Have any Low Inventory Housing Market Tips to Add?
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Low Inventory no matter where in the Country will site differences in how they use Contingencies, deposits and even letters to the sellers.
I never suggest that my buyers wave the right of inspections and appraisals even of cash. Buyers have the right for all being they are paying for it.
Any seller that takes an offer with no contingencies if cash, to me means they are hiding something. If they produce a home inspection report that includes every thing including the worthiness of the HVAC system by a licensed VAC company then fine. But buyers have aright to speak with the inspectors.
Now as for a Loan Officer speaking to the listing agent has never been a practice I have ever heard of. If I am the listing agent, it is he responsibility of the buyers agent to make sure that loan person knows what they are doing.
Ex, never trust a broker/ selling agent that all of a sudden now tells you the following she just found out will not covey with the sale, and that the home is under a reverse mortgage upfront, and the will not contact the bank or entity about fixing items that the owner never did. Walk away from it as soon as the broker starts with the first surprise.
Peter - in Pennsylvania - it is in our agreement of sale that the listing agent can speak with a lender. I always call the lender for buyers on my listings. I received an offer recently that when I looked at it, the buyer did not have enough cash to close. I spoke with the lender, he switched to a USDA loan. It's a long story but it ended up that the buyer changed lenders because this lender did not know what he was doing. The buyer lost my listing but was finally pre-qualified and able to purchase. I have other anecdotes of where making that call either strengthened or weakened the offer.
Thank you Peter for your important safegaurds that you outlined.