Buyer`s wants Seller to hold $25,000.NO MONEY,NO MONEY,NO MONEY!
We`ve been attempting to put together an offer that frankly we realized was next to impossible to do.In some cases, you pray for a miracle. This wasn`t the case!
Yesterday, was the conclusion to three weeks of hard work. The Buyers agent and Mortgage Broker apparently mislead the buyer into believing that with a 580 credit score,this person would be able to purchase a Townhome in Davie,Florida with 100% financing.
As it turned out the Mortgage Broker later retracted his story and told the buyer that the buyer would have to bring $25,000 to the table. I received a call last night from the Buyer`s agent, we agreed to have the buyer and seller present for one final meeting to see if there were any options left in holding this deal together.
The buyer`s agent was pleasant enough, you could see in the buyers eyes that they were tired of being mislead by the entire process. This was very sad to see, these poor people were being ripped of by their agent!
Buyer`s Agent: I have a wonderful idea, you`re seller holds $25,000 for two years and the buyer will play only the interest of $134.00 a month with a balloon payment at the end!
Me: The buyers income appears to be light! Even if we did agree to hold a second, there is no way conceivable that the buyer will be able to afford to pay the monthly mortgage of $2500 a month, I think you`ve mislead the buyer completely into believing this could happen.
Buyer`s Agent: OH!, they`ll try real hard to pay the mortgage,they're willing to give it a try. The seller walks away from the house and that`s that!
Me: The seller walks away with what though?! He`s left holding the bag, on a hair brain scheme that we both know will blow up in less than 5 months!
Buyer`s Agent: My job is to get these people a house, what happens after that is no concern to me or the bank!!
Me; So screwing your client is OK? Well guess what, it`s no OK for me or our seller!!!
With that I shake the buyers hands and tell them to reconsider signing any papers their agent recommends. It`s hard to imagine that anyone would jeopardize their client, but we got to see it up close and personal..It`s unreal, that people would act like this, especially during the holiday season..
With that said, I want to take the time to wish everyone a very Happy Thanksgiving....
God Bless and enjoy!
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About The Scott Daniels Real Estate Group and Florida List For Less Realty,Inc.
- Florida List For Less Realty, Inc.
- Cooper City,Ocala, Florida, United States
- Buying a Home has never been easier! Buying a home is an exciting and complex adventure. It can also be a very time-consuming and costly one if you're not familiar with all aspects of the process, and don't have all the best information and resources at hand. We use the latest technology for you to search the IDX/MLS. Visit our web site www.listfloridahomes.com From the comforts of your home, just "point and click" homes you wish to view. We pride ourselves with new technological platforms which make the entire home buying process simple and easy! Our comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful.
