Deal Falls Apart At The Closing Table! Here's what happened...

By
Real Estate Agent with Edina Realty

All inspections have been satisfied and completed, contingencies have been removed.  We have the "clear to close" from Mortgage.

At the closing table, the call comes in that Underwriting has now rejected the mortgage due to one of the buyers giving two weeks notice at their place of employment.  Her salary could no longer be used on the application and they no longer qualified for the loan.

In this transaction, I represented the seller.  We may assume buyers know better than to do something like this, however, in this market we cannot assume anything.  The house is back on the market, and the buyers lost the home they fell in love with.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the balloons to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Location:
Minnesota
Tags:
deal falls apart at closing

Comments 14 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the camera to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
56,056
Heather Adkinson
Real Estate Agent - Moses Lake
Windermere K-2 Realty LLC www.propertiesinmoseslake.com

Horrible.... I would have taken the rest of the day off and then started over again the next day.

September 17, 2009 09:06 PM
Rainer
28,617
Darla Jensen
Edina Realty

Sukhdev - Yes it was frustrating, for everyon at the table.  I know the buyers felt like idiots and were also dealing with the loss of the home they were planning on moving into shortly.

September 17, 2009 09:29 PM
Rainer
28,617
Darla Jensen
Edina Realty

Heather - You are right - it was not a good day.  Removed the "Sold" sign and went back on the market in the afternoon.

September 17, 2009 09:30 PM
Rainer
98,250
Karen Poss
Realtor - 256-366-6292 - Search Florence Al Homes For Sale
Coldwell Banker Pinnacle Properties, Florence Alabama

I know that had to be frustrating.  Just curious...had the buyer given notice to the employer because of the move and a job change or what?

September 17, 2009 09:41 PM
Rainer
28,617
Darla Jensen
Edina Realty

Hi Karen - The buyer gave notice because of both the move and a job change.  Because there was no job history with the future new employer, the lender could not include her future salary on the application.

September 17, 2009 10:11 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
28,617

Darla Jensen

Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the graph to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: