By
Todd Clark (Broker/Sales Coach)
503-524-9494
My
buyers are buyers with a good credit score,
but they just don't make a lot of money. So, they know the
homes they
are
looking at are going to be on the lower price range of homes on the
market and
with that, there is going to be a lot of competition. But, when you
find the
home you want and your offer is the highest, and then still losing out,
then
I'm telling them to contact their lawyer.
Here is what happened:
My clients had found a
home that they liked and was in their price
range, but
this home was a foreclosure. They put their best foot
forward right
from the
start on this one. They were done looking, they wanted this home, and
together
we formulated the best offer for them to make sure they got this
home... or so
we thought.
The listing agent came
back and said that if you want to put an offer
in on
this home than you need to get a pre-approval letter from ABC Bank
out
of
Springfield, USA. OK, my clients and I are both wondering why this is
needed,
but we decided that if they want this home we best jump through their
hoops.
Well, once on the phone
getting the pre-approval, the bank pushes my
buyer hard
to use them. How hard? They were telling my clients that
there are lots
of
offers on this home, you are the second person today that I've talked
to about
a pre-approval, but I can tell you that the amount you are offering
isn't the
only factor in getting this home. I suggest you use us to get this
home. If you
do, it will make your offer stronger than if you go with your lender.
We can't
even promise we can get your pre-approval letter out today unless you
are
planning to use us. I just hope the other offer isn't accepted while
you wait
for your pre-approval, so do you want to use us or would you rather
wait?
WOW! When my clients told
me this, I said that this sounds very, very
wrong and
you have a choice. HOW BAD DO YOU WANT THIS HOME? I think
you need to
contact a
lawyer because I know you want to stay with your lender and I agree
with you on
that, but I think what they are doing is breaking some laws, but I
think you
need to talk to a lawyer to confirm.
If you had a buyer in
this situation, what would you have them do? Do
you have
them strong armed into a bad loan just so they can get a home? Do you
have them
stick with their lender who has got them this far and contact a lawyer
and see
if there are some other avenues? I know I what I've done and that is
the 2nd
choice, stay with their lender and contact a lawyer, because when
something
stinks like _____, it usual is!
Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739
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©2009 Todd Clark - My advice for my buyers is don't give up and contact a lawyer!!!
