Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Rainmaker
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Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Before presenting an offer, no. Present it as a whole. If there are multiple offers that are similar, more than likely the seller will select someone who is putting down more money. At the end of the day, if it's a solid pre-approval from a reputable lenders, not sure why the concern. Right now, I'm working with someone who's pre-approved solidly for up to $800K... not how much he wants to spend, but he's eligible for a VA loan and that requires no money down for the first $450,000 or so.

Feb 26, 2018 08:29 AM
Rainmaker
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

He needs to keep his opinions to himself and present the damn offer.

Feb 26, 2018 09:03 AM
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Present the offer to the seller. Present ALL offers.

Feb 26, 2018 08:38 AM
Rainmaker
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I think that comment shows a bias on the part of the agent. If they went to a reputable LO then 3% or 5% or 35% is ok with me. There are agents in my area that are always bias against VA or FHA & I personally find it discriminating.

Feb 26, 2018 11:35 AM
Ambassador
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     What Nina Hollander said.

Feb 26, 2018 09:15 AM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

That should not be a major concern if they have financing in place.

Feb 26, 2018 08:56 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

The more info to support the strength of the offer the better.

Feb 26, 2018 08:54 AM
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

If the buyer is well-qualified and this has been verified the offer should be presented.

Feb 26, 2018 08:44 AM
Rainmaker
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I stack the offers ranking from Highest in Price and then Highest and best on terms based upon what I know the seller is looking for.  If I have concerns about any buyer's financing, they are asked to be vetted with my preferred lender.  People who have nothing to hide ... hide nothing.  If they want the home, and being vetted with another lender is what it will take to help get them the home ... then they would be wise to do so. 

In my market ... the vetting is done prior to presenting offers to the sellers. 

Feb 26, 2018 08:33 AM
Rainer
343,915
Clay R. Seay
Florida Homes Realty & Mortgage - Saint Augustine, FL

Offers should be presented as written. Only when asked, should the Agent give their honest and unbiased guidance, but should not lead with their opinons in the presentation of the offer.

Feb 26, 2018 02:30 PM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

If the offer is accompanied by a pre-approval letter from a reputable lender, present the damn thing!

Feb 26, 2018 02:18 PM
Rainmaker
846,870
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

You cannot control the feeling, thoughts, preconceptions, biases, or reactions of the listing agent (or anyone else for that matter). A small down payment is not as attractive as a large down payment. It is what it is. The buyer is qualified/approved and a seller may be well advised to accept the offer rather than hold out for a better offer that may not materialize. If your offer is the only offer that is on the table, the seller and agent need to take it seriously and discuss it intelligently.

Feb 26, 2018 10:36 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Praful,

Nina Hollander gave you a wonderful answer.  

A

Feb 26, 2018 10:33 AM
Ambassador
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Present and remind seller that all terms are negotiable. 

Feb 26, 2018 10:24 AM
Rainmaker
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Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I discuss all details of an offer -- pro and con -- and offer my professional advice -- but ultimately the Seller is in the Drivers Seat -- they choose after thoughtful consideration of all terms and details ...

Feb 26, 2018 09:33 AM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes, I do concern myself with ALL the financial numbers on the contract.  Less money down means more loan to qualify for, which means more risk of not appraising.

Feb 26, 2018 09:27 AM
Rainmaker
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Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

In our area, if there are multiple offers, then, yes, the amount of down payment is definitely a concern in case there are appraisal issues.  We are in a market where many times prices do sell over appraisal price and no one blinks an eye.  However, if there is only one offer and they are only putting 5% down, it's fine, provided they are solidly approved, which is why we call the lender and get as much info as we can about their credit worthiness.  The amount of earnest money is also important. 

Feb 26, 2018 09:13 AM
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

In our area we do not deposit the buyers Earnest Deposit until we have an executed deal (so a photo copy of the check is fine with the initial offer).

Feb 26, 2018 08:55 AM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I would always be concerned with a minimal down payment....

I would deliver the offer immediately, and then I would retrieve additional information about the qualifications of the buyer.... job security and job description.... the seller and I would then discuss it and respond.

