6 Reasons Why Pending Home Sales Fall Through! (It Happens MORE Than You Think)
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- เผยแพร่เมื่อ 10 เม.ย. 2018
- In today's real estate faq's episode you'll learn 6 reasons why pending home sale fall through!
#WhyPendingHomeSalesFallThrough
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Yes, even in the strongest of seller's markets homes will drop out of the closing process. Every week someone asks me how often do house contracts fall through. In short, roughly about a third of the time.
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📒 Show Notes 📒
Buyer's can safeguard themselves by ensuring they have a true and complete loan pre-approval letter with a great local loan officer prior to looking at a single home. The #1 reason homes fall out of escrow is issues with the buyer's financing. To answer, what percentage of sales fall through, factor about a third on a conservative estimate. To know for sure, ask your trusted real estate advisor about how many homes fall out of the closing process in your city.
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Andrew Finney Trusted Real Estate Advisor/ USMC Veteran S.0173260
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Las Vegas, NV 89149
Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with BHHS, NV Properties in Las Vegas, NV. Andrew's videos are his own and do not necessarily represent the views and/ or opinions of BHHS, NV Properties. The purpose of Andrew's videos is to educate you and help you make sense of the real estate process. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services, you are advised to reach out to the appropriate professional for further counsel about your own unique situation. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or any other and may be outdated or inaccurate; it is your responsibility to verify all information for yourself. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that is free from error. Linked items may create a financial benefit for Andrew Finney Team. Any use of other media is by fair-use or license only.
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As a home inspector, I have to say, I enjoyed your video. It wasn't biased as I've seen other people do. Keep it up!
07:08 Buyers don't get approved for their loan even after pre-approval 33% of the time??? Thats...terrifyingly high
Hey Kristina Lynn! Thank you for watching and for your amazing comments! You're the best!
I just gave you a shout out in a video I just release today! Here's the link to take a peek: th-cam.com/video/TlitGf4D5oo/w-d-xo.html
Thank you for your positive mojo and Welcome to the Home Tribe Team!
www.hometribeteam.com/
Sending you positive vibes for an awesome day! =)
That’s not what he said he said that 33% of the reason houses don’t go to close is because of the loan falling through. That’s not saying that 33% of the loans that are preapproved fall through. I think it’s closer to 1 out of 10
@@genocideoffsprng Incorrect. He said 33 percent of the time lenders pre-qualify people before actually verifying debt to income ratio, meaning 33 percent of the time buyers don't get approved after their pre-approval.
I hate When a seller is selling and gets greedy when your making a reasonable offer
Hi Elver Galarga,
Thank you for watching and for sharing your thoughts with us! Completely agree with you! G
Gave you a shout out or few in today's live session. Yay! Here's the link: th-cam.com/video/Mo-Jh6qdbwI/w-d-xo.html
Hopefully we'll catch up in the next live session. I go live every Wednesday at 11am PST.
Thanks again for watching!
Enjoy an amazing day!
Thanks,
Andrew Finney
www.andrewfinneyteam.com/
@@AndrewFinney I love your videos were in the process of buying a house , I have a question what are cosmetics things sellers don't have to fix after inspection?
@@rosieguzman0374 as a buyer that's a really good thing. My uneducated expectations are that the home have normal wear and tear. But what things are reasonable to ask a seller to fix/credit?
Graham Floyd Anything that’s a safety issue is usually reasonable.
Your agent should be helping you to negotiate how much credit to ask the seller for. Don’t fall too much in love that you are unable to walk away from it. There are always more listings out there.
As a buyer if the appraisal is lower than the listing price. I don't think I will pay out of the pocket because appraisal is the true value of the house and why would I pay more?the lender will never lend you more than the appraisal value and why would I? It doesn't make sense to me that's why I like it when you said that the seller should do the right thing 😊
Actually putting good energy in the world: boycotting and refusing to sell to a speculator
The 5th reason is what happened to me and my husband. When we got the approval letter we assumed the lender ran an employment check, credit, taxes. Uh no! That process was started 2 weeks before we were supposed to close. It was a nightmare. So the end of the story was we didn't get the house. We started this process in December and we didn't find out we wouldn't be getting the house until the end of February 😡We lost the Ernest money because it was too late.
