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  1. #1
    Join Date
    Mar 2007
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    Spring City/Surrounding Philadelphia area
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    Default Insult to Injury

    As if things aren't slow enough and discouraging, I seem to be getting a higher percentage of people who will call, book an inspection, and then cancel a few days later. The explanations run the gamut (ie - lien on the house, not buying the house, husband can't get off work, etc.). I suspect most are because people keep shopping for a lower price and pull the plug when they get a better deal.

    It's particularly annoying when they happen to call you over and over before they decide to book an appointment only to pull the rug out later.

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  2. #2
    Join Date
    Oct 2003
    Location
    Rockwall Texas
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    4,519

    Default Re: Insult to Injury

    Nick,

    I think a lot of it due to these people finding out that they can't get the loan due to their credit being in the crapper.

    They go out and find a house, fill out a loan application, call the home inspector, and then guess who calls them back. Yep, the bank and they got a big NO WAY.

    rick


  3. #3
    Join Date
    Mar 2007
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    Spring City/Surrounding Philadelphia area
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    Default Re: Insult to Injury

    That's probably part of it Rick. But I'm surprised a realtor would even want to work with a buyer without checking out their ability to secure financing.


  4. #4
    Join Date
    Mar 2007
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    Oregon
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    2,365

    Default Re: Insult to Injury

    I've had more cancellations in the last week than jobs that actually went through. The story I'm hearing most often is the property is foreclosed and they got a verbal acceptance from the bank but no paperwork yet so they don't want to pay for the HI.

    Last I heard something like 45% of the listings (not sure if that's local or nationwide) are foreclosure or short sale. So, if 1/2 of the sellers out there are basically MIA it's tough to get much work.


  5. #5
    Join Date
    Oct 2003
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    Rockwall Texas
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    Default Re: Insult to Injury

    Nick,

    The good agents would first make sure the client has an approval letter but that does not alway mean anything either. The whole deal can fall through in a matter of a few hours or minutes.

    Many are trying to buy foreclosure's which for some reason the banks are very hard to deal with that hold the home and are very slow in corresponding with the agents / and the clients. Its almost like they don't really care if they sell the home or not.

    I just actually had one cancel an inspection Friday morning due to slow response from the bank.

    When they tell me they are buying a home that is a foreclosure, I write on my schedule with pencil.

    rick


  6. #6
    Ted Menelly's Avatar
    Ted Menelly Guest

    Default Re: Insult to Injury

    Not exagerating here at all. Out of the ten past calls (that I did not get the inspection, yet) 3 of those folks are from friends or past inspection referrals. Being I kind of sort of knowing them in a round about way I had pretty good conversations with them.

    Great credit. Great income. No credit card debt and they are still waiting for the lending institute to put things together for them. One I know personally. No credit card debt. Combined income of 85,000. Equity form there home. Great credit score, well 800, I think it is great. Waiting a week and a half for the outcome on there loan inquiry for a 200,000 dollar home.


  7. #7
    A.D. Miller's Avatar
    A.D. Miller Guest

    Default Re: Insult to Injury

    Quote Originally Posted by Ted Menelly View Post
    Not exagerating here at all. Out of the ten past calls (that I did not get the inspection, yet) 3 of those folks are from friends or past inspection referrals. Being I kind of sort of knowing them in a round about way I had pretty good conversations with them.

    Great credit. Great income. No credit card debt and they are still waiting for the lending institute to put things together for them. One I know personally. No credit card debt. Combined income of 85,000. Equity form there home. Great credit score, well 800, I think it is great. Waiting a week and a half for the outcome on there loan inquiry for a 200,000 dollar home.
    Ted: If they had been doing this all along instead of passing out all kinds of loans to all sorts of people as fast as possible, we would not be in the pickle we're currently in.

    It's definitely screwed up, but will eventually straighten out. My first act, if the fix were up to me, would be to offer 4% interest loans to everybody who already owns a home.

    Aaron


  8. #8
    Join Date
    Oct 2003
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    Rockwall Texas
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    Default Re: Insult to Injury

    800 credit score

    I've never thought they went about 750, but maybe I'm off on that.

    Lost one last week after the client called and said the bank turned him down. He was buying a 212K home and was putting down 80K and still turned down. He77, give me the 80K, and I'll mortgage for him.


  9. #9
    Nolan Kienitz's Avatar
    Nolan Kienitz Guest

    Default Re: Insult to Injury

    I've lost several HIs over the past couple of days.

    Best I can determine is due to fees. I'm not 'cheap'.

    Had 3 of them booked and canceled hours/days later (at least B4 the HI). They asked if I would meet or beat $XXX.XX quote from other HI. And ... those $XXX.XX quotes were embarrassingly 'cheap'. It is amazing me what some folks will do for $150 or $175 on a 2500 and larger property.

    Had one today that heard my quote and asked me to give her a 50% discount in light of the current economy. Methinks she ought not be buying the home.

    Another, on Sunday, demanded that I get paid at closing that was schedule for Thursday (tomorrow). I said that I get paid at the time of inspection and she could submit my paid receipt for reimbursement at closing. She said I had to get paid at closing ... I said (again) "nope as I have no guarantee that closing will happen." She was not pleased and hung up.

    Oh well ...


  10. #10
    Join Date
    Apr 2007
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    WESTMINSTER CO
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    1,090

    Default Re: Insult to Injury

    hey guys go to my thread this subject on cellphone photos--happened last week, your steady agents will come back and support you

    stay the course, you are worth it

    $120 dollors extra for cell phone photos


  11. #11
    Join Date
    Mar 2007
    Location
    Greenville, N.C.
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    254

    Default Re: Insult to Injury

    Did an inspection on a foreclosure recently. Nice house. It had burned in the past but repairs were very complete. The client heard "burned" and bailed. I asked the agents about the price. It sounded good for a rental. So I made a deal. My credit is 800 and my wife is 810 (go figure-I handle all the money. She could care about paying a bill on time). I have 25% to put down. It's 6 weeks now and I finally have a closing date set. It's Fanny Mae. You'd think they'd jump to get rid of some inventory.

    JLMathis


  12. #12
    Join Date
    Mar 2007
    Location
    Oklahoma City
    Posts
    356

    Default Re: Insult to Injury

    What do some of these lenders care, uncle Sam will back the bad loans so they don't have to sweat it.

    I don't want to jinx myself, but biz has really picked up so far for Jan. Had 11 just this week. I figured there was probably some pent up demand. Hope it continues.

    If it weren't for lawyers, we would never need them.

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