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Tracy King's Blog

Fear and Real Estate and Life

It turns out that since the lending rules about proving your income have changed, these people are no longer able to qualify for a loan, even though they have a 20% down payment.

I just heard from an agent about a buyer I had referred to her last year. It turns out that since the lending rules about proving your income have changed, these people are no longer able to qualify for a loan, even though they have a 20% down payment.

This is sad, to me. Maybe they are fine with continuing to rent for a few more years, but they had been looking for a place to buy for 3 years, off and on. Nothing was ever quite good enough. Even though we had been in escrow, a sticking point was just not negotiable and the deal fell apart. As prices came down, they congratulated themselves on having waited. But now the prices are really down, and they can't get a loan. Not to mention that no Realtor they have worked with has ever gotten paid.

I could tell you many more stories of people who just couldn't complete the home purchasing process even though they were qualified, looked diligently, and even found several homes they liked. Today, we all hear stories about prospective buyers who have made as many as 15 or more offers and never gotten one accepted. Some of these people just need to go through the process so they understand how it all works.  Some are working with less knowledgable agents and eventually switch to someone who understands the market and actually gets them into escrow. Some really don't want to buy but they think they should and they are kind of going through the motions without really doing what it takes to be successful.

Maybe the truth is if you are that afraid of doing something, you are just not ready. And we are all different, so our point of readiness to be a homeowner will be as different as our readiness for marriage or having children or for going to Europe or hiking up to Mt. McKinley.

Here's the hard question: how many of us know ourselves well enough to know what we're ready for? Some people are more risk takers than others. About everything. But some people pretend to be risk takers or pretend to want to buy a house or get married or have a child, because they think they ought to, for whatever reason. I'm here to say that not everyone is cut out to be a homeowner, or a spouse, or a parent, necessarily. The great gift would be to know how you really feel before you go mucking up someone else's life in the false pursuit of something that you really don't want. But then we'd probably wipe out the whole therapy and counselling industry.

I'm quite sure that there would be a lot fewer Realtors out there who spin their wheels trying to "get" their buyer into escrow when that is really not what that "buyer" wants.

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