Living Tigard - Your guide to everything Tigard

Clearly this buyer was just going to be wasting your time and probably had no real motivation to purchase. Any buyer who really wants to buy will have to put some skin into their game both time and money. 

Investors can use any formula they want. But if you want my services, It must be a formula that I can work with.

There is great potential for empowerment, and just as much potential for self-sabotage with the advent of easy consumer access to Real Estate data.  Most saavy clients will realize that the terrific tools provided online are still limited ones.  Sounds like your guy had it all figured out and only respected your experience and ability to open a door.  I suppose you can't really fault a guy for trying to grind out the most advantageous terms, but you would starve if you invested all of your time and energy into chasing this pipe dream with him.  Perhaps he'll find a taker three years and two hundred offers down the line, but it will inevitably be for the hard-up owner of a mold-infested property that backs up to a power plant.  We have all presented offers at one point or another that may not fit our ideal criteria for opening a realistic dialogue with the other party, but a successful businessman knows a lost cause when he sees one.  Save your services for those he need it, not those who utilize it as a means to their predetermined ends.

You did the right thing. There is risk to both parties to a transaction. Why should he buy with no risk at all. Not fair and not right.

The prospective buyer cost you some time, but at least provided you with a good "war" story and blog post.  I'll bet you feel much better now that you don't have to deal with that buyer anymore!

Todd you did the right thing walk away.  They will find some idiot to write their contract that any good listing agent would get his clients to reject.

You just saved up lot of time that can be more effectively used! Just imagine when he becomes a seller of a home.

I'm not sure that we are talking about the buyers risk. I think that the buyer thinks the market is so bad he can put anything he can conjure up to the seller and they'll jump at it.  Who told this guy he gets to be so obnoxious?  It's gone past ridiculous if you ask me.  $1 in earnest money because???? I actually have already negotiated deals where if the house didn't appraise, the seller would pay for the buyers appraisal cause the deal wasn't going anywhere!  I guess what's being said is the seller is confident in the price and the buyer isn't.  This sounds like a gun fight at the OK corral brewing with you in the middle.

Glad you decided to sit this one out and spend time with people who weren't nuts.

Good question Todd. Some people believe that its all about them! With no cash up front, they want instant equity, no financial liability, and heaven forbid if the can't sell at a huge profit. On the other hand, my first time home buyers with good credit scores and decent down payments are being turned down for loans. Go figure!
Your friend from Washington State!
Paul

Todd ----I agree with you that you should have walked away from this buyer -- I feel that any buyer will have some risk -- that is part of buying a home.                                     

                                                                   

Hi Todd... no matter what the reason, it would be difficult to believe that submitting such an offer would not hurt your reputation.  I will work hard for my clients and protect them to the best of my ability, but not at the long term expense of my reputation as a professional.  Sounds like you made the right decison.

Yep! I agree with Steve. I severed a relationship this week for similar reasons. But no matter what I refused to be used by individuals who will hurt my reputation or are not being straight with me.

Todd - I think you made the right decision. No reason for other agents to think you are wasting their time (and yours of course).

There are buzzards out there.  They talk about formulas a lot.  they call themselves investors. They have a lot of creative provisions to keep from any expense. 

But any way you spell buzzard, it still comes out v-u-l-t-u-r-e.

Greetings from Taipei, Taiwan.

The vultures I have in mind like to work with listing agents directly ....the better to stick a talon into the double-sided agent's pocket as well as stealing from the seller.

They are looking for a seller that has a huge equity and a giant immediate need for cash.

They don't care how many people's time they waste finding the right victim(s). 

They give birds of prey a bad name.  There is not an eagle among them.

Drop him like a hot potato let him harass a seller with out you.

Todd, you bring up some excellent points.  Some buyers are very nervous with big purchase decisions like a home, but there will alwasy be some risks.

..formula??  sounds like a "get rich quick with real estate" scholar.  Was he a first time buyer?  Doesn't sound like he has ever been a seller either. 

Todd, a good decision...and I would do the same.  Your reputation is important.  This buyer will find some Realtor to write the contract...I feel sorry for any seller that has a buyer like that one.

OMG - that is a teriible laundry list of "wants" from that buyer and I shudder to think that wasn't even all of their demands.  Every buyer has risks and every seller has risks - I feel for the next agent they latch onto.  You know they'll find one that feeds into their delusions - but, it will never work out under those conditions!

Tood, There are always risks when buying or selling but this person would make anyone look silly but especially himself. Good job letting him go!

That buyer has some unrealistic expectations. I pity the Realtor© who wastes time with this one.

I believe that buying without risk comes under the category of it sounds too good to be true, it probably is.