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From what I understand, which is very little by the way, the buyers went through a broker, and the lender denied them because their mortgage amount was more then what the house was appraised for. Why would they do that? Now, we're assuming they can reapply for a lesser amount?
Last edited by jeannie216; 03-10-2008 at 03:35 PM..
do you mean that the appraisal value came in lower than purchase price?
Quote:
Originally Posted by jeannie216
From what I understand, which is very little by the way, the buyers went through a broker, and the lender denied them because their mortgage amount was more the what the house was appraised for. Why would they do that? Now, we're assuming they can reapply for a lesser amount?
doesn't sound good..if you get an other offer take it.
if they ask for an extension on the contract...give them a conditional contract that allows you to null the contract if another buyer comes with a higher bid
doesn't sound good..if you get an other offer take it.
if they ask for an extension on the contract...give them a conditional contract that allows you to null the contract if another buyer comes with a higher bid
This couple has really been a nightmare. We went under contract with them in the beginning of Jan. Four weeks into it they walked because of unmet demands, then we relisted our home and 2 weeks later they asked to come back under contract. Thankfully, we refused to sign anything until they get their mortgage so we are still on the market until that happens.
Our friends (the buyers) our applying for an FHA loan. Any information on this particuliar loan and how long of a wait approval may be?
Last edited by jeannie216; 03-11-2008 at 03:15 PM..
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