STYLE The buyer of my house is going through some shit....*Update - House sold!*

SBrooks1

@ComicConScott
OT Supporter
Nov 28, 2002
79,156
Virginia
My house was on the market for $185k a month ago. Offer came in on day 2 at $195k with me paying closing costs ($5K) and $1,000 in repairs.

Ok cool. I'll still come out more than asking. Offer accepted. Contract signed. Closing date 1/7. 💰

My realtor calls me 2 days ago and says the buyer didn't get approved for the FHA loan because he switched jobs 6 weeks ago. His pay stub for Thanksgiving week was incomplete without a full 40 hours so they denied him. Even with him writing a letter explaining.

Now they're switching to a USDA loan and it's going to take another 3 weeks until closing again. Fuck. Good news is they're already ok with his work pay stub issue and he's approved. Ok fine.

My realtor then calls me last night and says they're switching to a conventional loan. He borrowed money from his parents and it'll drop the wait time now down to just 2 weeks.
 

T_Dawgg

Escape Goat
May 6, 2001
44,153
vancity
1G3hGhhmpjRrrdMajk2EX3jSWBTbRivkxWVSjpMApfM.jpg
 

GH0ST

OT Supporter
Jul 5, 2003
50,536
GA
Find a new buyer that is pre-approved. Surprised realtor didn't tell you this guy wasn't approved. When I sold my home a few years ago every offer was given to me in detail with status of their loan approvals.
 
TS
TS
SBrooks1

SBrooks1

@ComicConScott
OT Supporter
Nov 28, 2002
79,156
Virginia
Find a new buyer that is pre-approved. Surprised realtor didn't tell you this guy wasn't approved. When I sold my home a few years ago every offer was given to me in detail with status of their loan approvals.
Apparently he was initially and then at the end they asked for his pay stubs again which showed the gap of hours due to the job switch
 
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michael

Florida Man, Esq.
Dec 21, 2001
112,626
The ether
My house was on the market for $185k a month ago. Offer came in on day 2 at $195k with me paying closing costs ($5K) and $1,000 in repairs.

Ok cool. I'll still come out more than asking. Offer accepted. Contract signed. Closing date 1/7. 💰

My realtor calls me 2 days ago and says the buyer didn't get approved for the FHA loan because he switched jobs 6 weeks ago. His pay stub for Thanksgiving week was incomplete without a full 40 hours so they denied him. Even with him writing a letter explaining.

Now they're switching to a USDA loan and it's going to take another 3 weeks until closing again. Fuck. Good news is they're already ok with his work pay stub issue and he's approved. Ok fine.

My realtor then calls me last night and says they're switching to a conventional loan. He borrowed money from his parents and it'll drop the wait time now down to just 2 weeks.
Borrowing money will usually fuck up a loan. HTH.
 
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silver60

OT Supporter
May 4, 2010
10,858
Dallas Tx
My house was on the market for $185k a month ago. Offer came in on day 2 at $195k with me paying closing costs ($5K) and $1,000 in repairs.

Ok cool. I'll still come out more than asking. Offer accepted. Contract signed. Closing date 1/7. 💰

My realtor calls me 2 days ago and says the buyer didn't get approved for the FHA loan because he switched jobs 6 weeks ago. His pay stub for Thanksgiving week was incomplete without a full 40 hours so they denied him. Even with him writing a letter explaining.

Now they're switching to a USDA loan and it's going to take another 3 weeks until closing again. Fuck. Good news is they're already ok with his work pay stub issue and he's approved. Ok fine.

My realtor then calls me last night and says they're switching to a conventional loan. He borrowed money from his parents and it'll drop the wait time now down to just 2 weeks.

then the loan dies b/c the parents got a loan to gift him, they can't source and season it
 
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stevezissou

OT Supporter
Jul 15, 2009
44,131
US
My house was on the market for $185k a month ago. Offer came in on day 2 at $195k with me paying closing costs ($5K) and $1,000 in repairs.

Ok cool. I'll still come out more than asking. Offer accepted. Contract signed. Closing date 1/7. 💰

My realtor calls me 2 days ago and says the buyer didn't get approved for the FHA loan because he switched jobs 6 weeks ago. His pay stub for Thanksgiving week was incomplete without a full 40 hours so they denied him. Even with him writing a letter explaining.

Now they're switching to a USDA loan and it's going to take another 3 weeks until closing again. Fuck. Good news is they're already ok with his work pay stub issue and he's approved. Ok fine.

My realtor then calls me last night and says they're switching to a conventional loan. He borrowed money from his parents and it'll drop the wait time now down to just 2 weeks.
hope you are getting more "hard" money up front every time the contract is extended.

And hope your agent is working with "backup" contracts all this time.
 
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