get together with her
because she works for the stock exchange on the floor everyday and is a
single mother on top of having that kind of job. She has met with the loan
specialist and he says she qualifies, etc. but need to work out the
paperwork. I told Steve we needed signed papers this weekend but because he
needs to legally still be representing us, Mike said to extend the reality
contract to the 27th of November. I realize this messes up the paperwork and
inconveniences you, but feel for our sake that if this lady comes through we
would be so much better off not having the house still on our credit report
because our son is going into college in January and we need to be able to
qualify to help him. However, if this falls through then we are still
interested.
Keep in mind this house is listed for $167,000.00 and this single mother with kids who works for the stock exchange which is on the other side of the country is the subject buyer!
It just don’t sound right to me. What do you think?
Re: Does this sound true? (Kinda Long) - Posted by Bill Scott
Posted by Bill Scott on November 20, 2000 at 07:00:24:
Les, have this seller give the realtor a NON-exclusive listing covering just this particular buyer that he has. No, I don’t think he really has one because if she has time to jump through the hoops of a loan application she can surely find time to fill out a contract along the way. Anyway, suggest a NON-exclusive listing and see what happens.