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I feel so sorry for you. it's another sad story. But I'm positive that there is a good reason.
My wife and I had gone thru tough periods. We couldn't close a house because the seller couldn't close. Buyer of my house sent me repair bill after closing for problems that we are unaware of. Most devastating one is my wife lost a baby in her 21st week of pregnancy.
It has been really hard on my family lately. But I'm sure there's a reason. I'm certain you will find a better buyer. I'll pray for you.
Acegolfer,
I had to respond and tell you how sorry I am. I have posted several threads on this forum, and taken quite a beating for posting our "sellling" woes. But this thread is just one more example of how accomodating sellers are truly trying to be, at least in some areas, and still getting shafted. I stayed off of this forum for several days, and we had an offer on our home last weekend. We have been trying to sell, but the offer was contingent on them selling their home. Needless to say, we did not want to take the contingency and then the came back and offered more money(original was 5% less than list, second was 2% less than list- great offers for price purposes!), but still wanted us to take the contengency. We just couldn't and this is why. It's like trying to sell 2 houses, especially in this market, and we have had 2 mortgages since October so I understand what you are going through. I am especially sorry for the losses that came with it and the difficuly time you and your wife are going through.
Lastly, I love your screen name and hope it's because you've had the pleasure of an ace and a love of the game. Our son is a golfer and at the wee age of 10, has had 2 aces.
I will make sure our family puts you and your family in our prayers. Good luck with the house selling. Stay atrong. FMV
You have my sympathy. We are buying for cash, and realtors keep telling us 'Cash makes no difference. Sellers don't care about it as they'll get their money anyway.' Your story should be pasted up on all their noticeboards!
You have my sympathy. We are buying for cash, and realtors keep telling us 'Cash makes no difference. Sellers don't care about it as they'll get their money anyway.' Your story should be pasted up on all their noticeboards!
CASH talks to us...if we don't have to mess with a buyers financing, we will take less for cash. Cash does talk..at least to us
You have my sympathy. We are buying for cash, and realtors keep telling us 'Cash makes no difference. Sellers don't care about it as they'll get their money anyway.' Your story should be pasted up on all their noticeboards!
CASH does make a difference. Our last home in CA we had 4 offers in one day (good old day's) and we took the cash offer over all the rest. BTW the cash offer was less then the highest offer.
this last sale we had one offer only and it took her two times to get the financing she needed. The stress level was so high. It was even higher then when we were waiting for any offer since we were so close to getting our home sold for the first time and then we had to worry about her getting approved. Cash is a good thing.
I feel so sorry for you. it's another sad story. But I'm positive that there is a good reason.
My wife and I had gone thru tough periods. We couldn't close a house because the seller couldn't close. Buyer of my house sent me repair bill after closing for problems that we are unaware of. Most devastating one is my wife lost a baby in her 21st week of pregnancy.
It has been really hard on my family lately. But I'm sure there's a reason. I'm certain you will find a better buyer. I'll pray for you.
.... And here you all thought you were finally rid of me
My buyers lost their financing. I was set to close and very excited to do so. I moved to the new house already (job reasons). Everything was timing out perfectly with very little overlap. I knew something was up when the lender was dragging his feet on getting the package over to the closing attny. I'm not exactly sure of the concrete details as to why the buyers lost their loan. We do know that their bank worked all day to find another lender. Meanwhile, my listing agent has put my home back on the market effective immediately.
Obviously, I am very upset. I don't know what is going to happen or what this means. Well, except the obvious. Two mortgages and a stinky attitude towards the buyers.
Any thoughts or tips on what I need to do? Or should do?
Thanks for letting me blab.
Hi,
I Posted my sympathy for acegolfer and wanted to do the same to you. Here are my thoughts and opinions (only my opinions as observed by actual situations around our area).We feel for you and like you, are frustrated sellers and a stinky attitude towards buyers is more than justified as many, not all, have turned this market into a real mess with their bargain hunting and bad loan situations like this. Some have recommended you help them by paying points, etc. but in most cases, I think buyers just have this as another way of backing out of a deal that was made. So much for an "honest handshake". Buyers around here (Chicago area) are using all kinds of tactics to "back out" of deals, because they think something better has come along. It's just incredible. We had this happen to one of our friends and after they(the buyers) realized "something better" didn't come along, after all, they came back and offered on our friends' home, again, and our friends told them to "take a hike". Happily, they sold to someone else, and for a better price. So I think this "carma" will surely come your way- you deserve it!