Charies Harmon what mortage company did this to you ? We are in the middle of purchasing a home right now and reading this made my stomach hurt. So sorry that happened to you.
Funny he mentioned buying a truck, I’ve heard of someone buying a really nice truck during the home buying process they shot themselves in the foot because the lender then rejected everything because of that.
I’ve heard of this too except the guy drove the new truck to closing and his attorney just shook his head and said “I hope you paid for that in cash” 😂😂
@@MA-mb3zz You got to be kidding!!!! Hahaha
Thanks so much. We are looking for a house now. We wondered why pending sales seemed to evaporate. One house had seven pendings that bombed. My thought was, "what's wrong with the house?" The seller made no adjustments to the price though. I am queuing all your videos. Much thanks.
We did FSBO. Buyer's had an agent. Appraisal came in 10k lower than purchase price. 13k lower than the Appraisal we had done just before going into contract. They didn't want to do a new appraisal in which we offered to pay half. I thought it was strange. I ended up having to get a copy of the pre-approval letter from the lender in which they were not approved for our purchase amount. Their appraisal came in 1k less than the approval letter. That explained why the realtor wouldn't give it to me. Ended that contract with happiness. Under contract again and the house appraised for almost $30k more than what the first Buyer's appraisal came in at. We were almost scammed by a realtor and an appraiser.
Im looking into buying my first home and all your videos are very helpful. Thanks for the good content!
I really like your channel bro. Keep up the good work and thanks for the info.
First time homebuyer here, and I have to say a big THANK YOU for your videos. They’ve helped out so much as a valuable resource. We were in escrow for a condo, but HOA documents weren’t available before we put in our offer. Once we received them, our agent read through them and saw a huge assessment coming($100k+) and the cash reserves were pretty low. She highly recommended getting out of the deal, and also added that once our lender sees the assessment, they’ll not approve the loan anyways. HOA docs were available for most condos we were considering but may not always be the case before offers are given.
Thank you for watching mtascp05! I'm thrilled my videos are helping you in your home buyer journey! That's awesome! From what you shared, I completely agree with your real estate agent. She did a great job of sharing her insights with you. Yay! What would you like to watch next my friend?
@@AndrewFinney I don't know, your videos are very thorough! I recently watched your videos on what to expect for the final walkthrough, getting ready for closing day, etc. Thank you again!
So much good information here. Thank you for making it.
Excellent information! 1 of the best videos...👍
I think it was most useful to know about the documentation issue. When I am ready I will know to make sure the lender has everything, even if they forget to request it.. Thanks
Came in OVER the asking price on a home (out of state) with the contingency of my place selling and earnest money down. They accepted and went to contract. I own my place so no loan or mortgages involved and they knew my place (due to comparables) was worth way more and the market is a sellers market. Within 10 days they made the 48 hour call (they got another higher offer) to me to come up with it all and naturally since my house had not sold in 10 days the contract was void. I was so pissed that the realtor representing me out of state did not have written into the contract at least a 17-20 day grace period on which they could not accept or entertain other offers. It was just a waste of my time and showed me that even when you come in with a higher offer, earnest money and go in to contract, greedy people will do things that are not morally right...and to know my agent did not have MY best interest in mind in another state just burned me.
Thank you for this informative video. Great info for both buyer and seller.
I wish you were an agent in my area. I would come check you out in a heartbeat. Thanks for the awesome tips.
10:48 Except we’re now in May 2021... sizzling hot seller’s market. Homes in my community are selling in literally 5-10 days and with so many bidding wars that it’s now become a challenge to put my home on the market before I actually find one to buy. Gonna have to see if you uploaded recently and if there’s any info on the current market.
We are in the same situation. Luckily, we found a home to buy where the seller was willing to wait for us to get our home sold. They didn’t have to wait long though, as we went under contract 6 days after listing. Now just trying to get through inspections and appraisals. This definitely is the prime time to sell though.
thank you! very helpful and educational
Thanks so much for your video you have cleared up some of my thoughts on pending but can you elaborate more on the escrow phase of the process
First time buyer.
Thanks.
Good info
You have an excellent content Andrew. I wished you were in the Seattle area. Just went to a not so good experience with a new realtor that dropped the ball on a house I’m very interested in. Decided not to use him again. Learning
from your videos to be agile and cunning to pounce on that new home, once my just sold house closes in 45 days.
