All Forum Posts by: Gregg Fritz

What are the rules relative to those who visited a home during the time it was for sale?  I get that those potential buyers who made offers are on the list for one year... but the people who merely saw it?

What method is your realtor supposed to deliver the list of protected buyers to you (certified mail?) and in what time frame to be able to enforce this rule if for example you re-list with another realtor and one of those families that saw the home now writes an offer?

So the short of the long...

Buyers used fly by night out of state lender to get pre approval.  The lender specializes in bad credit loans to veterans.  essentially, they pre-approve anyone in the hopes that 20% of them actually qualify.

Lesson learned:  never accept an offer from a buyer with out of state lender.

We will know more Monday.  The buyers realtor phoned the lender but they were tight lipped... I feel everyone is being very tight lipped.  All we know is there is some "glitch" and they are anticipating needing an extension to close...  Honestly, I only received my loan approval a week before close - there is no way you could wait for that paper to pack - you would never do it in a big home.  4500 sqft, 3 kids, and 10 years.... it took us 3 weeks to pack.

Thanks for the advice. I think once we know more on Monday we are better equipped to work with the buyers. The buyers are/were doing a 100% VA financed loan with an out of state lender. My mortgage broker was concerned about this offer but as we didn't hear any news we all thought it was going well. This bad news bomb fell last night on us, and we were to close this coming Wednesday. Their realtor thinks they may only need a 2 week extension, however there is the obvious concern they won't be able to close at all.

We were moving merrily along the process... i got my final loan approval on our new home.  My entire 4500sq ft house is packed up in boxes in the garage, movers are scheduled, hotel arrangements made, mailing address changed, kids pulled out of school, etc...  We were to close on our current home on the 30th of this month and our new home the 31st as we are also moving out of state due to a transfer.  We got an email last night that the buyers financing ran into a "glitch".

We are told they are seeking another lender, but are waiting to see if their lender can remedy the situation... however they are confident we will not close in 4 days as previously committed. We will know more on Monday.

The buyers have no home, they were pre-approved, and everything checked out perfect... inspection, appraisal, etc... We have been packing for weeks :( If we now have to stage our home again for sale we have to first find the stuff, and unpack...

This is a nightmare.

How the heck can a lender pull out financing so close and with zero indication this would happen? We figured our home sale was a done deal, and were doing everything we could to get ready on time.  

I'm beginning to think that the house we are dreaming of to buy is not in our cards, and we should just get our house sold and move into an apartment until we can find something.  There is no way we could go through this torture again.  The logistics of trying to sell and move in to your new home right away are too hard when all your cash is in your home sale to buy a new home.

Any advice on this?  We don't earn enough to float two mortgages as the new one without a down payment would be a jumbo loan so our current home has to sell.