William Feela, Realtor, Whispering Pines Realty 651-674-5999 No.  (WHISPERING PINES REALTY)

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Rainmaker
2,707,268
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

If we find a way for them to buy at that price that meets their budget needs and qualifying ratios...but not before  

Oct 06, 2015 12:57 PM
Rainmaker
6,539,494
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

If they want to go above the limit, it is time to ask about the resources that will make that possible. Many buyers have family assistance or a co-borrower.

Oct 06, 2015 06:42 AM
Rainmaker
390,939
Cindy Davis
SD Home Source Realty - San Diego, CA

Yeah, you do. I would show them the home, and see if they find the funds to go up in price. If however, they are expecting that $250K home fo $200K, the headaches arise.

Oct 06, 2015 07:46 AM
Rainmaker
639,792
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

What a story William!  I try to get an idea of their maximum price range and filter through to the truth.  Most buyers are looking below their means.  The one thing I share with buyers is that we need to know the absolute maximum price they can afford and the absolute maximum price they should pay that allows them to enjoy their home without being house poor.  I also explain that going up about $10,000 in purchase price is only another $60 per month and that paying extra for a better home as well as future investment is more like a savings account than a house payment.  Buying a bit higher could save them from having to make their next move sooner.

Oct 06, 2015 07:29 AM
Ambassador
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Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

You are talking about  a 25% increase in the mortgage. Roy Kelley hit the nail on the head.

Oct 06, 2015 07:24 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Too much of a range difference. In Oklahoma I can look up on what is owed but in a sellers market $10,000 off the list would be a normal deal.

Oct 06, 2015 07:20 AM
Rainmaker
5,571,310
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I think you were very fortunate with that 400's buyer.... why waste your time, if the home is worth 250.... are you in a buyer's market??? is there a glut of listing on the market? I wouldn't do it....

Oct 06, 2015 07:06 AM
Rainmaker
1,456,627
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

William Feela I agree with Roy Kelley If they wish to go above their pre-qual level, let's see where the funds are coming from.

Oct 06, 2015 06:53 AM
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It depends.

On the buyer.

On the market.

On inventory levels.

Oct 08, 2016 03:34 AM
Rainer
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Andy Madrid
Hawaii Coast Realty, LLC - Kailua-Kona, HI
Expertise, Professionalism, and Service

When I get a pre-qual letter from their lender I always call the lender to chat and always bring up that question because inevitably they will want to look at something above their stated price point when what they want cant be had at that price.  If thier lender tells me that they are max'd out I have the information already to speak to them about reality.

Oct 07, 2015 08:11 AM
Rainmaker
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Raymond E. Camp
Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Only if they have the cash to close!

Oct 06, 2015 10:35 PM
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

If they could tell me where the extra down payment will be coming from.

Oct 06, 2015 10:06 PM
Rainmaker
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Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

I wouldn't have shown it to them, and apparently I would have lost the deal. Good for you!

Oct 06, 2015 08:35 PM
Rainmaker
2,435,686
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning William. I would not, unless I got the go ahead from the client and if it was OK, I would also follow up with the loan officer.

Oct 06, 2015 05:31 PM
Rainmaker
580,681
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Have had cagey buyers who didn't want anyone to know what they could actually afford. Their feeling is that if the letter shows high, the seller won't negotiate as much. They have a point.

Oct 06, 2015 03:55 PM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I would have to talk to their lender first.  Sometimes the letter is less than they really qualify for.

Oct 06, 2015 02:07 PM
Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Either they have a rich Uncle you haven't met or your SP/LP ratios are at 75%. They just might surprise you!

Oct 06, 2015 01:11 PM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Sometimes they can go higher and just don't want to so it depends. If they have more downpayment at their disposal then it could work.

Oct 06, 2015 12:42 PM
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I would have a discussion with them about the extra monthly cost on their mortgage and see whether or not they could afford this kind of house. 

Oct 06, 2015 12:31 PM
Rainmaker
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Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

No, they are not qualified and the difference is to great.  I would look at it before I said no to see if I think it is worth that price or over priced.  That could make a difference.

Oct 06, 2015 12:05 PM
Rainmaker
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Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Probably. Unless I know the can't go higher.

Oct 06, 2015 11:52 AM
Rainmaker
2,634,031
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Yes for many reasons but only one time. The lessons have to be learned and appreciation for your Realtor as well. After that, we do what the agent says

Oct 06, 2015 11:40 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Sure if you think that they can stretch or the seller will take less.

 

Oct 06, 2015 11:33 AM
Rainmaker
1,714,969
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

It depends on a few factors. Firstly, are they actually willing to pay $250?  If so, where are the additional funds coming from?  Then, too, there may be properties priced at $250K that really should be $200K.  There may be homes priced at $250 that have been on the market for a long time and the sellers are getting motivated.  I discovered owners of vacant homes tended to be more "flexible" on price.  Knowing your market is the key.  Good luck, William.

Oct 06, 2015 10:44 AM
Rainmaker
4,882,081
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

If they truly CAN buy it, yes, but if not, I explain the sellers clean the house, get out with kids/pets and if they cannot buy it, better not to put the seller out.

Oct 06, 2015 09:08 AM
Rainer
230,924
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

pre qual per who? them? or a lender? there is a diff as you know... if showing the 250 makes them feel better about the 200, then show it. the 250 may make them feel badly about what they can afford. or it may make them feel great about what they can afford

Oct 06, 2015 06:47 AM