Why do people wait?

Question

An older couple seemed to really like my house, and said they would try to figure out what they could afford.  They have been looking for a few weeks already, by the time they saw mine.

When I decided to have an open house, I called to let them know, and she said they had an appointment to see about getting a mortgage on Friday, still a few days in the future.

I thought that was wonderful, they are going to make an offer on my house. Then I got to wondering why they didn't set the appointment for earlier this week (they saw it late last week), or, since they are seriously looking, WHY didn't they do it already, and have that information at hand?

Why do people wait? Don't MOST people get at least pre-qualified in the early stages of looking? They need to have a goood idea of what they can afford.

Is she pulling my leg? Are they going to make an offer?

Ofgift

Scott M. · Answer

Just as you should never fall in love with a deal you should never fall in love with a buyer.

Keep showing it - follow up with them when your schedule tells you too and move on.

Until papers are signed and $$ are put down - don't stop your process

Jon Holdman · Answer

Actually, I think that's sort of a FSBO issue.  If they had their own agent, they wouldn't be looking at your house.  The agent would insist they were pre-approved before they wasted time with them. You should do the same, and request to see their pre-approval letter.  Even if they do make an offer, its meaningless without the loan.

Account Closed · Answer

After your note, I called and asked her. She said they do, and she said they've been trying, but nobody has the money to buy them now...

Ofgift

Account Closed · Answer

Sorry, they could get a mortgage for only 125K, and that's about 20K less than we had talked about.
We both feel bad. She said she was already planning to roll their furniture down the street.

What options might they have? She said they are limited to 900 a month payments. They were discussing FHA because they don't have the 20% down a conventional needs, and though they qualify for the $8000 aid, for whatever reason they can't take advantage of it here.

Ofgift

Account Closed · Answer

Okay, SOMEbody out there didn't cross his toes! She just called and said they couldn't get the mortgage, and have to look for a short sale or foreclosed property.  :cry:

My open house signs are almost ready. :mrgreen: 
Ofgift

Account Closed · Answer

I am continuing with the process. We did some yard clean-up last night, and will finish that Friday night. Open house planned and advertised for for Sat and Sunday afternoon this weekend and next. If it doesn't sell this weekend, I plan to mail fliers.

A little background on them might help. They are probably late 60's to mid 70's. Not long ago (I don't know how long ago) they signed a 3 year lease for a house a few blocks away, and "woke up one morning to find it was being foreclosed."  They signed another 3 year lease on a house just up the street from mine, and several months later the owner decided to sell. They will not buy it, and have been looking since then.

There are 3 other houses in the subdivision same size as mine, all less expensive, all require fix-up. They don't want fix-up. They will move, and want to do it on their terms as much as they can. They said "there's a lot of crap out there." They do not want to buy because of their age, but don't want to be forced to move again, either. So they plan to buy.  They pointed out how well mine had been kept up, and I do believe they are interested in making an offer. I hope they do.   
I doubt they will buy one that requires repair.

I'll hear from her either way Friday, and I still plan to go through with the open house until this is closed. I willl take back-up offers.

Two houses on my street have been sold in the past couple of weeks so things are looking up.

Cross your toes and eyes for me.

Ofgift

Rich Weese · Answer

Can you buy one of the cheaper homes, fix it up and sell to them for less? Can they get a loan with you carrying a 2nd for the amount bank won't lend them? Do they have any other assets they could borrow the balance on? Free and clear car, stocks, cabin in the woods? Just thoughts. Rich.
p.s. Maybe YOU could take a note on their auto and sell for less to satisfy the bank,

Jon Holdman · Answer

They should look for a house that's $20K cheaper.

Jon Holdman · Answer

If they can't get a mortgage, how are they going to buy a short sale or foreclosure?  Sounds like they need to looks for a cheaper house.  Do lenders really give 30 year mortgages to 70 year old people?

That's just more incentive to me to get my house paid off.  I don't want to be 70 and be worried about where I'm going to live.

Karen Parker · Answer

I agree they should have gotten prequalified first. When I bought my home I got prequalified for the loan before I ever started looking for a house. How else was I going to know what price range I could afford? More importantly, why bother looking at all if I have no money to pay for it. But there is also the possibility they are caught up in indecision.

Why do people wait?

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