maybe we're not sold! (new house, buyers, inspector)

kelly3120 · 08-01-2007, 12:22 PM

thank you Nikki for your support!

You are absolutely correct!

And thanks SKB!

Retiredcoach · 08-01-2007, 04:30 PM

Kelly,

I spoke to a friend of mine in the loan department of a local bank today. He said that banks nationally are greatly scrutinizing their loan processes, offering fewer mortgages to fewer people. He said that because many banks are holding all of these "overvalued" loans (loans higher than the reappraised values of many mortgages), there is an overriding concern that loan defaults will rise to an all-time high. To make a long story short, the banks are not going to offer loans, unless they are better protected in the process (higher down payments, sustainable and secure income, & better income to purchase ratios). He said that there is also the concern that housing prices will drop further next year... they do not want to speculate money on a home, that if an owner defaults, they find themselves further financially fragile.

You seem like a very decent person, who deserves this break of selling your home. I only share this as a point of reference... there would be nothing worse than feeling the disappointment of "not selling" even if the buyer still wants to buy. The contract that the potential buyer signs is virtually worthless to you if the loan cannot be secured. Please keep us posted as to how this works out!

kelly3120 · 08-01-2007, 06:53 PM

thank you for the info.
I'm just crossing my fingers nad praying it works.
The offer comes in tomorrow afternoon sometime.

Thanks for the vote of confidence.

ddlove01 · 08-01-2007, 09:57 PM

alright I'm admitting my ignorance...It took me FOREVER to figure this out...

<3 is a HEART!!! Yay for me! ; ) - should start looking sideways more often!

Nikki75 · 08-03-2007, 08:08 PM

Quote:

Originally Posted by kelly3120

I pmed you!

If your buyer got cash for the house and has owned a house before I wouldn't worry about it.

We are running into 1st time buyers due to this being a starter house. I understand the money issue, most first timers have it.

Keep us posted!!!!

Kelly,

if it's not too late can they try and get a grant for first time homebuyers? I know some times it depends on the availability of funds but if they can get a grant or similar to help then that should make it go smoother for them.

kelly3120 · 08-09-2007, 06:09 PM

we have two couples offering on the house tomorrow.
They ran into eachother at the house and are now in competition =)
One made a verbal, but we do not accept verbal offers so they are putting it in writting and the other is writting up their paperwork tomorrow morning.

AND Another couple is making an offer when they get back into town(today or tomorrow ) ....so they say.

God is good!

And the house is cute as all get out! =)

please keep us in yours prayers!

nikki, the people whos contract fell through are still trying to get money together and then make another offer.

.......ummmm, I think that's four possible offers in the next few days.
I know I KNOW ...until we hand them the keys we aren't sold, BUT I plan on handing keys away shortly.

macguy · 08-09-2007, 06:25 PM

Quote:

Originally Posted by kelly3120

we have two couples offering on the house tomorrow.
They ran into eachother at the house and are now in competition =)
One made a verbal, but we do not accept verbal offers so they are putting it in writting and the other is writting up their paperwork tomorrow morning.

AND Another couple is making an offer when they get back into town(today or tomorrow ) ....so they say.

God is good!

And the house is cute as all get out! =)

please keep us in yours prayers!

nikki, the people whos contract fell through are still trying to get money together and then make another offer.

.......ummmm, I think that's four possible offers in the next few days.
I know I KNOW ...until we hand them the keys we aren't sold, BUT I plan on handing keys away shortly.

Even if they low ball you find a meeting point and take the money and run. You in the future will probably never see that offer that high again it will only go down maybe for years to come.

ddlove01 · 08-09-2007, 06:31 PM

Congrats! 4 offers, that's great!

Your prayers work wonders.....for all! We just got an offer TODAY for 10K less than our asking price...we are definitely taking it...it's only going to get worse and the prices are going to continue to drop. We have a contract in the works as I type this! They want to move into our home in less than a month...that's okay, we have been ready for MONTHS!

I know, it's not over till we close, but at least we can sleep a little better from now on...

kelly3120 · 08-09-2007, 07:18 PM

good for you dd love!!! YAY!!!!!!!!!!!!!

We apprecaite your prayers as well!
...my prayers are just prayers, but my God is AWESOME and a good listener!

Retiredcoach · 08-09-2007, 07:36 PM

Quote:

Originally Posted by kelly3120

we have two couples offering on the house tomorrow.
They ran into eachother at the house and are now in competition =)
One made a verbal, but we do not accept verbal offers so they are putting it in writting and the other is writting up their paperwork tomorrow morning.

AND Another couple is making an offer when they get back into town(today or tomorrow ) ....so they say.

God is good!

And the house is cute as all get out! =)

please keep us in yours prayers!

nikki, the people whos contract fell through are still trying to get money together and then make another offer.

.......ummmm, I think that's four possible offers in the next few days.
I know I KNOW ...until we hand them the keys we aren't sold, BUT I plan on handing keys away shortly.

Congratulations!!!... four offers are almost unheard of in this lousy housing economy. I am certain that God may have had some influence upon your good fortune, but more of the credit should be given to you. You are selling a quality property at a fair price. You priced your house at a cost that encouraged its sale. Many sellers could learn from your reasonable expectations.