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Selling my house has been very stressful.
Basically, I went on the market May 20 of this year. I got two offers first week. I found out almost two months later after accepting a decent offer that my buyer's financing fell through.
I really got the shaft. After a preapproval on a home loan a buyer can turned down if situations change such as a job loss or charging a lot on credit cards etc. That is a chance you take. That's a risk that is known.
After inspection it took 3 weeks to get appraisal ordered. loan officer wouldn't communicate. My realtor and I called loan officer's boss. We asked for help, but he never bothered to even look at the file.
turns out the preapproval should have never been issued in the first place. The loan officer was negligent. cash to close wasn't verified. Loan officer didn't consider the buyers student loans in the debt to income ratio. They tried for weeks to get the loans in forbearance or deferral. They couldn't. I was told this after extension on the closing date. (only deferral would have omitted it in the debt to income ratio anyway)
I was then told they can probably afford my home anyway with student loans.
Then bam another problem.
The buyers had bad things on their credit report such as not paying rent on a rental property that went to collections. This was told to me almost two months later. I was told they are trying to clear it up to buy my home.
I put all the boxes we packed into garage and relisted the home. I had to deal with realtor to get listing set back to 0 days instead of saying 60 on market and retook some pictures.
11 showings later (it was such hard work because I had my home totally show ready; clean, ZERO clutter, smelling great, lawn cut)I got a good offer(5 grand more than buyers I lost)
So I am reading the purchase agreement offer for second buyer and I see they have a prequalification NOT preapproval letter from a bank. Prequalification from my research is all verbal, and pretty meaningless bc it means documents not checked.
So I was like oh great.
But it turned out ok. The loan officer was nice and knowledgeable and I heard she had 15 years experience(first buyer's loan officer had under a year) He is trying for conventional loan and did not ask for closing. first buyer was fha and needed closing costs. She said she verified the buyer's
w2's
tax returns
cash to close
pulled credit and "wouldn't have sent letter if she say foreseeable issues and he had credit worthy scores"
So fingers crossed I will be sitting at a closing table within 3 to 4 weeks.
not sure what else I can do but wait.
feeling relieved!
home selling is not fun
My buyer elected to not get inspection??? but we will have appraisal.
Basically, I went on the market May 20 of this year. I got two offers first week. I found out almost two months later after accepting a decent offer that my buyer's financing fell through.
I really got the shaft. After a preapproval on a home loan a buyer can turned down if situations change such as a job loss or charging a lot on credit cards etc. That is a chance you take. That's a risk that is known.
After inspection it took 3 weeks to get appraisal ordered. loan officer wouldn't communicate. My realtor and I called loan officer's boss. We asked for help, but he never bothered to even look at the file.
turns out the preapproval should have never been issued in the first place. The loan officer was negligent. cash to close wasn't verified. Loan officer didn't consider the buyers student loans in the debt to income ratio. They tried for weeks to get the loans in forbearance or deferral. They couldn't. I was told this after extension on the closing date. (only deferral would have omitted it in the debt to income ratio anyway)
I was then told they can probably afford my home anyway with student loans.
Then bam another problem.
The buyers had bad things on their credit report such as not paying rent on a rental property that went to collections. This was told to me almost two months later. I was told they are trying to clear it up to buy my home.
I put all the boxes we packed into garage and relisted the home. I had to deal with realtor to get listing set back to 0 days instead of saying 60 on market and retook some pictures.
11 showings later (it was such hard work because I had my home totally show ready; clean, ZERO clutter, smelling great, lawn cut)I got a good offer(5 grand more than buyers I lost)
So I am reading the purchase agreement offer for second buyer and I see they have a prequalification NOT preapproval letter from a bank. Prequalification from my research is all verbal, and pretty meaningless bc it means documents not checked.
So I was like oh great.
But it turned out ok. The loan officer was nice and knowledgeable and I heard she had 15 years experience(first buyer's loan officer had under a year) He is trying for conventional loan and did not ask for closing. first buyer was fha and needed closing costs. She said she verified the buyer's
w2's
tax returns
cash to close
pulled credit and "wouldn't have sent letter if she say foreseeable issues and he had credit worthy scores"
So fingers crossed I will be sitting at a closing table within 3 to 4 weeks.
not sure what else I can do but wait.
feeling relieved!
home selling is not fun
My buyer elected to not get inspection??? but we will have appraisal.
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