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Nothing’s Sure In This World Of Doubts


At the start of the weekend, a colleague asked my opinion about this dying deal of hers:


I represent the seller. Buyer (a teacher) got commitment letter May 22, normal conditions...she has nothing to sell, but needs to show divorce papers, pay stub etc.


got call yesterday @ 10 saying that the loan was going to final clearance...we will know in 24-48 hours when to sched. close. got call atn hour later saying that [lender] just denied the whole loan based on the employment verification.  the teacher got excessed.  she technically is employed through the summer, but the school told the bank that that she was done next week.


deal is now dead. reading our contract...if she signs commit. letter then it is a commitment...only out is if appraisal doesn't hold up...etc....


don't have the denial p'work yet. can my clients keep the down payment?


At the end of the weekend, a former client contacted me about a buyer for the house she has been trying to sell since last November:


Here is what I know about the buyers:

The purchase price agreed upon is $210,000.

They are first time home buyers financing through FHA and are putting 3.5% down. 

They are financing closing costs.

And mindful of all the deals that go nowhere lately, and in light of the e-mail from my colleague, here’s the less than encouraging way I replied to my hopeful seller last evening:


 Your agent must assure you she is positive your house will appraise, as there is zero wiggle room in a deal like this.  The possibility is also real (not great, but real) that the buyers will not obtain the mortgage.  While your agent should have a pre-qualification or pre-approval, they mean little.  You will have to keep your fingers crossed, as many sellers are now doing.  It is the nature of the market, not your individual sale.




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