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06-16-2008, 11:31 PM
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Location: Central NC
414 posts, read 1,223,707 times
Reputation: 129
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.... And here you all thought you were finally rid of me 
My buyers lost their financing. I was set to close and very excited to do so. I moved to the new house already (job reasons). Everything was timing out perfectly with very little overlap. I knew something was up when the lender was dragging his feet on getting the package over to the closing attny. I'm not exactly sure of the concrete details as to why the buyers lost their loan. We do know that their bank worked all day to find another lender. Meanwhile, my listing agent has put my home back on the market effective immediately.
Obviously, I am very upset. I don't know what is going to happen or what this means. Well, except the obvious. Two mortgages and a stinky attitude towards the buyers.
Any thoughts or tips on what I need to do? Or should do? 
Thanks for letting me blab. 
Last edited by carolina chick; 06-16-2008 at 11:34 PM..
Reason: spelling
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06-16-2008, 11:38 PM
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3,490 posts, read 7,994,765 times
Reputation: 3966
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Ugh - it's the worst when this happens.
I lived in fear of this scenario when we sold our place last year because the buyers were taking a massive loan.
I'm so sorry - is there no chance of them getting alternative financing, or is the buyer just gone now?
Wishing you lots of luck, and sending positive vibes your way....
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06-17-2008, 01:33 AM
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Location: Salem, OR
15,295 posts, read 38,489,248 times
Reputation: 16664
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CC...YUCK!
Unfortunately it is too common these days.
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06-17-2008, 05:10 AM
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Location: Not on the same page as most
2,505 posts, read 6,005,764 times
Reputation: 1567
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Is there any way you could hold part of the mortgage for them?
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06-17-2008, 05:37 AM
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203 posts, read 899,355 times
Reputation: 142
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Quote:
Originally Posted by carolina chick
.... And here you all thought you were finally rid of me
My buyers lost their financing. I was set to close and very excited to do so. I moved to the new house already (job reasons). Everything was timing out perfectly with very little overlap. I knew something was up when the lender was dragging his feet on getting the package over to the closing attny. I'm not exactly sure of the concrete details as to why the buyers lost their loan. We do know that their bank worked all day to find another lender. Meanwhile, my listing agent has put my home back on the market effective immediately.
Obviously, I am very upset. I don't know what is going to happen or what this means. Well, except the obvious. Two mortgages and a stinky attitude towards the buyers.
Any thoughts or tips on what I need to do? Or should do?
Thanks for letting me blab. |
That's too bad...........and the same here! My mortgages are bi weekly so i'm gettin gouged every week. Look into the option of renting out at a severely reduced amount. That way some of the mortgage is covered and both parties know it's a temporary arrangement.
Everything in writing!  |
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06-17-2008, 06:38 AM
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Location: Chaos Central
1,122 posts, read 3,972,882 times
Reputation: 902
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So sorry to hear this. No seller can be sure of a closing unless it's a cash deal, and even then - !
Any chance of your buyers going through FHA?
Just wondering if there is anything your agent can do to salvage this somehow?
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06-17-2008, 07:24 AM
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1,949 posts, read 5,775,268 times
Reputation: 1297
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Quote:
Originally Posted by overtaxedunderpaided
That's too bad...........and the same here! My mortgages are bi weekly so i'm gettin gouged every week. Look into the option of renting out at a severely reduced amount. That way some of the mortgage is covered and both parties know it's a temporary arrangement.
Everything in writing! |
Renting the house is not going to help get it sold and may in fact, hinder it.
CC, I'm sorry this happened...it is a seller's worst nightmare. |
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06-17-2008, 07:37 AM
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Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,471,250 times
Reputation: 677
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Oh man, I'm so sorry to hear this.
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06-17-2008, 07:56 AM
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150 posts, read 671,104 times
Reputation: 123
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So sorry to hear this, I can imagine how you must feel. Two mortgages would be super tough. (Hopefully you'll get the earnest money, which will help for the first month?) Hopefully it will sell quickly this time ... being empty and available ASAP should help ... and it has already been inspected so you won't have any surprises there ... but man, that just sucks.
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06-17-2008, 08:24 AM
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Location: Just south of Denver since 1989
11,704 posts, read 33,002,576 times
Reputation: 8675
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Saving this deal depends on why the fianancing failed. If this situation occurs I often "shop" the loan to a few local banks - portfolio lenders. Sometimes they need a month or six to get something fixed on their credit report - in that case I let them rent until they can buy. Get a hefty down payment.
What does your agent say?
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