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We're in the process of closing with an FHA buyer. Our buyers are in the PTD phase (they have full UW approval), but unfortunately they cannot bring proof of employment docs now. The escrow time had expired a couple weeks ago..but we were just helping them along to see if they could do it.
We're angry because after all this time (over 2 months) their broker should've advised or told our buyers how important the proof of employment is going to be? or is he an idiot? or probably just lying..but what's the point to buy time if there is no way out..?
Supposedly the buyer was injured and back to work..supposedly..but we have been asking for this proof for two weeks now..ridiculous..every few days the answer is "oh he went back to work today"..this has happend numerous times now.
Now, their broker stopped returning phone calls to my RE agent regarding this dire situation.
My RE agent sent them an email yesterday that we are going to relist the house on Monday and give them till the end of next week to close, or risk losing their depost.
that sucks. I realize they wasted a bunch of your time and they were not forthright. That said, as far as keeping their deposit, isn't there a mortgage contingency clause? I mean, if they couldn't get financed, don't they get their money back?
that sucks. I realize they wasted a bunch of your time and they were not forthright. That said, as far as keeping their deposit, isn't there a mortgage contingency clause? I mean, if they couldn't get financed, don't they get their money back?
Yes, that's true BUT according to our RE agent once they sign off on ALL contingencies that's about it..however taking their deposit was the last thing in mind. What kills me is if they know they can't do it why waste their time, their money (deposit)..seems so counter productive..I don't blame them but their broker..thsi should've been hammered out A LONG TIME AGO..not when it's crunch time.
This is not something that doesn't happen. I know someone who was selling his house and the buyer changed jobs, so they had to restart everything, but he ended up going with a different buyer. That's one of the reasons why all cash buyers can get a discount, they will close faster with fewer issues. Same reason why higher down payment offers are generally better than lower offers. Serious buyers have everything in order.
This is not something that doesn't happen. I know someone who was selling his house and the buyer changed jobs, so they had to restart everything, but he ended up going with a different buyer. That's one of the reasons why all cash buyers can get a discount, they will close faster with fewer issues. Same reason why higher down payment offers are generally better than lower offers. Serious buyers have everything in order.
That's so true..cash means business..unfortunately we didn't have too many offers and had to go with what we got. This time around we're going to wait it out and go with the buyers who are bringing more to the table. Unfortunately, this has also left a bad experience with FHA buyers and I don't plan on selling to them in the future and see why other sellers are shying away from them too..live and learn.
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