Thank you Victor! That's awful, sorry to hear that!
If would like some help finding a top notch Realtor in the Seattle area, please feel free to contact our agent concierge team here homeandmoney.com/andrew/
In any case, I'm sending you positive vibes everything goes your way!
My deal just went bad because they had the wrong property tax listen. Even the attorney and agent did their due diligence. Title came back and showed taxes was over 10k.
Hi Andrew great video background story is I was in a deal to buy a house but the seller wouldn't budge on home inspection findings so I walked away. Findings were manageable about 7-10 k but couldn't get any reduction in asking price. So I walked away. Right now it's a sellers market. Caveat Emptor
I am a first time home owner and your videos really helped me throughout the process
Hi melissa ahmad,
Thank you for watching and for your massively powerful testimonial! I'm extremely happy and thrilled that my videos have helped and continue to help you!
What would you like to see next?
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Andrew Finney Team we’re having problems with the inspection radon levels a video on what is ok to ask the seller to remedy would be great
That's a really good idea for a video melissa ahmad!
Thank you for sharing with us! I'll look into it and make a video soon!
Please let us know how everything works out for ya'll. Thank you!
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Thank you for posting such valuable and useful information. I found all the points important information for me. Denise, in Cali.
Hi Denise!
Thank you for watching and commenting.
Brilliant! Super stoked this video hit the mark for you! Yay!!!
What would you like to see next? FYI... I go live every Wednesday at 10am PST to answer questions. =)
Thanks again for watching!
Enjoy an amazing day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Andrew I Am SO Frustrated Working With Veterans United Home Loans. My "Loan Team" Is Not Good At Returning Calls. So Difficult For Me To Believe - Such A Simple Business Courtesy ! I Am Ready To Walk Away And Start Over.
Very informative.
We had a signed offer within 12 hrs of our house going on the market. Within a few hours they withdrew there offer. They had their pre approval letter. So everything was good. It turns out their letter was a month old and they had a job change with lower income. So they realized they might not get the loan. It’s a good thing they realized that quick. It all worked out because we got a cash offer 4 days later.
We had to go order appliances 3 months before the House was done. We wanted to use the lowes card and pay it off a few weeks before closing. They didn’t want to take money out of investments until the first of the year for income tax purchases. We called the loan officer to find out if it was ok. We got approval and paid it off a few weeks before closing. So important to run it by the loan officer first.
HI Christine C!
Thank you for watching and for sharing your experiences with us!
Yes a job change will certainly throw a ripple into the process, especially if the job is paying less. Even if the job pays more and is in a different industry it can present an issue. It's always best to notify one's loan officer and trusted real estate advisor immediately of any changes and to do their best to NOT change anything from the time they were pre-approved until AFTER they close on their new home.
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Hi Christine C!
Thank you for sharing with us!
Yes, you're absolutely right! Running any financial thoughts and plans past your loan officer is extremely prudent and will help ensure everything works out the way you want... Keys to your new home in hand!
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Good video-great job.
Great video!!!
This video was excellent.
Really important info. Thanks
Hi Delia Martinez!
Thank you for watching and for sharing with us!
Terrific! Your very welcome! Glad you enjoyed this episode!
What would you like to see next?
Thanks again for watching and for commenting!
Enjoy an amazing day!
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Great info. Tank you.
I really love your videos. Recently I started to watch since we put our house in the market. Now over a month and 3 offers fell through. All 3 different reasons including buyers go cold feet. Glad you covered all reasons. Thank you very much.
Thank you Suja! I'm glad my videos are adding value to you! Sending you positive vibes everything goes your way and that you're home sells soon.
@@AndrewFinney thank you so much for your reply. Now the third buyer did not pay the option money and looks like he is bound by the contract. I will appreciate if you can make a video on option period and ernest money. Thank you.
Zillow and Open Door have changed how a buyer can be ready to close escrow if these companies are buying the buyers property.
Question. I'm in the process of buying, I had some collections (2) that I had to undispute. I got ran through the computer process to see if I was elegible for the loan and I was. Is this a plus, or not?
Greata Info!!!
Very professional video.
Thanks
Thank you for the video. It is very informative. Could you please put another video on how low income family would buy a home and what steps they need to do to own a home.
