Relocate to Wisconsin : "My Lender told me to write for 94% of asking and amend the price Later" Said the Anxious Buyer

"My Lender told me to write for 94% of asking and amend the price Later" Said the Anxious Buyer

 Say WHAT ?    Golly gee whiz...Ms Buyer....Does your lender know it's a SELLERS MARKET ?  Does your Lender have a Real Estate license ?   Please tell your lender...I don't lend money and it would be best if she/he didn't practice real estate. If yOffer to purchaseou write for what the lender may in some strange way to consider this to be  a "usual and customary price" formula....you may well find yourself without a home....now and for as long as this market condition exists.  

    We will look at the market...the most recent homes that have sold in the area that we are writing an offer on...we will look at the inventory...we will look at the listings that are active with offer...and then together....based on the facts...we will decide what you are comfortable with ...if this is the house you want to call home...we will decide the offer together...without the "assistance " of the lender.

       You won't ask for closing costs...regardless of the price point and how much "over" asking you write to "compensate" for  the closing costs...Sellers hate it...especially now.    

      We want you to have the house you want to call home...and we know how to get it for you...how to write the strongest offer....our successful record speaks for itself.  We appreciate your trust and confidence in us...and we will look forward to that housewarming party  !SOLD sign

      If you or anyone you know is looking for the house you want to call home...and Sell the one that has gotten too big...too  small...located too far from this and not close enough to that...Call the Hansons...we look forward to being of service to you in all things southeastern Wisconsin real estate.

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 15 commentsSally K. & David L. Hanson • July 15 2016 05:15PM

Comments

What kind of bonehead lender would give advice like that?   Good grief!

Posted by Fred Griffin, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) almost 2 years ago

Sally and David I am a Loan Originator, so let me say if the L.O. told the Buyer that the L.O. is STUPID regardless of the market conditions.  We are Loan Originators, and we should stick to that and let the Realtor do his/her jog.  Like wise I would say the same thing of a Realtor trying to do the job of an L.O.  The whole transaction works a WHOLE lot better when we each stick to what we do.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 2 years ago

Sally and David- I find that very hard to believe!  I agree with what George Souto said.  Lenders stick to doing what they know and the same for agents.  each has to support each other. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) almost 2 years ago

I thought it was a well written "letter" to current buyers who are wanting to play the "let's offer less, they will be so glad to have an offer" mentality. I loved it!

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 2 years ago

In some markets, buyers that really need closing costs in order to buy, have no chance.  It is unfortunate in those situations.  But you are correct, the lenders have no reason to be recommending how to write an offer or to practice real estate.  Thank you for reading.

Posted by Karen Feltman, Relocation Specialist in Cedar Rapids, Iowa (Cedar Rapids/Iowa City, IA KW Legacy Group) almost 2 years ago

I had a potential client tell me that his realtor told him I only charge $175 for a home inspection (the house was $1.9M).  That was true 10 years ago, for a pre-drywall inspection, but not a home inspection! 

Calling the realtor I asked that she please send people to my website to see my pricing (I am very upfront) and not to cause issues by pricing my service for me!

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) almost 2 years ago

I hope home buyers will read this post and learn from it. Thanks for sharing.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 2 years ago

I've had this happen to me once, not so long ago as well.  They decided not to listen to me but to their out of state lender and golly gee, they still aren't homeowners here.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 2 years ago

Good morning Sally K. & David L. Hanson ,

It just goes to show you all lenders aren't created equal!! What a ridiclous statement made by a lender! George Souto is right "The whole transaction works a WHOLE lot better when we each stick to what we do!"

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) almost 2 years ago

Hi Sally and David... exactly my first reaction -- "say whaaat?" And since when do lenders advise on negotiating strategy? That's lender I'd have had a serious conversation with.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (RE/MAX Executive | Charlotte, NC) almost 2 years ago

Everyone's an expert. 

So glad you had a conversation with him. Some people have no idea the damage their careless words can cause.

Posted by Mimi Foster, Voted Colorado Springs Best Realtor (FALCON PROPERTY SOLUTIONS ) almost 2 years ago

Once in a great while we encounter these situations and it is never acceptable to us, Sally K. & David L. Hanson 

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty National) almost 2 years ago

Hi Sally and David -- you gotta love the "expert" advice.   Yikes!

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) almost 2 years ago

It may be a good time to look for another mortgage lender.

Thanks for sharing this story.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) almost 2 years ago

Excellent blog Sally & David, this just shows that people need to use the advice of a Realtor to purchase a home, and not get the wrong advice.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) almost 2 years ago

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