- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Homebuyers backed out. Seeking advice.
Posted on 12/12/16 at 8:35 am to GFunk
Posted on 12/12/16 at 8:35 am to GFunk
quote:
you have <0 idea about whether they can even afford a house note into that note
From OP's posts, I don't think he would've been mad about the sale falling apart if it was due to buyers realizing they couldn't afford the note or couldn't get financing. But the financing was approved and affording the monthly payment wasn't the issue. Sale fell apart due to one week girlfriend and boyfriend thinking they're ready to sign on a mortgage and buy a house together, next week they get into an argument and cancel everything.
ETA: interested in this thread because I'm planning to sell my house in a year or 2 and move. First house, so it'll be my first time going through a real estate transaction from the seller side. Curious to see how all this ends up playing out and if there's any recourse besides keeping deposit when sellers back out of contract so close to the closing date for this kind of reason.
This post was edited on 12/12/16 at 8:39 am
1
Posted on 12/12/16 at 8:37 am to HappyTownTiger
quote:
. Since the appraisal came back, I'm even more certain selling it myself was the way to go.
The appraisal was more than you are selling it for, how does that make you feel confident you are doing it right?
You are going to make a huge mess for yourself if you don't stop using emotions and stick to the law and the numbers.
Your house you are buying has nothing to do with the first house contract. You can't use that and trying to is stupid. It was stupid to depend on an unmarried couple who couldn't afford the house singularly to close on a house for you to buy a new one. That disaster is all on you OP.
Posted on 12/12/16 at 8:37 am to HappyTownTiger
quote:
HappyTownTiger
quote:
I'm the one that's angry?
You're probabaly right. I'm way too worked up over some anonymous idiot.
This post was edited on 12/12/16 at 8:38 am
Posted on 12/12/16 at 8:38 am to HappyTownTiger
Outside of a keeping a deposit there is nothing you can do.
Posted on 12/12/16 at 8:39 am to baldona
quote:
The appraisal was more than you are selling it for, how does that make you feel confident you are doing it right?
You are going to make a huge mess for yourself if you don't stop using emotions and stick to the law and the numbers.
Your house you are buying has nothing to do with the first house contract. You can't use that and trying to is stupid. It was stupid to depend on an unmarried couple who couldn't afford the house singularly to close on a house for you to buy a new one. That disaster is all on you OP.
All of this. OP needs to keep their deposit and call it a day. Trying to force the sale is just going to cost him time and money, not to mention likely missing out on the property he's under contract to buy.
Posted on 12/12/16 at 8:43 am to TechBullDawg
quote:
still have to pay the 3% to the Buyer's REA (if they have one).
Uh....no
Posted on 12/12/16 at 8:47 am to Tiger Prawn
quote:
Sale fell apart due to one week girlfriend and boyfriend thinking they're ready to sign on a mortgage and buy a house together, next week they get into an argument and cancel everything.
quote:
Tiger Prawn
At the closing table, many lenders and title companies require you to sign an attestation stating that you as a borrower are not aware of any adverse situations with respect to your financial situation as a borrower that would impact the structural integrity of the loan or the conditions under which it was approved.
Losing a member of the household-cosigner/coborrower or otherwise that generates income or impacts the finances in any way would mean that by going through with the loan and signing that document, you've lied on paper in a business transaction. It's just that simple.
Material changes-and unmarried coborrowers having a fight and separating-definitely can constitute a material change to finances, living situation, etc-can invalidate the entire approval and the Underwriters conditions that the borrowers met.
The general point here is that OP doesn't understand that buyers can be sketchy, contingency sales are fraught with potential BS, and the best practice for their use is not to layer them on top of one another. Your grand plans can turn into a house of cards with the quickness.
A seasoned realtor or even a mortgage pro or just a biz mentor could have helped him.
Instead, he DIY'd the process and is somehow mad because his lack of savviness and experience is somehow not his fault?
This post was edited on 12/12/16 at 9:15 am
Posted on 12/12/16 at 9:01 am to HappyTownTiger
[quote]Since the appraisal came back, I'm even more certain selling it myself was the way to go. [/quote
Appraisals are pretty worthless except to get a loan done. As it relates to values, a good broker is more knowledgeable than an appraiser.
Appraisals are pretty worthless except to get a loan done. As it relates to values, a good broker is more knowledgeable than an appraiser.
Posted on 12/12/16 at 9:01 am to GFunk
GFunk, you are a typical OT BS artist. You opened up a little biz, I assume in the RE industry, and now you're an expert.
I appreciate your input, I really do. I've even taken some of what you said into consideration. But your tantrums reek of little man syndrome. CTFO!
I appreciate your input, I really do. I've even taken some of what you said into consideration. But your tantrums reek of little man syndrome. CTFO!
Posted on 12/12/16 at 9:08 am to HappyTownTiger
quote:
GFunk, you are a typical OT BS artist. You opened up a little biz, I assume in the RE industry, and now you're an expert.
quote:
HappyTownTiger
It's my third. The first two were a little over a decade ago. Lost interest (which is code for) I wasn't mature enough at the time to be consistently successful enough to work for myself in the first two's cases. Learned from my mistakes made as a dumbass in my mid 20's. Listened to people smarter and more experienced than me...and if you'd just move past all this rancor and personal animosity over where you've put yourself, trying to tell you to always avoid contingency sales when your own residence involved isn't exactly terrible advice, brochacho.
Keep talking though. The ad hominem stuff covering for your neophyte level of experience is humorous. I'm enjoying it...
Seriously man...this thread hasn't gone the way you wanted it, and you are upset. I get it. I know what and why you're unhappy with how it shook out. Just walk away. Experience is the best teacher. Make sure you learn from this one.
This post was edited on 12/12/16 at 9:12 am
Posted on 12/12/16 at 9:11 am to GFunk
I don't plan on DIY'ing mine and will have realtor involved, so hopefully that can help me avoid similar situation when I'm ready to sell current house and buy next one.
Good point
quote:
Material changes-and unmarried coborrowers having a fight and separating-definitely can constitute a material change to finances, living situation, etc-can invalidate the entire approval and the Underwriters conditions that the borrowers met.
Good point
Posted on 12/12/16 at 9:15 am to GFunk
We interrupt GFunks reading of his thesaurus with an update.
Their lender contacted me to say that they are working to salvage the deal.
She said that they want to keep the closing date of this Friday.
Not sure what happened but I'll take it.
I appreciate the advice and having a place to vent.
Their lender contacted me to say that they are working to salvage the deal.
She said that they want to keep the closing date of this Friday.
Not sure what happened but I'll take it.
I appreciate the advice and having a place to vent.
Posted on 12/12/16 at 9:18 am to Tiger Prawn
Prawn, if you wanted to get creative, try to calculate how much you'd pay the agent you'd use and potentially solicit some RE attornies? You could pay them a retainer for a certain amount of time or work on the transaction and it could save you money. You'd also start to establish a biz relationship with someone who could help you in many ways.
Just a thought...
Just a thought...
Page 4 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News