Buying and selling a house

SarahBeth

SarahBeth

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So I mentioned in another thread that we accepted an offer on our house. The buyers were prequalified but they wanted a longer than usual escrow. They didn't have to sell their current house to buy ours but wanted to give it some time just in case. Well when they turned in their paperwork to the lender they had to give them their 2013 tax papers and not the 2012 ones. They made more in 2012 and in turn did not get the loan. Also they didn't do the paperwork till after the opt out period expired. So that deal is a bust. Two weeks completely wasted.

There was another interested buyer that was going to put in an offer but we had already accepted one so our agent contacted them. They were still interested so they brought the whole clan to see the house before they put in an offer. We met our agent Friday late afternoon and although I had an off feeling (was worried they wouldn't qualify or something else would happen) we accepted the offer. Our agent called this morning to tell us that she emailed the lender that there's an accepted offer and whatnot and the lender replied that the buyer didn't qualify after all.

Over the weekend we had another couple look at the house. They are from around here and know people on our street already. They liked the house. Let's hope we get another offer.

Wow what a soap opera this has become.
 
Best wishes SaraBeth. One of the most stressful times of my life was selling our house and building another. Let's hope this one sticks for you.
 
SarahBeth, I clicked on "Appreciate" because I have friends going through a similar problem. Lots of people interested in their house, but not one has qualified for financing so far. The one has resorted to also putting her house on the local Facebook page for "Free, Sale, and Trade". She's even dropped her asking price to what she owes on her house plus all of the extra cost of selling it.
 
Good luck SarahBeth. I was lucky in 2007 when I sold my house.
There was a small window when someone bought it.

The right buyer will come along. You'll just have to be patient
 
WOW... that just completely blows my mind! I mean- when I was looking to buy a house... I didn't even start looking at homes until I was pre-qualified for a loan and knew my price-range that I was qualified for. I already had the loan basically before stepping foot into homes. Of course, there were some last minute hoops to jump through at the closing...but my loan was pre-qualified and it was minor loop holes.

I try to tell my friends that this is smarter than blindly walking around looking at homes. My fear was falling in love with a home I couldn't afford.
 
The first buyers were preqaulified but when they went to jump through the hoops they didn't make it. What stinks is we have found a house to buy already. Offer is accepted, inspection done and we are ready but the contingency is that our house has to sell. But I gotta tell you, the lenders are asking alot more than they used to. They want documentation on deposits that have nothing to do with income.
 
Moving house is very stressful, at least for me. I hate it! For some folks, it's primarily an excercise in creativity; taking up sculpture, or painting would be much less trouble/expense. LOL!
 
My dad's having issues right now trying to buy a foreclosure. Thing was, he prequalified, and then after he put in the offer and it was accepted, the bank changed their terms and now essentially wants him to jump through flaming hoops to get the place.
 
That does seem to happen a lot. On HGTV, the House Hunters series, when folks are buying a foreclosed home...egads, they sometimes have to wait 3 months before everything gets settled, and that is all over the country. Good Luck, SaraBeth, It is a shame the banks are making things difficult for buyers, especially since the real estate market has been in such a downturn for several years. It starts picking up, and the banks seem to put up blocks right and left.
 
Banks become much more cooperative if you can offer them cash. A lot of times that's hard to do, but the buyer may be able to make some kind of creative end run around the bank. As far as a bank's stalling around on an accepted offer, an attorney may have to get involved. I agree that the banks should move more quickly during this depression.
 
Back before the bubble burst the government set the regulations on banks for lending criteria. Because of that banks were handing out loans they knew they shouldn't. It was way too easy to refinance and get a home equity line of credit. People were using that to get cash to spend on other things like new cars, pay off their massive credit card debt and other buy goodies not related to the house at all. I saw lots of paperwork that was so bad that in a year or two the buyer was either going to have to refinance again with worse terms or end up losing the house. Then hoards of people did.

Now banks are much tighter with their lending but who can blame them since they got burned and the government wagged their fingers at them and acted like the banks were the bad guys. So I get why banks are asking for more but some of the things they want are surprising and just frustrating as well. I think that the prequalification process needs to be more detailed so that so many contracts don't go KABOOM.
 
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