Compare Mortgage Quotes

ty_lees · Joined: 22 Apr 2008 Posts: 6 3.77 Dollars($)

I got 2 issues going on right now and I don’t know how to deal with it. I need professional and experiences information please.

Background: Pre-Approve through BOFA, First time buyers, some what knowledgeable in the buying home process. Definitely NOT a sucker.

#1

My wife and I have found our dream home; we made an offer and were told to make a final offer due to 8 different offers. This is foreclose home and in very decent condition. That was 8 days ago. Still there is no response from my realtor. What should I do? Every time I call, he tells me the banks are still deciding. Which doesn’t makes sense because you would think a foreclose property would sell very quickly. Last time we spoke was on Sunday, when he mentions there were only now 3 offers. We also sign a document stated property is sold "as is" and seller is not making any repairs. What should I do?

#2

My wife and I went out shopping again for another property with another realtor agent. We found another great home and want to make an offer. Even though we got issue #1, we wanted a plan b, just in case. The seller wanted us to pre approve for the property. I’ve already been approve for a loan else where. The Loan officer wanted all info that relates to 2007 W2’s, last 2 months check stubs, last 2 current bank account statements. In addition, this home was on the market for 214 days, when we saw the home and told the agent that we were going to make an offer, he replied there were a total of 2 offers and I must make a first and final offer. I don’t know guys, sounds tricky but are these normal characteristics of a realtor?

Need advice. Thanks in advance.

Tyes Lee

Guest

Welcome Ty,

Answer to question one: yes many times foreclosed properties held by mortgage companies can take time to be approved for sale. In other words they take thier time in deciding which offer they are going to accept. It sounds like your realtor is not very good because it does not make sense why he would say they had 8 offers and now only have 3???

Answer to question two: you are smart to put an offer on another property because with multiple offers on your first choice there is no guarantee you will win out. If you are already pre-approved for the first house just have the loan officer send you another pre-approval letter to submit with the offer on you second house. It is highly unlikely that there are multiple offers on a house that has been on the market for 214 days. It sound like the seller's realtor is playing a game which is normal for realtors. Many of them like to use old tricks which I think is childish! It's easy to deal with just stand your ground make your offer and ignore what the seller's realtor tells your realtor.

Hope this helps Very Happy

sara

Hi Ty,

As for the first seller, I think he's no longer interested to make a deal with you. Perhaps he has received some better offer. So, it's ok to leave the offer and move on to the second house that you are interested in buying. And I do agree with the guest above. It's better to get a pre-approval letter from the loan officer and show it to the seller. It helps to convince the seller that you're a potential buyer. So, just make an offer and if everything's fine then the house can be yours.

Take Care

gmakerley · Posted: Wed May 07, 2008 10:11 am Post subject:

honestly, i don't think this ought to be typical behavior by a potential homebuyer - to be using two different realtors at the same time. you're questioning the realtor's behavior? hmmm.

as for #1, it is absolutely normal. banks selling properties are not exactly the most efficient sellers, and weeding through offers takes time. for the home to be sold "as-is" is 100% normal. the lender has (no doubt) already lost money on this property - why risk more by making repairs?

#2 - if you've been pre-approved by one lender, why would you then consent to be pre-approved by another? simply contact your first lender and indicate you would like the pre-approval to also cover this second property. once again, by dealing with 2 separate lenders at the same time, you're not treating either one with the utmost of respect. keep one and bag the other, but make up your mind and do it quickly.

Guest

Thanks for the quick response. The reason why I question the activity of my realtors is because, the very first realtor I dealt with cost me a home and my earnest money. But that’s a whole topic by itself.
As a first time buyer I have high expectations when it comes to realtors. The way I see it, it’s my money, time, and credit. Most realtors have been doing this type of job for years but don’t realize that, we as a “first time buyers” don’t really understand this home buying process. These prior transactions make me feel I’m being toyed and lie to. Not really appreciated if you ask me.
Currently I have 2 approval letters from BOFA, which is in no relations to the 2 property. The offers were made along with the pre approval letters. I think I’m going to toss #1 and #2 throw in an offer. I spoke with them today and they are willing to accept my document from BOFA. I still believe there is a lack of integrity from the realtor’s part. Thanks again for the response.

cliff3 · Posted: Wed May 07, 2008 1:16 pm Post subject:

I'm sorry about your first realtor Ty. There are some realtors out there that actually care about taking care of the client but, there are many that are not experienced enough to even understand what thier clients needs are. You are right to dump you realtor if you feel they are not meeting your need. A good realtor will typically spend a long time with you before they even take you out to see a home. They do this in order to fully understand what you "need" and to save you and themselves time. Good realtors realize that if they take the time to understand what you want you will both win in the end.

gmakerley · Posted: Wed May 07, 2008 2:02 pm Post subject:

cliff, i'm not sure i would agree that a good realtor will spend a lot of time with someone right off the bat. it's hard to devote a lot of time to someone in need of education. yes, it's a payday someday (maybe) but upfront it's costly. i do not disagree that there ought to be someone who is willing to spend the time to educate a new consumer; just often there won't be such a person.

my point in my earlier post is that bouncing around from realtor to realtor or loan officer to loan officer is unfair to the original people (unless they simply dropped the ball). nobody's getting paid while giving lessons, and that's often a hardship.

ty, it wasn't clear from your original post that the first realtor was not exactly "there" for you. when that happens, i agree that it's time to move on.

cliff3 · Posted: Wed May 07, 2008 3:06 pm Post subject:

Actually I think we agree bouncing from realtor to realtor or loan officer to loan officer is not a good idea. However, building a relaitonship is very important to me and if a realtor is not going to respond in kind then I will move.

Actually I think we are on the same page. Very Happy

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Realtors lying or is it just normal charateristic??? What to