Hi Moshina Kaderi,
Thank you for watching and for sharing with us!
Gave you a shout out in this week's live episode and answered your questions. Here's the link: th-cam.com/video/v2pqE4n8R0o/w-d-xo.html
First Time Home Buyer Programs: th-cam.com/video/I8CndY3w-aU/w-d-xo.html
What would you like to see next?
Btw... I go live on Wednesdays! =)
Enjoy a fantastic day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Great information
Hi Madd Ninjas,
Thank you for watching and for your awesome support!
What would you like to see next?
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
I’m looking to purchase my first home are there any grants or first time buyer programs
Can you clarify low appraisal scenario for the following situation: considering that the initial list price was +/- accurate, let's say 375k. Seller has accepted 380k offer because of multiple offers from the competition. The lender loans me 368k with the 3% down conventional loan I pay 12k in cash on closing date = 380k in total. Now comes nasty appraiser and tells everyone that this property value is only 368k, not 380k. 1) Am I standing good as a buyer? 2) Lender loans me 368k matching appraised 368k which means I already paid the difference with 3% down?
So... I made an offer, then I found another property before giving the Due diligent check??? What happens here? seller can accept multiple offers right? what about buyers? Thanks
Major issues found by home inspections and unrealistic sellers not willing to credit costs back to buyer next to loan not approved.
Great video! Honestly got me a little worried because I’m currently a seller who just accepted a cash offer contingent on the buyer selling his home. We did check that he is indeed in escrow and well along the proceeds. Thanks to my great realtor, she is doing her do diligence. Hopefully nothing else can happen. Do you foresee any other reason why it can possibly fall through?
I’m in California can owner and realtors not disclose house has a cesspool. They have it listed as sewer unknown.
Offer can be made when home has pending?
Can owner back out after excepting offer?
i really enjoy your vids - keep them coming - my lease is up do you think it’s a good time to buy - a lot of people are saying the market will cool
Hi forzite forzite,
Thank you for watching and for your support! Will do!
Sure the market will cool a bit before to long. In fact, it actually is in many areas if folks are watching the numbers. It may just seem like it's not due to lack of existing home inventory and the bidding wars. What I'm paying attention to is how many price reductions are occurring and how many homes aren't selling even in a strong sellers market. **roughly a third.**
That being said, the market is highly unlikely to completely collapse like it did in 2008- 2009. Not sure if you watched the video I made about 2018 housing predictions. Here's the link: th-cam.com/video/iozBwV_8b3s/w-d-xo.html
In short, buying a home sooner rather than later will help you save money in the long run. Home appreciate will still rise even is just a bit slower than the last few years. Mortgage rates are rising. If your in a position to buy a home now and and comfortable with moving forward, then it's better to buy sooner than later.
Quick question... What would you like to see next?
Thanks again for watching!
Enjoy a terrific day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
The property I'm looking at is a condo and the realtor says it has a land lease - can you explain how that works - do you recommend - thanks in advance
Andrew Finney Team - I ask if you recommend because the first bank I applied the loan for (bank of America) said they wouldn't approve a building with a land lease but this other bank said they would - maybe your next vid can be about buildings with land leases - thanks!
The appraisal points you made were helpful. Had no idea each side could come down. But your point about seller doing the right thing was brilliant.
Hi niftythrifty stuff,
Thank you for watching and for sharing your favorite parts of this video with us. It's great to hear from you!
Absolutely! Everything in real estate is a negotiation of some sort. Think of negotiations as conversations... Approach everyone with respect, understanding, and seeking a win-win and one will be surprised just how well things will work out!
What would you like to see next?
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
I agree. I already thought you were a great person, Andrew, for sharing your real estate knowledge so freely and honestly, but when you talked about just doing the right thing, my estimation of you and your ethics jumped up a few notches! If there were more people like you it would be a better world. Thank you also, from a fellow native Nevadan, for your service.
I'm a new home buyer and it's really stressful. My quiestion is will my credit score going down a few points will that affect the escrow or closing?
You said not to purchase a truck while under contract; what about if I'm buying it all cash? Great vid thanks
Ive been following a realtor for a year now. Every single property thats listed shows up as " offer pending " with in a week ! And they have been pending for 4 months ??? I sense theres something going on here ! How to get around this ? These properties Im familiar with and there are no offers out there. If there was an offer the seller should know ??? Is this illegal ?
