So my For Sale By Owner kids from two weeks ago called me. They have an offer from an agent who is buying the property. They were hemming and hawing, beating around the bush, and finally I said, "just e-mail me the offer and let me look at it."
I did. What they were outraged--and I am not sure that is a strong enough term--is that the buyer is "flaunting" (thier words) the fact he is putting $50,000 down on this property. They felt it totatlly inappropriate to share how much "wealth" (their words) he had.
Actually, the contract has a place for down payment amount. It tells the seller a few things about the buyer, including how qualified the buyer is. But, I digress.
What they should have been outraged about was a myriad of other items this agent/buyer did. In fact, I was rather perplexed at this sloppy offer and I looked up the guy. He got his license a week ago. It appears he didn't have any one mentoring him when he wrote the offer.
There were a few red flags in this contract. The main one being nothing showed that the buyer was prequalified. I led with that. I told my FSBO kids to get the prequal and call the lender before anything else happens. That is actually also written in the offer. I directed them to the exact line.
I didn't bother to go into a few other red flags. Not my place. I just read them what was written on the contract. There's a difference between public knowledge and expertise. They are paying me nothing for public knowledge.
The buyer didn't ask for a commission and the FISBO kids were asking what will happen with that. "He doesn't get a commission. He didn't ask you for one." They processed that for a few and then asked about what if he wants one anyway? I told them to call his broker (who probably doesn't know he just wrote a really crappy offer) and explain that it is too late.
I also gave them the buyer's broker's number. That is also public knowledge.
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