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Respected Contributor
Posts: 4,932
Registered: ‎07-02-2015

Re: People searching for homes

@151949

 

Some  mortgages have "early payoff penalty" clauses.  Hope you don't have one, and hope all goes well for you.

 

  You can do an internet search with keywords "mortgage early payoff penalty" or a similar combination of those words and learn more about these penalties.  And of course, get the final word by reading your loan documents and asking the lender.  

Respected Contributor
Posts: 3,537
Registered: ‎03-15-2010

Re: People searching for homes


wrote:

So often the people coming to look at homes have no intention to actually buy. They are looky loos. Meanwhile , the poor homeowners have to run around cleaning and stowing all their personal stuff then find somewhere else to be for about 45 min. while these looky loos are in their home, for absolutely no reason. Hateful people! Our realtor told us he had to actually stop one showing because it was 4 young people who just would not stay together so he could watch them. They kept separating and were all over the house, looking in things that weren't their business, like the bedside nightstand drawers and other furniture. Anyway, he stopped the viewing after 10 min as he felt they were just casing the place to see what they could steal.


 

You do know that you can restrict your showings to QUALIFIED BUYERS ONLY?

Meaning if they do not have a pre-approved mortage for at least your asking price there is no showing.

We never waste our time with looky loos.

Respected Contributor
Posts: 3,327
Registered: ‎05-09-2016

Re: People searching for homes

[ Edited ]

wrote:

wrote:

wrote:

@Mominohio

 

No, not EVERYONE pays cash for houses in Florida. I did not, nor did anyone that I know.

 

I have lived here a very, very long time. There have always been retiree communities, but there are also lot of OTHER places with diverse populations and neighborhoods. SOME come here with a boatload of cash, but not everyone.

 

I live in a regular, non-retiree neighborhood where people go to work every day. I go to work every day!

 

SOME people are retired, and some are not.

 

My school has 2700 students. Are their parents retired? There are dozens of other schools in my district. Their parents must work! Where do working families get cash to pay for a house?

 

It is important not to generalize!

 

 


 

@flickerbulb

 

I didn't write the post that said Everyone in FL pays cash for homes. 

 

I believe that was 151949 that said that. 

 

There is something up with the quoting here, and it seems to not be showing all the names of the various quotes when there are multiple quotes in one post. 

 

Regardless, I didn't say that and don't appreciate being yelled in a condescending manner,  about something I didn't even post.


I NEVER said EVERYONE in florida pays cash for a home. I did post the statistic that 2/3 of homes sold in Fl. do not have a mortgage. I said the majority pay cash and the stated stastistic proves I'm correct.


No, what you posted was:

 

"My small south Florida beach town - population 14,863. Mediaqn age 65.6. Rental homes 19% - homes with mortgages 33% which leaves 67% homes that are fully owned.No statistics available on who bought for cash."

 

With a population of 14,863, your town represents only 3.6% of the population of Sarasota County and 0.07% of the population of the state (source: US Census Bureau). A sample size that small is not relavant to even the county, let alone the entire state.

 

In fact, according to the 2016 Profile of Homebuyers Florida Report by the National Associaiton of Realtors:

 

"Eighty-eight percent of recent buyers financed their home purchase on a national level and 79 percent in Florida. Those who financed their home purchase typically financed 90 percent and in Florida it was 95 percent".

 

"First-time buyers who financed their homes typically financed 94 percent of their home compared to repeat buyers at 86 percent. In Florida, the share was 96 percent of first-time buyers and 87 percent of repeat buyers".

 

 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

Respected Contributor
Posts: 4,932
Registered: ‎07-02-2015

Re: People searching for homes

About those "looky loos"............

 

One thing you learn when you work with the public is that buyers are liars. 

 

But you'd better take them seriously, anyway.  Don't close the door  on what might be a hidden opportunity.

 

I have been fooled many times by people who do not reveal their true intentions or desires or even their true price range.  No one is more surprised than I am when they buy something far above what they initially told me they wanted to spend.  Or they buy a house very different in style or very different in location, even after I've spent months showing them what they "said" they wanted in the areas they had previously specified.

