Had an interesting situation come up in Minnesota today....wondering what anyone else might have seen-
Clients wanted to purchase a new home and close on June 15th. They have an approved buyer of their current home who is self-financing, with a certified letter from a trust showing income, and a letter from the trustee (an attorney) approving releasing funds to purchase the home. However, they want to close that purchase on June 30th.
The 1st clients have plenty of income, and 700+ credit (that I verified), but Fannie lenders...heck...all lenders...are not willing to approve anything but a same-day sale as I've been calling around. With all the new worries about fraud and foreclosures, I can understand their being cautious. But in making 15+ calls to 'the usual suspects', there were no takers.
The 2nd 'buyer' (on the 30th) is not willing to sign a sale & rent-back for 15 days, while the 1st home is currently sitting empty.
Any good ideas from the rainers?
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