To the Listing agent it sounds like a question we all would like to hear. Yes, I should be glad to show you this daytona condo…
And yet, “of course you can” is not the first thing I say when I get a call. I ask the agents whether they have read the Listing on MLS.
The answer is always “Yes”.
Then I ask whether the agent paid attention to Agent’s Remarks.
9 out of 10 are hesitant at this point.Which simply means that they didn’t.
The remarks state that you can’t get FHA financing. There are too many units belonging to investors, so they do not pass the condo questionnaire.
It is also not financeable because it is not going to be appraised at asking price. Yes, it is the nicest condo in the complex, a complete remodel, priced accordingly, but appraisals do not add the full cost of remodel. However, our market is on the rise, and it would have no problem with appraisals in a year or so.
No, it does not mean that it is not priced right. If you buy the least expensive unit in the complex today, and add the actual cost of remodeling, you would pay more. So, it is priced right, it only means that today it will not be appraise at the right price.
Remember, appraisal is the opinion of YESTERDAY’S value. Not today’s and not tomorrow’s. In the warming market it is not unusual that it lags behind the actual market values. And does the opposite in the falling market.
That’s why the Seller/investor is offering owner financing with a balloon in 3-4 years. Refinancing after 12 months, if you can show regular payments, is easier that financing the purchase.
So, when they tell me that their clients would finance, and that they would do it with their bank, and that they have a preapproval or pre-qualification letter, I do not want to go and show.
The Buyers may be pre-approved or pre-qualified, or guaranteed whatever they want, but when the condo questionnaire is filled out, the Buyers will find out that no, they could not buy this condo.
Seems like when the agent is lining condos to show to his clients, they not only should look at photos of a gorgeous unit, but read the details and, yes, read agents remarks, and if you do not understand something, then call.
I have a lockbox on the property, but I am coming there for each showing. The lockbox is only when I can’t make it there. I do it so that I can turn the lights, and there are many lights like kitchen cabinets, inside nightstands, under cabinets, behind the mirrors, that they simply wouldn’t know.
I also want to avoid problems with parking, as too often agents, bringing their customers, do not understand that in condos you do not park in numbered spaces. They are reserved, and I do not want an angry owner call and have the agent or buyer’s car towed.
I already learned not to expect majority of agents not check Google for the information if they do not know something. But not even reading the listing? So, when I get a call, I ask. Saves me so much time.
It does not surprise me any longer, that curious and inquisitive buyers sometimes know more about a particular Daytona condo than agents of opportunity.
