Hawaii Randy's Real Estate Opinions: Buyers are Sometimes Their Own Worst Enemies

Buyers are Sometimes Their Own Worst Enemies

I do a fair amount of business with young first time buyers.  Many are active duty military.  Working with young buyers can be a mixed blessing.

On one hand it is so rewarding taking a renter and making them a home owner.  The look on someone's face when I give them the keys to their new home makes what I do such a joy.

On the other hand you run into the occasional character that just makes you wonder about the future.Toys                                                        

I had one client who was renting near my home.  He was an E-6 in the Military.  He had more than his share of toys; a pick-up, a car and three motorcycles.  Only he and his wife had driver's licenses so three of the five were parked at all times.  I forgot to mention that he had three young children.  As you would have guessed credit cards were run up and he had a couple of late pays on his credit.

The loan officer worked hard with him to get him approved for VA.  They had to write a few credit letters, etc.  He even got him to sell a motorcycle to pay off a couple of the small debts.  They were finally ready to go.

I made appointments to start showing them properties.  The day before we were to start the big search my buyer stopped over to my home to show me something.  He said you got to see what I got.  A Brand New Truck!

I almost lost it.  Trying to keep my composure I said to him casually, "so you've decided not to buy a home." 

He came back with the immortal words.  Oh, I still want to buy a home.  Is this going to affect the loan?

The good news;

When they left for their next duty station on the mainland they sold off all but one vehicle, paid down their debt and bought their first home.  I didn't sell them their home, but am happy I got them started down the path.  They occasionally send me updates. 



Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 12 commentsRandy Prothero • November 27 2006 04:46AM


This weekend we drove throught the new Coconut Point Mall in Bonita Springs, Florida.  We remarked how people are just buying to buy.  They don't even need the items they're walking around with.  There are BILLLION$ of dollars worth of cars in the parking lot.  It's just so excessive.  Everyone just seems to be out of control.  They're consumers - out of controll consumers.
Posted by Chris Griffith, Bonita Springs Listing Agent (Downing-Frye Realty, Bonita Springs, FL) over 12 years ago

Hi Randy,

                 This is so true we usually counsel our buyers to NOT buy a thing until they close on the loan. I have had buyers in the past tell me about things they are about to purchase and we have to stress to them the importance of home ownership and the ramifications of buying something on credit just before they close. Most people get it some don't. I think it just comes with the territory.

Thanks Jay

Posted by Jay McGillicuddy, Real Estate Broker (Berkshire Hathaway HomeServices Verani Realty) over 12 years ago

I wonder when money management is going to be taught in the schools?  Kids are being taught something, why not something that will effect the rest of their lives....


Posted by Kristal Kraft, Selling Metro Denver Real Estate - 303-589-2022 (The Berkshire Group Realtors) over 12 years ago
We give the advice all the time - 'Don't decorate the driveway until you own the house.' Fortunately for these buyers it worked out. With the occasional updates from them, it shows that they like and respect you. I would continue to stay in touch with them; you may get a referral fee when it's time to sell. 
Posted by John Novak, Henderson, Las Vegas and Summerlin Real Estate (Keller Williams Realty The Marketplace) over 12 years ago
Randy this guy is into his toys. You have to tell these people that they can't buy anything new until they get their mortgage
Posted by Bob Pavey, CRS (RE/MAX Hometown) over 12 years ago

Chris - If I could get buyers to frenzy to my office that way.

Jay - He was told and just couldn't help himself.  It must have been ok; they approved him for the loan.

kk - Just the opposite is taught at our university.  Credit Cards are freely given out there.

John - Very nice folks, he just needs to find cheaper toys.

Bob - I am sure that besides me the loan officer must have told him more than once.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) over 12 years ago
Randy, he should have bought a motor home so he would have room for his family to live in it. I am happy it worked out though and he was able to get a house. I talk to renters all the time have over $1,000 in car payments! Not a good thing. 
Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 12 years ago

Bryant - I have a client who just called me to see if he would qualify to buy a second condo.  Young couple both E-4s in the military.  Their car payments are much higher than their existing mortgage.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) over 12 years ago
You can tell them until you lose your voice, they nod, then do what they are going to do. I had one like this, were being really good, until the sister-n-law had them go 50-50 on a new boat. *@#!!!*
Posted by Michael S. Mackey, REALTOR ABR, CRS, GRI, RSPS (CENTURY 21 All Islands) over 12 years ago
Michael - I hope they were able to live in the boat
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) over 12 years ago
This is one of the very first things that I talk to my buyers about.  I give them a one-on-one counseling session on what is to take place over the next month or two if they really want to purchase a property.  I guess this has followed me from my 22 year military career.  I wouldnt let my Soldiers buy anything over $1,000 until they talked to me first.  Most of the time, I saved them because they were getting ready to get raked over the coals (21% interest rate on a used car).  It is all about taking care of people and looking out for our uneducated buyers.
Posted by 1SG (Ret.) David Kucic, President and Owner (Hawaii Military Realty, Inc.) over 12 years ago
David - Hey 1st Sgt. You are one of the good ones.  I try to do this, but sometimes you get a guy like the one I had, who just can't stop himself.
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) over 12 years ago

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