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Thanks, but it is the father and mother would be on the title and mortgage, purchasing the home for their adult daughter. The daughter is not going to be on either.
Yes, I re-read the original post and corrected mine before I noticed your post above. Since the Dad was purchasing it for his daughter, I initially was thinking that the daughter would be on the title.
Hello! In contract to sell my home. Buyer is purchasing the home for his adult daughter. Inspections done, appraisal complete and now yesterday, a month after contracts have been signed, the buyer's attorney said wife will be on the mortgage and they would like to amend the contract to add her on there, as well. My lawyer seems to think this is fine, but wondering why the wife is being added so far along in the process. The guy was approved for 250k more than the purchase price of the home. Should I not see a preapproval for the wife? I don't see issue with adding her to the title, but to the mortgage? Also, should I see some sort of preapproval for the wife before I sign the amendment, or is this pretty normal and standard? Thanks!
Why would you be asking out here when your lawyer said it is fine?
Hello! In contract to sell my home. Buyer is purchasing the home for his adult daughter. Inspections done, appraisal complete and now yesterday, a month after contracts have been signed, the buyer's attorney said wife will be on the mortgage and they would like to amend the contract to add her on there, as well. My lawyer seems to think this is fine, but wondering why the wife is being added so far along in the process. The guy was approved for 250k more than the purchase price of the home. Should I not see a preapproval for the wife? I don't see issue with adding her to the title, but to the mortgage? Also, should I see some sort of preapproval for the wife before I sign the amendment, or is this pretty normal and standard? Thanks!
At this point in the transaction, if they need to do this to make it possible to close, why wouldn't you? If There's no downside to you. If you don't, and they can't get the loan, what did you win?
The goal is to make closing happen at this point, you're almost there, you don't want to start over. If they need to jockey things around for the loan, let them do it.
Thanks! No, the financing contingency has not been met, as of yet. When I asked why the father wants to add the mother now, I was told it had to do with him being retired and her not. Thinking, the father is having issues with the loan? That's all I was told.
I'm guessing that's your answer. "Pre-approved" is pretty meaningless, IMO. DH and I were "pre-approved" for something like $150K or $200K when we were looking to downsize 1 year after I retired- he was 15 years older, already retired. I'd filled out all the paperwork showing withdrawals from our investments as part of our income- despite withdrawals, our assets had increased by $100K in the year since I retired. They pretty much fixated on DH's SS and my $900/month pension and ignored income from investments (which were about 10X the cost of the house we were buying). We wanted to borrow $150K and they "let" us have $100K.
So, yes, the bank wants to add the wife on to the mortgage and the title, with her additional income stream.
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