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Picky Picky Picky, I am just way too PICKY!

May 13, 2010

Picky Picky Picky, I am just way too PICKY!

pickyI got a call from an associate who asked me if I had any information on the down payment requirements changing on an FHA loan, isn’t it 3%?

And why would she be asking this question? She had just received an offer on a listing. The buyer is going FHA. The offer is low, the deposit does not add up to the required 3%, not with old math, new math or math done by a 3 year old. The buyer is asking for 5% from the sellers for closing costs, there is no pre approval, no pre qual, no nothing with the offer. After speaking to the agent who submitted the offer and going through it point by point on the phone my friend is even more confused. The buyers agent clarified, yes the buyer needs $5,000 for closing costs (no where near the 5%), the lack of a 3% deposit amount is answered with “the buyer is pre approved for an FHA loan, so it is ok”. Let’s just skip over that, it must have gone in one ear and out the other. And where is the pre approval? The buyers agent, you see, is going away this evening until Monday. She doesn’t have the actual pre approval in her hand, and because she is going away it won’t be available until after she gets back. But because she is going away she would like to wrap this up tonight.

That’s not an offer, that is a joke. I told her if it were me, I would have to tell the agent to have a nice vacation, relax, enjoy, get reacquainted with her calculator and submit a real offer when she gets back. An offer that makes sense, that has all the required paperwork including the pre approval letter, something that would make her broker proud. An offer is not an after thought, something that is just thrown out there for fun.

Having to take an offer like that to a seller is downright insulting, I am not even sure how I would present it, other than saying that we have a prelude to an offer, offer foreplay, an offer-ette perhaps?

But then again, that’s just me…. I am probably just way too picky anyway.

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