Why Do Buyers Insist on Putting the Cart Before the Horse?

Sitting in my office the other day I received an inbound inquiry from the switchboard. It was a prospective purchaser that was relocating from one of the 'family islands' and wanted to see a home listing we had. As usual, I asked some qualifying questions to get a feel for the prospect's needs. After getting satisfactory answers to my battery of questions I asked the most important question of all, "Will you be financing your purchase? and Have you been pre-qualified at the bank for a loan?"

You would have thought I asked the lady how much she weighed (which is a question that should never part your lips unless you are a physician)! Immediately following the uncomfortable silence on the other end of the phone, she proceeded to tell me that she owned other property and that qualifying for a loan shouldn't be a problem. That may be so, but I for one don't even put the key in the ignition, nor will I inconvenience my seller or another listing agent unless I know for sure that the prospect can qualify for the purchase price of the listing, or at least get real close!

After diplomatically explaining my position and offering to recommend a couple of lenders that could likely do an over the phone pre-qualification, she abruptly said, "I don't want to go through all of that, I just want to see the home!" Well I'll be a monkey's uncle! Let me just stop what I am doing, call the owner and ask them to stop what they are doing and make arrangements to show you a home that neither you nor I know you can afford, and all because you want to circumnavigate the natural order of things?!!

I was absolutely amazed, but regrettably not terribly surprised. In this case, the interested buyer didn't want to bother herself getting pre-qualified. In many other cases, it seems that banks would rather not go through the rigorous process of qualifying buyers before they begin shopping. All too often, the prospective purchasers tell us that the bank said, "Go find a property you like, get an offer letter and/or contract and we'll see if you qualify." In either case, the buyer is clearly putting the cart before the horse!

Buying your piece of Paradise Bahamas

There are 700 islands and cays (pronounced keys) making up The Bahamas creating a vast selection to choose from when it comes to buying your own piece of paradise in The Bahamas.

From remote out island homes or beachfront properties where you can listen to the sound of the waves and just relax, to the city life of Nassau where just about everything is at your fingertips, The Bahamas has something to offer every potential purchaser.

With so many choices available, speaking with a qualified real estate agent can help in locating a property that meets your personal investment objectives. Some people that have visited The Bahamas before may know exactly what they are looking for, and for others the decision may not be so clear. As a real estate agent, our goal is to uncover what type of property will meet your specific needs and assist you in buying that little spot to call paradise.

The first thing a potential purchaser should do after selecting the right agent will be to discuss what you are looking for regarding your potential purchase. By asking you questions and listening to what your specific needs are, getting to know you and your lifestyle, dreams and goals, along with gathering other important information, your real estate agent will then be able to guide you to properties that meet many or all of your criteria making the process much easier and therefore giving you the right options to choose from.

If you are looking to purchase your idyllic spot in The Bahamas, let a qualified RE/MAX real estate agent assist you in making the right decision to achieve your real estate goals.

Why should I use a Licensed Real Estate Agent?

If you are arrested and taken to jail wouldn’t you want a Defense Attorney who knows the inns and the outs of the Law to fight on your behalf? Or would you prefer a lawyer who was just called to the bar and has no experience? Personally I would go for the former and not the latter.

The same logic applies to having an estate agent fight for your real estate needs. On one hand you have a well educated estate agent whose day to day job is real estate, on the other hand you have your buddy who thinks he knows real estate, but his day job is an a/c repair technician. Who would you rather be looking after your best interests? The answer is clear.

A licensed estate agent has chosen real estate as their career so they have studied the law, passed courses and exams, earned designations in specific real estate fields, and work in the industry on a daily basis.

A licensed estate agent has the knowledge and experience to handle your real estate needs whether you are in the market to purchase or whether you are looking to sell. They have an extensive network of contacts within the real estate industry including, but not limited to, estate agents, appraisers, brokers, attorneys and architects.

The Bahamas Real Estate Association governs the real estate industry in The Bahamas and they have a fairly current online list of licensed estate agents throughout The Bahamas Islands which you can peruse at any time.

BREA urges land buyers to ensure they have proper titles

President of the Bahamas Real Estate Association (BREA) William Wong yesterday urged all prospective land buyers to ensure that due diligence is taken when purchasing property, including making sure that they have "clear and good land titles."

His comments came almost two weeks after Canaan Baptist Church was demolished after losing a land ownership battle with Arawak Homes.

"It is really up to the buyer to make sure that they do the due diligence, making sure that their lawyer does all the proper checking before they pay for a piece of property. That is one of the fundamentals in buying real estate - knowing that you are buying a piece of property that has a good title and the person who is selling it has a right to sell it," Wong said

Canaan Baptist Church pastor, Rev Eugene Bastian said that he purchased the property from a local company back in 1999 for $30,000. But a September 1 court judgment found that Arawak Homes rightfully owned the Charles Saunders Highway property.

As a result of the court ruling, Arawak Homes demolished the church, sparking outrage among some members of the religious community. However, Arawak Homes chairman Franklyn Wilson told The Nassau Guardian in an earlier interview that even more churches are embroiled in land ownership disputes with his firm.

Wilson said the problem of people occupying land with no legal claims is an issue that needs to be tackled.

While not commenting directly on the Canaan Baptist situation, the BREA president agreed that there are cases of people squatting on other people's land without buying the property.

Wong also agreed that over the years, people have abused the Quieting Title Act. This legislation provides for individuals who have occupied or farmed land for 12 years or more to apply to the courts for legal title to the property.

"I have heard stories of certain people acquiring properties that they have no interest in. And I think by now the government has seen to this and they have taken measures to have it corrected," he said.

"I have heard stories where people have been quieting properties for their own benefit and they have no idea who these properties belong to. They figure it is vacant and they make a claim for it. But, I think that is quieting down these days and people are a bit more diligent."

As for the Association, Wong said, "our agents, they make sure that when they are selling somebody's property that it is up to the buyer to make sure that he/she is able to get good title before they purchase property."