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Not sure why the bank would have no inspection issues. Not sure what that is about.
Has the house been appraised already?
Call your agent and let him know you need to meet with him to go over the actual information from the bank.
It has been a week since you signed the contract. Has the mortgage process started? What verifies this?
Have the buyers been pre-approved? What verifies this?
We've had agents assure us all was well, when it was not. They are always so sorry.
i know there had to be issues,not sure what kind of loan he would of applied for,
we are selling a little over 2/3 of the appraisal from 3 years ago,taking into consideration
work that it obviously needs, and besides the email from his agent, i dont have solid proof of financing
thats my concern right now...
i know there had to be issues,not sure what kind of loan he would of applied for,
we are selling a little over 2/3 of the appraisal from 3 years ago,taking into consideration
work that it obviously needs, and besides the email from his agent, i dont have solid proof of financing
thats my concern right now...
Then you need to sit down with your agent and go over that proof.
Our real estate agent once found out the the buyers had not moved forward with the loan application. This was several weeks after we signed the contract.
Apparently, they thought that since the contract had the standard contingency for financing, that as long as they didn't get it they could back out of contract without a penalty.
Alas, there was also something in there about actually applying for a mortgage. It was a mess.
But my understanding is that real estate agents can access information on these matters.
Perhaps the agents on the forum can explain how this works.
Honestly,how solid is a preapproval.in hindsight,it appears his agent is along the lines of how i feel of most used car dealers.i assumed that his word/email was good,expecting the agents tondo the job they were hired for.i understand that you dont necessarily need a letter to look at a house,but would expect the agent to have the proof before submitting his clients offer.
I had an offer accepted this past week, and the last form I was waiting on was the pre-approval letter from the bank. Already had it but needed a last minute change in some verbage. But my realtor didn't even want to submit without it.
Day after it got accepted I was already working with the mortgage broker.
I had an offer accepted this past week, and the last form I was waiting on was the pre-approval letter from the bank. Already had it but needed a last minute change in some verbage. But my realtor didn't even want to submit without it.
Day after it got accepted I was already working with the mortgage broker.
Thats what i would and will do.im checking now what the hold up
Is.at this point is seems his end of the deal hasnt been held up,and im waiting for it to all fall through.
No, you aren't worrying too much. Financing is a major component of the deal. I don't care how "confident" your agent feels -- he needs to do HIS due diligence and start following up with the lender NOW. "We should be all set," doesn't cut it. I'd want specifics. And I would INSIST on seeing any prequalification letters that may have been sent to the agent. If the agent didn't get any, then shame on him. The contracts around here have a part of the contract where it spells out the numbers of days a buyer has to make an application. Not making an application can be cause for terminating the contract. Read your contract and see if there's a similar clause. If there is, shove it in the agent's face and demand, "HAS THIS CONTINGENCY BEEN MET?"
What does that mean, "the bank has no inspectons issues"? They don't require inspections? Well, few do -- that's usually the buyer who requests inspections, not the lender. So that's a non-issue. But debt, credit and income verification ARE issues.
No, you aren't worrying too much. Financing is a major component of the deal. I don't care how "confident" your agent feels -- he needs to do HIS due diligence and start following up with the lender NOW. "We should be all set," doesn't cut it. I'd want specifics. And I would INSIST on seeing any prequalification letters that may have been sent to the agent. If the agent didn't get any, then shame on him. The contracts around here have a part of the contract where it spells out the numbers of days a buyer has to make an application. Not making an application can be cause for terminating the contract. Read your contract and see if there's a similar clause. If there is, shove it in the agent's face and demand, "HAS THIS CONTINGENCY BEEN MET?"
What does that mean, "the bank has no inspectons issues"? They don't require inspections? Well, few do -- that's usually the buyer who requests inspections, not the lender. So that's a non-issue. But debt, credit and income verification ARE issues.
Im not sure if his bank required inspection or not.
I do know that if i was inspecting our building, i could come up with a full book of issues.some big,some not so worrisome.
At this point,im pretty much giving up on this deal.the contract states 5 days after we should have at least something,even if its a denial from his bank,the way i read it. And no,our agent has yet to respond to me, apparently busy or...doesnt have the info i want..or hes reading this and calling me names..haha.
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