 

You can't judge people by their appearance, either!!  Rich people don't always look rich.  

 

 

After all, when you go looking for a new car, do you tell the salesman you absolutely HAVE to buy a car that day or that week, or that you ABSOLUTELY LOVE a particular car..........or do you play it cool and take your time and keep the seller guessing?

 

Don't try to shut out the folks who are "just looking."  Just a thought and my opinion only.

Respected Contributor
Posts: 3,875
Registered: ‎04-27-2015

Re: People searching for homes


wrote:

Our realtor didn’t believe in open houses which was fine with me. Open houses are nothing more than a way for the realtor to find new clients.


@deeva or your nosy neighbors who want to see the inside of your home. Our realtor said open houses almost never sell the house. 

Valued Contributor
Posts: 658
Registered: ‎09-01-2016

Re: People searching for homes


wrote:

My small south Florida beach town - population 14,863. Mediaqn age 65.6. Rental homes 19% - homes with mortgages 33% which leaves 67% homes that are fully owned.No statistics available on who bought for cash.

 

Using those facts does not mean that 67% of homes were bought for cash. Maybe they are just homes that were bought 10 years ago and now the mortgage is paid off. that doesn't mean at the time of purchase, they were bought for cash.  And, even if they were 10 years ago, again, the current data does not support the notion that the majority of people in Florida are buying homes for cash,

 

Respected Contributor
Posts: 4,932
Registered: ‎07-02-2015

Re: People searching for homes

[ Edited ]

@panda1234

 

Open houses are one tool in the toolbox to use when trying to sell a home.  Obviously, many people here (and their agents) seem to be operating in an era of easy-sell real estate.  This environment does not always exist, nor does it last forever.

 

Take one selling tool out of the toolbox to attract certain types of buyers and you remove one more possible chance to find exactly the buyer you want who will make the best offer.

 

Buyers are NOT always that easy to find. We have to do all we can to help buyers easily find what is being offered for sale.  We also have to make it as painless and noncommital as possible to let them see what's for sale.  

 

I don't care whether my seller-client wants me to hold an open house or not, but I'm  certainly not going to be the one who suggests removing that tool from the toolbox.

 

This topic is somewhat amusing when matched up with complaints from some sellers that their agents "haven't done enough or don't do enough" to get their homes sold.

Valued Contributor
Posts: 565
Registered: ‎06-13-2010

Re: People searching for homes

i saw on one show that when you pay cash you have to show the owner you have proof of funds to pay. plus anyone buying a house has to put money in an escrow account in case something happens the seller will get the money in case the buyer backs out. Who has the cash to buy a house unless you are a millionaire? 

Respected Contributor
Posts: 4,932
Registered: ‎07-02-2015

Re: People searching for homes

[ Edited ]

@tockerman

 

Of course a seller wants to know where the buyer's money is coming from to purchase the property.  That's a normal part of information needed when reviewing and deciding to accept an offer. 

 

And yes, buyers need to put up an "earnest money deposit" when making an offer, which would then be deposited in an escrow account if the offer is accepted

 

The deposit would be credited toward the buyer's down payment if the transaction goes to settlement and closing, or would be refunded to the buyer if certain contract contingencies cannot be satisfied in the interim.

 

FYI, it can be a little more complicated  for the seller to get  all of the buyer's deposit if the buyer cannot or will not go through with the transaction.

 

 Lots of other circumstances and factors will come into play.  And often, even if the buyer has to forfeit the escrowed deposit, several different parties might receive a share of it, not just the seller.

 

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: People searching for homes


wrote:

i saw on one show that when you pay cash you have to show the owner you have proof of funds to pay. plus anyone buying a house has to put money in an escrow account in case something happens the seller will get the money in case the buyer backs out. Who has the cash to buy a house unless you are a millionaire? 

 

 

People who have lived a frugal life , and saved their money over the years. Now they are retired and would like a place in the sun to spend their retirement years.