Buyer Financing Is Not As Strong As Duluth GA Home Values

The market may have shifted to a seller’s market however, Buyer Financing Is Not As Strong As Duluth GA Home Values.  Take 3825 Chastatee Drive.  This home went under contract 5 times.  Through no fault of ours or the seller’s the buyer’s financing fell through.  Let this be a lesson to those that think their agents are making “kick backs” from referring to lenders.  Good real estate agents recommend lenders they know can close the deal after talking with the client and provide the best service.

In all 5 instances the closing date was missed.  Despite personal guarantees from the mortgage lender on several of those instances.  In fact, the Jarvis Team vetted them all and got their personal stamp of approval on the mortgage for their client.  Unfortunately 4 failed contracts and all my seller had to show for it was a very eager real estate team (us) and some earnest money collection procedures.  You see it was a surprise to the buyer as well!  In every instance it was the buyer that could not qualify because of some sort of last minute change.

In the end, we listed this home at $205,000 and sold it for $205,000.  The seller did pay some closing costs (full disclosure).  The moral of this story is that Duluth Home Values are up, way up! However, Buyer’s financing might not be as robust as it might seem.

 

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