George Souto a mortgage broker from Connecticut wrote this article about “stupid” things that sellers do that cause sales to fall apart.
It is a very informative read: Click here to see original article
Stupid Things Sellers Do That Cause Sales To Fall Apart. There are several things Sellers do or do not do which can result in their home not selling. Most of them are things which the Listing Agent/Realtor has to deal with such as:
- Overpricing a home
- Refusing to negotiate
- Not making homes available for showings.
- House does not show well
- Homes which smell bad.
These are just a few examples of what Sellers do or do not do which can cause a house not to sell.
However, as a Loan Originator I work with Buyers and not Sellers. So I am not involved in the home shopping process other than providing a Pre-Qualification Letter. The role I play in the purchase of a home is the financing, which involves:
- Qualify the Buyer for the price range they can purchase in
- Meeting with the Buyer to put the loan into process once the offer has been accepted
- Following the Loan through Loan Commitment, and on to Closing.
So I do not get to see why a Buyer chooses to purchase a house or not, but what I do get to see is the stupid things Sellers do which cause my Borrowers to walk away from the property. There are two major things I see Borrowers walking away from a property are for.
The first and foremost reason I see my Borrowers walking away from a purchase, is Sellers refusing to negotiating repairs which are identified by Appraisers and Home Inspectors. When a Seller takes a hard nose attitude of “I am not bugging”, the Borrower more often than not walks away from the purchase. Many times the purchase blows up because of ridiculous little things, the Seller is unreasonable about. This is not to say that Buyers are not equally unreasonable at times.
The second most common reason I have seen which causes a Borrower to walk away from a purchase are things which are discovered during the final walk through just before the Closing. For whatever reason Sellers seem to think they can hide damage and get away with it. Somehow they think the Buyer will not walk away from the purchase the day of the Closing. Let me give a couple of quick examples:
- On the final walk through a huge urine stain was discovered on a hardwood floor which the Seller had covered up with a large rug. The stain was so bad that a large section of the floor needed to be replace. It was to late to fix the floor before the Closing, and the Seller refused to provide funds to fix the damage after the Closing. As a result the Buyer walked at the Closing Table.
- Another was a Seller while moving their furniture out of the house, dragged the furniture across the hardwood floors causing deep gouges through out the hardwood floors in the house. In this case the Buyers didn’t even go to the Closing and try to negotiate a remedy, the Buyers walked away right there and then. Found another house a week later they actually liked better, and we Closed a few weeks later.
These are just a couple of examples, I could provide more, but I think these make my point of Stupid Things Sellers Do That Cause Sales To Fall Apart.