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Old 11-07-2013, 03:42 PM
 
42 posts, read 129,200 times
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Hey, no forgiveness necessary--that is really good advice! I will contact the realtor right now. Thank you!
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Old 11-08-2013, 08:29 AM
 
42 posts, read 129,200 times
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Update: The realtor was really on the ball with this. Emailed the lender, got everything checked out to make sure nothing is going to expire, and promptly emailed the entire conversation to me. He also made it very clear to the lender that "neither the seller nor the buyer can afford any more delays."

Looks like we should be good to go for the 15th, although at this point of course I will believe it when I am sitting at the lawyer's office and all the papers have been signed.
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Old 11-08-2013, 11:20 AM
 
2,287 posts, read 2,492,870 times
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Sounds good Wide-eye! Glad the poster gave you that advice to check and that the news was good. I don't know why, but I'm feeling really good about your situation now, and I wasn't before as much. Continued good luck, and take care of yourself. Doesn't a massage or a date night fit the bill about now? Thanks for the update. I'm going today to see a house with my son and future dil, so I might need some of those good vibes back soon.
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Old 11-08-2013, 02:23 PM
 
42 posts, read 129,200 times
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Thanks so much!

And why wait? Sending you good vibes right now!!
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Old 11-08-2013, 06:09 PM
 
42 posts, read 129,200 times
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WE SHOULD HAVE WALKED BACK IN OCTOBER. Just got a call tonight from the realtor. Now the lender discovered a credit problem on the buyer's end and the buyer cannot buy the house. We have to start completely over from scratch and put the house back on the market in the morning.

Realtor said he couldn't go into details but he will never do business with that lender again.

This nightmare is never, ever, ever, ever, ever, ever going to end.
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Old 11-08-2013, 06:14 PM
 
311 posts, read 496,314 times
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Quote:
Originally Posted by wide-eyed View Post
WE SHOULD HAVE WALKED BACK IN OCTOBER. Just got a call tonight from the realtor. Now the lender discovered a credit problem on the buyer's end and the buyer cannot buy the house. We have to start completely over from scratch and put the house back on the market in the morning.

Realtor said he couldn't go into details but he will never do business with that lender again.

This nightmare is never, ever, ever, ever, ever, ever going to end.

So sorry to hear this for you. I've read the thread and it sounds like you've been through so much trying to sell this house. Maybe it'll be a blessing in disguise and you'll get an offer higher than where this one was.
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Old 11-08-2013, 09:13 PM
 
42 posts, read 129,200 times
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Thank you.

One thing I can say about our realtor--back on the horse first thing tomorrow morning, on a Saturday! Sure can't complain that he's hard to get ahold of, drags his feet, or any other horror stories Ive read about bad realtors. Very proactive.

I did tell him this, however:

I want some sort of wording, if possible, in the next purchase contract that protects us better if the buyer cannot perform for any reason, including financially. We don't even get the $1000 earnest money on this botched transaction.

I am also extremely leery of granting any more contract extensions for any reason should that issue come up again. I truly wish I would have listened to my first gut instinct and had us walk in October.

I'm not going so far as to say on the listing that we'll take cash or conventional offers only, but USDA/FHA/VA-backed offers are not going to be real attractive.

No more dual agency. If the buyer doesn't have an agent, he's either going to have to find one or go it alone. Our realtor works solely for us from now on.

Any other ideas on how to protect ourselves would be most welcome.

I sure hope we can sell this house before a) we run out of money, b) one of our neighbors builds something nasty next door to it, or c) the deal ends up being handled by the executor of our estate instead of by us.
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Old 11-08-2013, 10:51 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,618,792 times
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The minute you said they had to toss that appraisal and yada yada...I had the feeling the file had gone toxic. The USDA thing was what 100s of others were experiencing. Not sure if it was the FHA that went sideways or the USDA (but I suspect it was the FHA- only because the ratio would have been higher and if the buyer qualified for USDA, their income was less than the median for your area). Very few USDA buyers can qualify at the higher mortgage insurance rates. I'm sorry you lost out, but I also think you would have second guessed your decision had you cut them loose without taking it full measure to its current conclusion. Hang in there!
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Old 11-08-2013, 11:02 PM
 
Location: Portlandish, OR
899 posts, read 1,447,530 times
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sorry to hear that. I am an FHA buyer and we don't anticipate any issues with our funding...so these kind of stories make me sad because I know they make sellers wary to sell to FHA financed folks. I hope you find new buyers quickly!
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Old 11-09-2013, 05:41 PM
 
42 posts, read 129,200 times
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Things are bad here. Very bad. Help is needed that is outside of the scope of an online mortgage forum now. Thanks so much to all who have been so very helpful and kind. You are a wonderful group of people and I wish you all the best. Take care.
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