When trying to sell your house, have you ever been approached by a real estate agent who has a “buyer” for your house? It’s different stories each time, but still the same outcome. “Oh, I know someone who has been dying for a house just like this.. this would be perfect for them!” Or my favorite…”Oh I represent a lot of cash buyers/investors, and this house would be perfect for them, we could close very fast!” When I was beginning this “game” I fell victim to the real estate agents many times. In my case it was a variation of the “Cash Buyer” or “Investor” story. I would list my house with the agent expecting a fast closing, and lo and behold, their “buyer” would back out for any myriad of reasons, but no matter, the agent had a strong listing to build their “listing” portfolio and enhance their pathetic image! Simply put, this is all “taught” to agents in their training classes. It is a technique to gain listings. Be careful and use common sense when dealing with this. I didn’t and suffer from the “hind sight is 20/20″ syndrome on this one. Whether you are a buyer or a seller, it may be worthwhile to peruse through a “Learn to be a Real Estate Agent” book at your local bookstore. You’ll see their tricks and techniques plainly spelled out… the same tricks and techniques they will use against you!
I am an agent just outside of Boston, and I have quite a few clients that are investors that are ready to buy and have me submitting offers to houses that fit their criteria. Often times their financing falls through on some deals and comes together on other deals. This is typical.
Not to attack you on this, as I understand it is part of being a good agent, to have a supply of buyers….HOWEVER, are you pre-qualifying your buyers? Not just by asking them if they can buy of course, but with a proof of funds letter? Understanding some criteria that loan officers must understand may actually increase your closing ratio! I also picked up IMMEDIATELY on the “multiple offer” part of that. I will be putting another post up here shortly to protect homeowners that are selling. Look for the “Multiple Cash Offer Scam” post. Again, I am not saying this is what’s going on in this instance, but my point and purpose is to help homeowners and the like, weed out the bad and only work with the good! Let’s try to find the good! Thanx