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As a Realtor I have no say in what loan is approved nor do I know the financial standing of a buyer. The buyer's tax situtation and total financial picture are not known to me.
I'm a a realtor, not a financial advisor. I have never pressured someone into buying something I didn't think they could afford. I take that moral standing to heart.
This is so good, Michelle, it warrants repeating.
Real estate agents are not loan officers, bank underwriters or financial advisors.
This is a Homestep home. Clean is most definitely not this house and response time is anything but fast. Seriously, we had verbal acceptance a month ago and they just opened escrow two days ago. It took a week to get a response to the original offer.
The REO agent said Freddie has been getting more difficult as time goes on.
This is a Homestep home. Clean is most definitely not this house and response time is anything but fast. Seriously, we had verbal acceptance a month ago and they just opened escrow two days ago. It took a week to get a response to the original offer.
The REO agent said Freddie has been getting more difficult as time goes on.
Perhaps this regional office has it's act together, more so than some other areas.
Back to the OP......
What does it matter how any real estate agent feels about any of this.
To borrow a common phrase ... We did not cause it. We cannot control it. And we certainly cannot cure it.
Agency is in place to facilitate achieving client objectives. This does not include judging clients or their circumstances.
On a human level, it sucks when someone has to move and cannot sell their home. This sort of thing is not new. It has happened during every prior regional bust, following a local balloon.
In the OP's situation, it does not appear they will easily qualify for financing while they continue to own this home. And they will most certainly not qualify if they short sale or get forclosed.
The bank who is being asked to put their skin into the game, is being a prudent and cautious lender. Consumer fraud has influenced their position.....renting out the current home, buying another home then letting the first home foreclose ......was a common consumer strategy. For every prudent lending decision, there are likely thousands of fraudulent situations that compelled it.
"Ending up homeless" is hyperbole in this situation. The OP has more alternatives than many in similar positions, right now.
Most consumers in this situation eventually, albeit reluctantly, accept that they cannot do what they want to do, when they want to do it.
Again, on a human level, this is a very sad situation.
I said in my p.s. post that I realize this is NOT the Realtors fault, ....
Actually, you said it's not the Realtor's "entire doing" which means you are blaming the Realtors, just not entirely, and I was merely pointing out that that was just wrong of you.
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