50% of Contracts Fall Anyway…What? « Your Brevard County Real Estate News

50% of Contracts Fall Anyway…What?

I’ve often thought of how quickly our real estate market has been changing. It seems that we spend our time 50% of contracts fall anyway

trying to remain educated to the ever changing market.

I recently received an offer on one of my listings from another agent. There was no preapproval letter attached to the offer. I thought perhaps I had missed it amongst the paperwork. Not seeing it, I put a call into the buyer’s agent. I thanked her for the offer to purchase. And, I asked if she could send me a preapproval letter.

She indicated that her buyer was not preapproved. She said the buyer had not talked to a lender yet.

Okay, I thought. Well, I know things have been changing quickly, but was this something new? Presenting an offer with financing from a buyer, without them talking to a lender first?

“They haven’t spoken to a lender yet? They’re not preapproved for a mortgage?” I asked.

“No,” she responded. “They want to see if the seller will take their price first, before they talk to a lender.”

I was stumped at this point.

She continued, “well, you know, 50% of contracts fall anyway.”

Our current market is crazy, but tell me that’s it’s not getting this out of control!

This article is authored by