We HAD a CLOSING Yesterday Against ALL ODDS!
No names here and no addresses but quite a story to tell!
So in the interest of sharing the truth of "Do not give up until you've exhausted all viable possibilities to get the home you want"....
Last Fall, Sellers put their home on the market. They were moving out of town to the Tulsa area close to family but didn't want to look for a home until they had acontract on their sale. We had a full price offer in 2 weeks, closing in 60 days or less (standard in our abstracting state). Buyers working with an out of state VA lender. Sellers countered the closing date. They wanted 6 months to closing so they could home shop in Tulsa.
I could not believe that Buyers agreed to 6 months, but they did. Sellers found a home in Tulsa and we set closing 6 weeks before the 6 month date. Sellers purchase contingent upon their sale here in Idabel. Closing scheduled at the end of the month. Buyers gave their landlord notice. Sellers scheduled the movers.
We had a "Clear to Close" on Monday, for closing on Friday. The day before scheduled closing the Lender does a VOE (Verification of Employment) on both Buyers. The husband had changed jobs in December. He had been driving an hour commute to get to work. He changed to a job that was 10 minutes away and paid more. He had sent new pay stubs to the lender when he changed jobs. Lender missed it in the emails from the Buyer but the VOE brought full attention to it. When Lender asked why the Buyer had not informed them, the Buyer informed the lender that they did and then forwarded the emails that he had sent in December... crickets...
Closing Cancelled. Sellers have their household belonging in a moving van headed to Tulsa. They are in a motel. Buyers are packed and have to be out because their landlord has already rented their apartment.
I had Mr Buyer call a Loan Officer in Oklahoma City that has done many loans for my clients, to see if he had any programs that would work for them. Buyer called me back a little later, disappointed because nothing was available.
On a long shot, I called a local Mortgage Broker. He was willing to look at all possibilities. I suggested a Rural Development Guaranteed loan since they needed 100% financing. I then had the Buyers call that Mortgage Broker. As it turned out, the buyers ended up with a Rural Development Guaranteed Loan in just the wife's name since the husband is the one that had changed jobs. Her credit was good enough to do that. The Mortgage Broker looked at their information and put it together for them.
So 2 weeks after the first closing fell through, my clients closed closed on their home and they are moving their belongings from a storage unit into their new home, this week-end. They have been staying with family until we closed. Celebration time today!!
When buying a home, it's important to choose carefully your real estate agent, your lender, and before making any changes in your situation, ask someone if that can cause a problem!