Zillow an open door have changed the option for a buyer to be ready to close escrow
What if 125k house appraise for 120k.. However with 20% down the loan is only 100k. Do I need to be concerned about the appraisal
My deal fell through because the agent never produced the contract and tried a "verbal" 2 days later during the virus panic, still no contract, I backed out. And SHE was mad?
Hello! Love your videos. We are under contract on our house, credit dropped 8 points due to one of the credit cards charging an annual fee. Debt only increased by $115.00. Do you think this will be an problem when it’s time to close? Thanks!
Hi Michaela and Miles,
Thank you for watching and for sharing with us.
I highly recommend you discuss your increased debt with your loan office immediately! Depending on your debt-to-income (DTI) ratios it cause an issue or perhaps not depending on how high your ratios are for you loan type. To better understand DTI's watch: th-cam.com/video/TvEnMsWKwYo/w-d-xo.html
Please let us know how everything works out.
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Andrew Finney Team Thanks for replying back. It looks like credit increased 15 points instead of dropped 8 points. I don't know how that makes since since credit increased only by $115? Debt to income ratio was at 23% and now its at 29%. Think that should still be an problem? thanks.
Have you ever come into a situation where the home buyer asks the home seller for some of their furniture? The home we are buying is beautifully furnished (in that it suites the home really well) and I thinking of asking but dont want to come off as a weirdo haha... Im fine offering cash, or if the inspection falls a bit short, maybe doing a swap of some sort.
Hi Adam G,
Thank you for watching and for your great question.
Don't worry... They won't think your some kind of weido if you ask them to buy their furniture. lol... It's actually quite common that buyer would like to buy some (or all) of the furniture in a house. When that happens in the US we use a separate bill of sale outside of the purchase agreement for the furniture. As a matter of practice, I include the bill of sale as an "addendum" to the purchase agreement. The price of the furniture is determined by the seller and buyer. We as trusted real estate advisors, simply document what was agreed upon to protect our respective clients.
Thanks for watching!
Enjoy an fantastic day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Sounds great thanks for the quick reply.
Adam G yea ask for it. All of it. Hey maybe they'll throw it in for free!
Andrew Finley team. I have a question.....thank you for watching and sharing with us?????
Hi Steven Garcia,
Thank you for reaching out. What's your question?
Thanks,
Andrew Finney
www.andrewfinneyteam.com/
Where does a water heater cost $800? Lowest bid here in the Bay Area, $1800
It is not true that an Appraisal is the Value of the Home. It is 'An Opinion' on the Value of the Home. Different Appraisers will come to different Values.
Of course Mortgage companies pay trusted Appraisers to Protect Their Risks.
Hi TJ W,
Thank you for watching and for reaching out! It's great to hear from you!
Thank you for clarifying for anyone that was curious. =)
I gave you a shout out in this week's live episode: th-cam.com/video/SATE5UrQ_ds/w-d-xo.html
Join us live every Wednesday at 11:30am PST. See you soon!
Enjoy a fantastic day!
Thanks,
Andrew Finney
www.andrewfinneyteam.com/
On my home appraisal it says “my opinion” now you have me wondering
Question: I applied for a credit card before I started the process. It did not show up on my credit until after approved. It opened even though I didn’t activate the card. If the there’s a 0 balance will it still cause issues? Our house is being built so we have 4 months until we go to closing.
I have the same issue, were you able to close?
@@mirylinga yes! We have been in our home for almost 2 years now. I did not use the card though so it wouldn’t increase my debt to income ratio
I plan on buying a home out of state. A realtor told me I could make and offer based on the pictures and description on his web site then fly in and do a on-site inspection. If I didn't like it then I could cancel my offer. Is that how it works? Also what's different between a contingent status and a pending status on house. Thanks
Eric Ruthenberg A contingent status probably means the buyer had a house to sell before closing on the new house. I think most of the time in these cases the seller will keep showing and take backup offers.
Pending just means there is a signed offer and it is going through escrow.
Hi Eric Ruthenberg,
Thank you for watching and for sharing yoru situation with us.
