All Forum Posts by: Aaron Morrow

I hear you on this one, Jack! 

I am a local Realtor/Buyer's agent. A lot of my clients are in the same bought. I get very savvy using the MLS. I not only search for the active properties but also the contingent ones as well since those have a possibility of going under contract. I also have been hunting for off-market deals for my clients as well. I was able to help 6 buyers last year acquire a property using my off-market deal-hunting strategies.

You might have to look into more than what the MLS is providing to get what you are looking for.

Very smart thinking, Catherine! All agents should have been doing this...  Not all are wise :) 

Currently, I am still seeing great turn out at 🏡 Open Houses 🏡 I am still showing homes to Buyers & I am still meeting with Sellers to discuss timelines for listing their homes.

I've had one seller decide to wait before listing. I have another seller that wants to put sanitizer at the door during the open house. But I have 4 other sellers that want to be on the market in the next 2-3 weeks. Buyers are still on the hunt.

I am contemplating doing less open houses though. Everyone I run into (buyers, sellers, inspectors, appraisers, and lenders) are making an effort to not shake hands and practice good hygiene. 

My question would be if the prices do go down, what sort of effect will this have on interest rates? I believe the rule of thumb is for every 1% increase in a rate, a buyer loses 10% buying power... Now, this doesn't effect people that are buying with cash. 

Thank you for the feedback, Catherine! I love the matterport scanner idea! I do video walkthroughs for my buyers that are stuck at work or out of state (with seller permission) but it would be a great idea for me to borrow my office matterport scanner... 

So far I have had 1 buyer and 1 seller hold off but houses are still flying off the shelves here... 

I think that is good to hear? :) Can you elaborate. Are they falling off the calendar due to dates being filled or canceled?

I think that is good to hear? :) Can you elaborate. Are they falling off the calendar due to dates being filled or canceled? 

Thank you for letting me know, Josh. I accidentally created two of the same posts since the first time I posted, it shows there was an error and did not go through, so I simply hit the post button again and it showed it posted but also that the first post that I thought had not gone through due to the error message in fact did go through. Not a big deal but it shos on the forum threads my two identical posts back to back. 

Did you use a realtor/buyer's agent on your side of the transaction? 

Good afternoon, Terry! Happy to help if I can. I am a Realtor in Washington state so our laws will surely vary from your state, however, I do have a few questions for you? 1) Did you use a realtor to help you put the property under contract? 2) If so, Have them review your purchase and sale agreement and see if there is a location on the PSA that states what will happen if you default/back out of the deal. On our local PSA, We have an area where the buyer either checks that their "earnest money" will be given to the seller, or another option is to check where the seller has an option to sue. Basically, whenever I help my clients buy houses, they only ever check "earnest money", that way the seller can not come after them for more. Did you put "earnest money down/into escrow? 

One of my clients had his wife lose their job a few days before closing and although they could get a loan and close on the investment/rental property, they did not feel comfortable moving forward with the uncertainty. Thy elected to let go of their earnest money deposit to walk away from the deal.

I will also state that I am not an attorney nor am I a Realtor in your state so this shouldn't be considered legal advice. I would highly stress that you consult with your own agent if you have one or a local real estate attorney to review your contract/PSA with you. 

👋 Hey, fellow realtors! Is the Coronavirus affecting your business at all? 🤔 I have had a listing cancel due to uncertainty. I have also had a few buyers hold off saying they want to wait and see what happens...