http://www.craigsarizona.com/should-i-get-a-new-lsr-qualification-letter/ Just the ramblings of an Arizona Realtor helping his clients Mon, 26 Dec 2011 21:41:12 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.craigsarizona.com/should-i-get-a-new-lsr-qualification-letter/comment-page-1/#comment-1034 Tom Mon, 14 Jun 2010 23:10:44 +0000 http://blog.craigsarizona.com/?p=496#comment-1034 It is a false assumption that anyone would not use a LSR or Pre-qual to entice a higher offer or counteroffer. In fact I find it humorous that the AAR spent time and money to create a form that duplicates those by most lenders and has no bearing on whether or not a loan is approved. It is a false assumption that anyone would not use a LSR or Pre-qual to entice a higher offer or counteroffer. In fact I find it humorous that the AAR spent time and money to create a form that duplicates those by most lenders and has no bearing on whether or not a loan is approved.

]]> http://www.craigsarizona.com/should-i-get-a-new-lsr-qualification-letter/comment-page-1/#comment-1013 Craig Sun, 30 May 2010 21:40:29 +0000 http://blog.craigsarizona.com/?p=496#comment-1013 My analogy was meant as a basic example, unfortunately the sale and purchase of real estate is anything but basic. Market conditions do apply, as you pointed out, often sellers will price higher than what they expect knowing the sellers will offer less. In Phoenix, we typically see homes sell for 95% of list price, while Chicago, it's more like 90%. But less than list price is not a general statement that I would make either. There are parts of Scottsdale and Paradise Valley that continue to close at higher than list price, a common condition we saw several years ago. This is where hiring the right professional will become important in getting the job done, they should be able to provide what the current market conditions are not for the city, but for the neighborhood you are either selling or buying in. Is there a discount rate or a premium going on. What other conditions and terms are in play on the offer? What are the goals of the sellers and the buyers? Can there be a meeting of the minds? The listing price is just a starting point in a negotiation, it gives the buyer the first glimpse of what the seller would like. My analogy was meant as a basic example, unfortunately the sale and purchase of real estate is anything but basic. Market conditions do apply, as you pointed out, often sellers will price higher than what they expect knowing the sellers will offer less. In Phoenix, we typically see homes sell for 95% of list price, while Chicago, it’s more like 90%. But less than list price is not a general statement that I would make either. There are parts of Scottsdale and Paradise Valley that continue to close at higher than list price, a common condition we saw several years ago. This is where hiring the right professional will become important in getting the job done, they should be able to provide what the current market conditions are not for the city, but for the neighborhood you are either selling or buying in. Is there a discount rate or a premium going on. What other conditions and terms are in play on the offer? What are the goals of the sellers and the buyers? Can there be a meeting of the minds? The listing price is just a starting point in a negotiation, it gives the buyer the first glimpse of what the seller would like.

]]> http://www.craigsarizona.com/should-i-get-a-new-lsr-qualification-letter/comment-page-1/#comment-1012 Robert Sun, 30 May 2010 16:47:39 +0000 http://blog.craigsarizona.com/?p=496#comment-1012 Your use of the $1.00 price for the soda analogy is ?. When you picked up the can of soda and approached the clerk the price was fixed and posted and you knew it and it will be sold for that price. It is not customary here in the US to make an offer on the price of the soda in the example you used. No so with a home. The listed price is not a fixed price. Sellers list the price in anticipation of a lower offer, if not the listing agent is doing them a disfavor. Seller will soon realize this when they start receiving offers. Regards, Robert Your use of the $1.00 price for the soda analogy is ?. When you picked up the can of soda and approached the clerk the price was fixed and posted and you knew it and it will be sold for that price. It is not customary here in the US to make an offer on the price of the soda in the example you used. No so with a home. The listed price is not a fixed price. Sellers list the price in anticipation of a lower offer, if not the listing agent is doing them a disfavor. Seller will soon realize this when they start receiving offers.
Regards, Robert

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