Yes, the realtor you're chatting with is absolutely right! According to a report I read earlier today, as many as 35% of all home buyer's in 2017 purchased their new home "sight unseen." That's a massive shift in home buying thought process. It sounds like your agent and myself share the same practice and conviction, that if at all possible, it is far best for one to fly in to view the home prior to moving forward. That way one will be truly happy with their decision and not have any regrets.
At the same time, if writing an offer "sight unseen," and truly not viewing the home you agent should have a form that needs to be notarized stating that you haven't seen the property and agree to hold the agent/ brokerage harmless. Always a document for something...
The best way to write an offer "sight unseen" if one intends to view the property (highly recommended) is to write an offer "subject to viewing/ inspection."
Really appreciate your question and you'll see a video coming out in the near future about buying a home sight unseen!
If you have any others you would like to see next, please let me know. Thank you.
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Hi Christine C!
Thank you for chiming in! We should make you a moderator! lol...
Here's the thing... A contingent and pending offer both mean that the seller have accepted an offer and moving forward with a buyer in the closing process. In both cases, seller's will generally accept back up offers though it is wise for a buyer to NOT pin their hopes on the offer and to continue looking for another home.
I'll make video in the near future answering the contingent vs pending question in far more detail to help everyone.
Thanks again for watching!
Enjoy a great day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
The house I walked away from the realitor keep saying the seller wasn't going to negotiate they kept my money when I walked away from the house what can I do about that?
Hi Elaine Sumbler!
Thank you for watching and for sharing with us!
You'll find the answer to your question in last week's live episode: th-cam.com/video/aq5xf7kpGzw/w-d-xo.html FYI... I go live every Wednesday at 10am PST to answer great questions just like yours! =)
What would you like to see next?
Thanks again for watching and for commenting!
Enjoy an amazing day!
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
@@AndrewFinney x
Can you lease or rent a car from enterprise during closing ???
Hi Chris I,
Thank you for watching! It's great to hear from you!
Depends on how long the lease is for and how it factors in your overall financial situation. Best to double check with your local loan officer for guidance.
What would you like to see next?
Thanks again for watching!
Enjoy a fantastic day!
Thanks,
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Andrew, Please Help! I'm currently in a 30-day close. And I've refrained from giving the seller a laundry list of minor to semi-minor repairs. However, there's an HVAC system that doesn't cool adequately, which the seller refuses to compensate or fix, which I accept. Then there's a water pressure issue, that is said to be a $ 200-$300 fix, but there's also a leak in the laundry room. And the listing agent disclosed this and agreed to repair it. The house has been on the market before and there are three inspections recommending a licensed plumber further investigate. However, for two weeks, the listing agent has evaded the issue, and has been getting so called bids for two weeks. However, I feel there are more underlying plumbing issues, and the seller is stalling for time. Unfortunately, I was just told I'll get receipts of repairs at closing, and not before. Personally, this is unacceptable because I believe a quick patch or repair will be done. Will I be unreasonable to pay for my plumber to inspect the system prior to closing day?
Im going through almost the same thing. But my sell doesn't want to fix nothing AND increase the selling price "so they can give me partial closing costs".
Sounds like you both were in the process of getting screwed over smh hope y'all got out of that
Andrew can you give me a link to your contingency options video!?
Hi Sherri S!
Thank you for watching.
Sure thing, here you go:
What is a Contingency in Real Estate? th-cam.com/video/stPx_r_V-9o/w-d-xo.html
Making an Offer on a House! th-cam.com/video/pxZKe4Nhsao/w-d-xo.html
12 Negotiation Tips When Buying a House! th-cam.com/video/VN5qSiF1Hlg/w-d-xo.html
Negotiating Your Home Price Like a Boss! th-cam.com/video/BfAcm0gdRFc/w-d-xo.html
After watching them, you still have any questions, please let me know what your questions are in detail so I can make a video about them. Thank you!
Enjoy a terrific evening!
Thanks,
Andrew Finney
Life would be so much easier if the prospective buyer could determine how much debt a seller has on a home. I've wasted so much time making offers, and tying up earnest money to find out that a seller has nearly 100% debt on a home, and can't sell it for fair market value without coming up with a ton of money.
