So a potential buyer said to me recently “why are you discouraging me?” I was not trying to discourage them but rather give them information about the market to make sure they are “in it to win it” & give them the information they need to make sure they have the patience to stick through this rather sticky process.
Once upon a time, long ago in a land far far away, buyers had a dream to buy a home. They had their dream home in mind:
- I could set them up on an MLS email campaign to receive all new listings
- I could show them about 10 homes
- They would pick out one
- We would write an offer
- Hear back the next day (sometimes the SAME day)
- We may have had to negotiate a bit
- We could get an accepted contract quickly
- They would apply for financing (financing used to be so easy that ham sandwiches could get financed so we never had to worry about it.)
- We would have a home inspection and if any problems were found, the seller would probably fix them.
- The appraisal always seemed to be “spot on”
- We could close in 30 – and in some cases – less than thirty days!
- THIS with typically NO MONEY DOWN!
It was easy cheesy peasy. Unfortunately things aren’t so easy anymore.
Everyone wants a deal with Las Vegas real estate. Everyone wants the deal to be nice and easy and smooth.
Unfortunately if you are one of those “everyones” who wants a deal – you have to pay your dues – especially if you are financed!
I can’t begin to tell you HOW MANY buyers I have had walk through my virtual door because their agent did NOT explain the short sale process and they got stuck in a short sale escrow – somehow. I cannot begin to tell you how stressed out those buyers were from wading through the “unknown”.
I will not sugar coat any perspective buyer to lead them to believe that the process is so simple.
The reason why it isn’t easy to get financing is because everyone – EVERYONE – is a default risk. Even the tightest most qualified buyers. You have to be special to buy a home these days with either cash or financing.
These are just examples of SOME of the problems that happen from start to finish. I like to set expectations up front because if a buyer whines before we can even get them approved (which is before we look at homes), I may decide to walk away from working with that buyer. Sometimes I can’t even imagine the screaming that will come when we hit REAL problems.
My job is so far from easy these days and keeping a buyer in tune with REALISTIC expectations may make me lose one or two buyers from the onset but may save me some sanity when we are dealing with major problems.
If you want a deal – you will have to earn it.