I am so so sorry this happened to you and you have our best wishes that the right buyer will come along. We have 2 mortgages since Oct. so I feel your pain. But I think eventually, things will swing our (sellers) way. Now if we can just get an offer without a contengency, all will be good! Interesting how the "bargain hunters" become sellers of their own homes and even though they try to "lowball" your house, dont' think their house is overpriced when they are the ones trying to sell to move up. And on top of that, they want your house only if they sell theirs! And the most insulting blow is that they continue to look at what is for sale, even though they have contracted to buy something else. It's so unethical yet it goes on. I know when we found our houses through these years, not once did we ever think to keep looking until we closed, just in case something we liked "better" came on the market. Good luck and let us know what happens!
FMV
Wow! Thank you so much everyone! I finally have a solid internet connection (I felt like I was living like a cavewoman this week) so I can fire up the laptop.
I really appreciate everyone that took the time to post. So many of you can relate to my plight and I just needed to post about it. I knew you all would have some good feedback. So thanks for that.
Quote:
Originally Posted by pghquest
Give the seller the opportunity to continue to work throught their financing. Tell them that you will honor their deal if they can arrange the financing before you find someone else to buy it. Do it in writing.
Try to find out why they lost their financing. Is it due to wording on the contract? Offer to pay the closing costs, and boost the sales price by the appropriate amount, this means no change in $ to the buyer or seller, but it shows a greater % down on paper.
See who paid for the appraisal, if the buyer did out of pocket, this would speed up any new bank.
Dont hold this against the buyer and try to work with them, I recently completed a deal that took me 4 months to close on, it came down to the very last day we had to change the wording of the sales agreement to get it done.
Feel free to IM me and I can help you modify the sales price to reflect the $0 change but a larger down payment I previously mentioned if need be.
I am currently working with the buyers to try and push this deal through. They are on their third lender from what I understand. I did ask why the financing keeps falling through. I'm told that their credit is fine and that they have the right paperwork lined up, but their agent offers nothing further. My agent is quite frustrated because he feels they should be presenting their application to more than one lender since the first fell through. I will ask about the contract wording to see if that is causing any issues. And yes, the buyers did pay for their own inspection.
I am paying their closing costs. I am pondering the idea of leasing until their financing is approved with stipulations in the agreement. I really don't want to do that. Especially since we are having showings again.
Quote:
Originally Posted by dj32
CArolina,
I am so sorry. This is my worst fear and I have been trying to be positive too. Do you keep the earnest money? the only thing I keep thinking if ours falls apart is taht we get a big earnest money check to tide us over. I hope you have some recourse and they may be able to get other financing. I assume they still want the house and this wasn't some sort of "out" for them???
Well, per the BA, the buyers really want the house and want to lease it until financing is approved. It is crunch time for them as they have to vacate their current property very soon.
Quote:
Originally Posted by acegolfer
I feel so sorry for you. it's another sad story. But I'm positive that there is a good reason.
My wife and I had gone thru tough periods. We couldn't close a house because the seller couldn't close. Buyer of my house sent me repair bill after closing for problems that we are unaware of. Most devastating one is my wife lost a baby in her 21st week of pregnancy.
It has been really hard on my family lately. But I'm sure there's a reason. I'm certain you will find a better buyer. I'll pray for you.
I am so so so sorry to hear this news, Ace. I will keep you in my prayers too.
I am currently working with the buyers to try and push this deal through. They are on their third lender from what I understand. I did ask why the financing keeps falling through. I'm told that their credit is fine and that they have the right paperwork lined up, but their agent offers nothing further. My agent is quite frustrated because he feels they should be presenting their application to more than one lender since the first fell through. I will ask about the contract wording to see if that is causing any issues. And yes, the buyers did pay for their own inspection.
Offer to change the deal to 6% seller concessions, and then raise the sales price to reflect the difference. This will reflect no difference in the out of pocket for either one of you, but if the buyer is paying money down, this is a 6% more on paper, for the buyer to use.
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,846,948 times
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Quote:
Originally Posted by pghquest
Offer to change the deal to 6% seller concessions, and then raise the sales price to reflect the difference. This will reflect no difference in the out of pocket for either one of you, but if the buyer is paying money down, this is a 6% more on paper, for the buyer to use.
I don't mean to threadjack, but I have got to say something about this. Seller concessions for any type of agency loan are to be used for recurring and non-recurring closing costs only. Agency programs will not allow interested parties to contribute to a down payment. Most agency programs will only allow 3% seller concessions with the exceptions of certain FTHB programs at certain lenders. These concessions have ZERO effect on the loan to value. If the seller is already covering the closing costs, then the closing costs are covered and throwing more concessions at the deal will accomplish nothing as there will be no more costs to incur.
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