We are selling our house and buying another but our buyers are in late stage of pregnancy. Can the hospital expense of having a baby throw off the debt to income ratio to cause our buyers to fail to obtain a mortgage? 🤔 If they fail, we will lose the house we😞 we are trying to buy.
Your forgetting the cost of labor home owners don't all know how to work on there homes to a handyman comes to play so that furnace that cost 800 or 1200 dollars add the cost of installation so 3000 dollars is really reasonable selling a home to a home owner is to make money not lose it.
So I made a repair list after the inspection. Turned it over to the lawyer. Received by the seller. Waiting on a reply. No reply yet, but I want to back out. Is it too late to back out?
BROWN BROWN hey thanks for help!
I'm currently having a bit of buyer's remorse, two weeks before closing. I've found a gorgeous house in a great neighborhood; however, after the expensive inspection and earnest money, appraisal, and partial payment for the home insurance policy, I'm having panic attacks. However, after the inspection, the seller has repaired the water pressure regulator only. But refuses to fix the HVAC unit (air conditioning and furnace). I've compromised by not presenting a laundry list of minor repairs such as several worn boards on the rear deck, one partially detached front porch pillar, one crack beside the garage, and a broke patio door lock, etc. And all I'm getting is a $250 concession and an extended home warranty, which may not cover the systems due to apparent neglect. Yet, I'm accepting the offer due to a 2.8 interest rate, and considering this being a sellers market, and being on the quest for four months plus how far I'm in the process. As, well, I agreed to the seller's request to a 30-day close. Unfortunately, I'm predicting that I'll be purchasing a new air conditioning unit and furnace going into the home. Sorry for the long text, but I need to vent. (Like the HVAC). Besides, my agent and the inspector say the home is 85% solid despite the needed repairs. Oh a new roof was placed on the home last week. But, your wealth of advice and compassion for home buyers/ sellers are the best. God bless!
I'm under contract on a house and am in a similar (but slightly different situation). I also agreed to no nit pick and do a laundry list of repairs after inspection, but the expensive inspection I had completed revealed several cracks in the foundation on all sides of the home including one severe one on the front and the roof is in it's last 3rd of life. Other than that the home is decent, but i agreed to a longer close because the sellers needed more time and now I'm having second thoughts upon the findings of the inspection. Enough so that I don't really want to move forward for fear of also having remorse. It's a sellers market in my area too and it is likely that the house will appraise for less than I offered. I too wish to move forward because of how far I am in the process and because I was the accepted offer in a multi bid situation, but I don't want to take a house I'm going to regret, especially ones with signs of foundation issues. I certainly don't want to pay for a structural engineer to come out but I will have to if I want to be assured the issues aren't major. Sorry for venting as well, i just wanted you to know I too felt your pain. Best of luck to you in your home buying process. I hope the panic of it all subsides and you end up with a home you're happy with.
@@missladygray Thank you, Honey Bunny. I am out of pocket over $1500, which includes additional inspections. And I, too, see a couple of cracks next to the front porch. However, the pros outweigh the cons for me, because timing and location are important factors. However, now hardwood floors are out of the budget for now. But, I did state to my agents I want out, but since I requested to get further inspections outside the 10-day window, I could back out but may need an attorney for possible litigation by the seller.
My buyer walked away with 2 weeks til closing. His reason was that his buyer walked away. Since interest rates have gone up and I assume the war and maybe throw Covid/ Inflation in there too, housing prices are going down. It's cheaper for them to walk away and lose $50,000 deposit and buy a house $200,000 cheaper. I stand to lose a lot! The seller I bought from will experience me walking away now. Canceled all my utilities, kicked out my nephew renting from me, packed everything, hired movers. Huge mess! I will be forced to sue. Shutting down the world for Covid, insane money printing and encouraging people not to work has caused this crazy inflation in my view. Generations to come will be paying for Covid measures.
Thank you for sharing with us. Between an 10 year run with an expansionary monetary policy, COVID, and economic policies passed between 2010-2021 is why we have such high inflation now. The only option to lower the inflation rate is to switch to a contractionary monetary policy to increase the prime rate to lenders. The trade off is higher interest rates across the board in most cases and a market that will come down to align with the realistic prices for the majority of people. Unfortunately, the higher interest rates on mortgages are likely to reach a point where the percentage basis homes will drop in value will not offset the higher rates which results in a borrower paying the same as homes at a higher price with a lower interest rate if not slightly more.
