REALTOR®

My buyer is apparently having trouble with his financing, even though we've signed the sale papers. I technically have the right to declare a default, but are there others strategies I should consider before doing that?

Asked by Rick almost 11 years ago

That would depend on what the nature of their financing trouble is. Perhaps they should speak to a different lender? I have heard of deals falling through after they have been accepted because buyers aren't told that the loan underwriters keep their financial life under the microscope after pre qualification. Many buyers, if not instructed properly, will go out and buy all new furniture after hearing about their offer being accepted without realizing their credit gets run again before the loan is funned. They rack up the credit cards, their scores adjust and suddenly they no longer qualify for their loan and the deal falls through. Not sure if that's the case with your buyers, either way it's not a fun thing to go through for either party involved.

Thank you for the question Rick!

Did you see the news story about the Vegas real estate agent who was kidnapped and murdered recently? How safe do you feel when showing homes to strangers and what precautions do you take?

Asked by Meghan almost 11 years ago

Really great question! Personally I don't ever show homes to strangers so that isn't a concern. However, I do have to be on my toes during open houses. Before the open house I put about a week's worth of work advertising where I will be and how long I will be there giving plenty of opportunity to be staked out and attacked. I always carry my phone with me where ever I go and linked up with a few members of our local police force. I let them know when and where my open house will be and they will take the time to drive by a few times to ensure my safety. I have heard they make special jewelry now that can be activated to alarm to the police should an agent feel in danger.

For more of what I do to prevent myself from being harmed or kidnapped read my blog article

3 Reasons Why I Don't Show Homes to Unqualified Buyers (and why no real estate agent should!)

Have you ever had a buyer or seller try to back out of a sale after the paperwork was signed, and what happened?

Asked by Maddy1 over 11 years ago

I've never had this situation happen to me, but deals do fall through for many reasons. It is totally possible to back out after negotiations; however, it is not without cost. Once an offer has been inspected a buyer usually has a 17 day inspection period where they can order a terminate report, home inspection, and roof inspection. Depending on negotiations either party could pay for these. If the buyer finds something troubling in the inspections we write up a request for repairs where we ask the seller to fix the issue. If the seller refuses the buyer could back out of the deal and get their earnest money deposit back (Usually at least $1000). If they back out after the inspection period they lose their earnest money deposit and whatever money they put into inspections.


I hope that answered your question Maddy1, thank you for asking it!

What's your best advice about how to predict the direction of the housing market?

Asked by Ruth over 10 years ago

real estate agent is a career that peaked my interest since I am career planning for my future What was the process of becoming a real estate agent for you? and could you explain how the pay is since RE Agents get paid commission And is it stressful?

Asked by Alex01106 about 5 years ago

I assume you're not always out showing apartments and houses. What's a day like at the real estate office?

Asked by Lagerfeld over 10 years ago

Are cities where real estate prices are higher automatically more desirable to work in for realtors, because the commission is higher?

Asked by Mike over 10 years ago