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14 Comments on Deal Falls Apart At The Closing Table! Here's what happened...
Darla - That sucks. It happened to me back in 2004 as I was originating a loan. This borrower was so needy and took up a lot of my time and when the lender called to verify employment (before funding) we find out that the borrower quit his job a couple of days ago. I'm sorry that you have to deal with this situation. Not that this will make you feel better but for what it's worth at least you still have a client seller and can still close at some point. My hard work was all in vain! Hang in there : )
WOW! That is truly depressing! So, can the buyers work it out? That really stinks. GOOD LUCK!
One thing I tell all of my buyers is "don't do anything to change your income or your credit until after the sale!" I am so sorry for you and your sellers.
OK, now that would be really frustrating for your seller! I hope they had already moved out because they wanted to, not because they thought they were closing! So does the buyer get their earnest money refunded in this case?
Chanda panda
Nevin - It was not a good day. My sellers are back on the market and we are still in disbelief of what just happened. Could not believe it!
Chris - Unfortunately the buyers could not work it out.
Thanks Betty! I too feel bad for the sellers. They did not expect anything like this to happen, nor did any of us, including the buyers.
Hi Chanda: Yes, the earnest money went back to the buyers. My sellers were in a situation that they were not dependent on this closing, however, it is still very much an inconvenience and disappointment. They had incurred the cost of the septic inspection, water test, had the yard professional cleaned, as well as the windows and home. The toughest part, of course, was the fact that they thought their home was sold up until the moment they sat down at the closing table. Ugh.
it is really frustrating moments specially some thing like that happen on closing table.i have similar experience on one of of my closing.
Horrible.... I would have taken the rest of the day off and then started over again the next day.
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.
Heather - You are right - it was not a good day. Removed the "Sold" sign and went back on the market in the afternoon.
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?
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.