In any case, I'm sending you positive vibes everything goes your way.
If you’re selling a house in a competitive market, a buyer needs to realize they’re gonna have to pay above asking or appraisal value.
I have a question? I applied for a credit line in July and i started my home process in august but it just appeared in September on my credit report and that makes me look bad with the underwriter I am set for closing on November 19 , 2021 will it affect me ??
My lender told me to apply for a credit card .
I'm very surprised lenders don't verify buyer's income ect.
😂😂😂 things have changed, inspection contingency? Gotta waive that to be competitive now. Make repairs before closing? Nope they'll pick a different offer. Ask to cover closing or appraisal difference? Your bid will be passed on. Financing the purchase? They'll go with all cash. Thank God after a year and a half of searching and trying I'm under contract. I'm not saying it's mine until closing though...
Nope, things haven't changed; dynamics and conditions have. What people are willing to do is another story. That said, even when the market was a fever pitch heights, the client's represented, all held their contingencies in place.
As for paying above the appraisal bit, that was a real situation for folks who wanted to buy a home. With corporations and residential REITs and now "fractional ownership" investors, they highly elevated the market in 2021-2022 dramatically in concert with the FED dropping the prime rate to 0%. It was a catalyst where us normal folks bore the burden. Now we have high interest rates to offset the damage done in 2020-2022.
The investment identities accounted for just over 20% of all home purchases. It's a shame. In my opinion, corporations shouldn't be permitted to purchase residential estate.
Sending you positive vibes everything goes your way. Thanks again for watching. Peace be with you.
Good video but I counted only 5 reasons!
Hey Harold Johnson!
Thank you for watching. It's great to hear from you!
Gave you a shout out in this week's live episode! =) For reference, the sixth point is at 10:44
Here's the link this weeks live episode: th-cam.com/video/5B1T72B01Dw/w-d-xo.html
Thanks again for watching and for your awesome comments/ questions!
Enjoy a fantastic day!
-Your Real Estate Geek, Andrew Finney
www.andrewfinneyteam.com/
Andrew Finney Team Yes, the sixth point starts there, but really it's the fifth point. If you review the video you'll see that you skipped point 3 or 4 (I forget which)! Regardless, it's no biggie, just letting you know!
Harold Johnson,
Thanks for the update. Really appreciate the heads up. I'll back and create a timeline for this video and if I missed a point then I'll add in the show more description that I made a mistake and what the point should be.
Thanks again for looking out! Really appreciate you! =)
It shitn’t happen...I agree. Such an upbeat fellow.
Hey how have you been hope you and your family are staying safe still enjoying and loving your videos as always just have a question in your professional opinion I am still in the market to purchase my first home Massachusetts is at home that has been on and off the market for a year now it is in my price range and looks nice what is a little bit of updating anyways why do you think this home keeps going on the market and then goes in the contract and then goes back on the market again could you give me a huge favor can you send me your email and I can forward you the link from redfin tell me your observation in your opinion I have sent out an email to a real state is it in my area that is friend of a friend but haven’t received a response yet so I have not found a buyers agent in my area do not have a buyers agent at this time thank you so much hope you have a wonderful weekend
God I wish one of the pending homes that I'm looking at would fall through. It's our dream condo. And literally I cannot get a hold of the listing agent. I don't understand why she wouldn't even answer someone even to just get new clients! It's the most unprofessional thing I've ever experienced.
After inspection, they didn't give my earnest money back.
I can't believe someone would be so stupid as to buy a car when there about to close on a house.
Thank you for watching Jason!
That was very sad turn of events for sure and it's very unfortunate that it happens (or similar situations) more frequently that one might think. That's why I wanted share it with everyone, so hopefully others can avoid costly mistakes that are easy to prevent.
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I think it depends...my lease was up and my credit report showed it..I was upfront with my lender I had a letter from my old car lender saying I was completely done with car loan..my lender said when I purchase another vehicle keep the purchase price and car note the same or less....I did just that and it was not brought up anymore..I think you should be upfront with your lender
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Talk too fast. Slowing the pace.
😴 Boring!
Sounds like this video isn't for your Jason.
What type of videos you enjoy the best?