Feb 26, 2018 08:35 AM
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Proof of funds, pre-approval and verification are not negotiable but required

Feb 26, 2018 08:31 AM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

well I guess it depends on if I have more than one offer.  I have told agents to make sure their client is bringing their strongest offer when I know my seller will be making a decision among offers.

Feb 26, 2018 08:36 PM
Ambassador
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It is not a major concern at the offer stage. I am more worried about the preapproval not meeting the math of the loan amount and downpayment. 

Feb 26, 2018 07:35 PM
Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Nope. It's the sellers concern to raise.

I represent 5% and 3.5% downs all the time.

Feb 26, 2018 06:55 PM
Rainmaker
665,505
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

I wouldn't think she should be concerned before the offer has been presented. She should be concerned if the offer is weak all the way around.

Feb 26, 2018 05:44 PM
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am more concerned witht he lender.

Lst year 3 people used  quicken loans and all three closed late.

Feb 26, 2018 05:15 PM
Rainmaker
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

When I listed I paid more attention to what type of loan program they were using.

Feb 26, 2018 03:56 PM
Rainmaker
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Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

Depends - I will often submit an offer without an EMD but will have the EMD immediately upon acceptance

Feb 26, 2018 03:37 PM
Rainer
295,691
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

On the flip side in California Praful Thakkar there is a shortage of product or houses on the market to they get bid up over asking price and over what they can reasonably appraise, therefore here a seller will look for buyers who can come up with extra cash

Feb 26, 2018 02:10 PM
Rainmaker
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Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Praful Thakkar I would not be concerned about the buyer's downpayment. If they qualify for their loan it isn't an issue. However, I would be concerned about their EMD. I want it to be as large as possible to protect my seller should the buyer default.

Feb 26, 2018 11:35 AM
Rainmaker
854,330
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

You bet I would be concerned. We know what 'No skin in the game' resulted in not too long ago.

Insufficient down payment could mean weak buyer which means SELLER WILL BE HARMED.  The buyer agent should know this and should EXPECT a 'bump it up to 20% counter. (VA of course is an exception. If this is a convenience not a necessity.)

Now there is also the situation where a unique property has no comparable sales.  The listing agent ALREADY knows this.  A down payment is the secret sauce that makes the deal work or the seller is harmed.

Be aware, the right action is directly related to which client you represent.  No skin is a victory for the buyer and the buyers agent.  Seller can expect to make more concessions as negotiation progress.

Feb 26, 2018 08:37 AM
Rainmaker
4,598,705
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Like Nina, when buyers with little down payment are up against other offers with 20%+, there is a good chance they may not win the bid, if the rest of the offer is similar.

Mar 01, 2018 08:17 AM
Rainmaker
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Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

5% is not bad; don't unerstand the concern here. 

Feb 27, 2018 08:51 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Only if the listing stipulated the Seller wanted a higher amount...

Feb 27, 2018 06:03 AM
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

I would not say concerned.  I evaluate the offer and then give my seller my advise an opinion.

Feb 27, 2018 05:29 AM
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Absolutely not.

Feb 27, 2018 05:14 AM
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It may be a concern if he thinks the appraisal may be an issue.

Feb 27, 2018 04:51 AM
Rainmaker
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Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Concerned?  Not if the preapproval was from a reputable lender.  Noteworthy? Sure - especially if in multiple offers.  I see a lot of "mature" sellers negatively look at 5% down offers... Times they have a-changed! 

Feb 27, 2018 04:43 AM
Rainmaker
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Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Yes. But what's important is whether the buyer can successfully obtain a mortgage, not how much cash they can put down.

 

Feb 27, 2018 03:47 AM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No.

Feb 27, 2018 02:07 AM
Rainmaker
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Well, of course, the more down, the stronger the offer and easier to deal with an appraiser. Maybe it is about an appraiser? Does she has any better offers? Her job is to present it. In my hood, a seller can ask for a complementary( no obligation) pre-approve with a lender of their choice just to make sure. 

Feb 26, 2018 10:51 PM
Ambassador
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Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I would request proof of funds...

Feb 26, 2018 10:14 PM