The words you do not want to hear are the mortgage is denied

Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

Every story is not a happy one and hearing a home under contract will not be closing is sad for all involved. A local restaurant manager was buying a FSBO home. The shame was I did not get a call until his deal was squashed. The mortgage company pulled the mortgage just days before closing because of the managers decreased hours with his restaurant limited to take out. That was only a day into the stay at home order.


I was not sure I could help. But the manager told me he knew if anyone could fix this, it would be me. The seller still wants to sell. The buyer still wants to buy. The key would be to sit with all parties and see what the options are. We met on the sellers large deck. Sitting under the spring sun a good 6 feet apart, we went over the details.


The seller is moving into his summer home, so he is not in a rush. He also is a good customer of the buyers restaurant much like me. The buyer though gave his notice, he needs to be out of his apartment. I though of some initial options. The seller who was bent on selling himself confessed selling one's own home was the hardest and most stress full thing he has ever done. 


The seller was willing to wait for the buyer. The buyer needed in though. Would the seller rent to the buyer until he could get a mortgage? The short answer was only if the buyer could get a mortgage in this age of the virus. One call to my local and trusted loan officer. The mortgage company that denied the mortgage sent over the package. After some back and forth and a couple of days later, they would committ to the mortgage contingent on full employment. With 4 weeks of full pay checks they clould then close the loan. The interest rate lower than what they had, was a plus.


IN SUMMARY, it was a simple solution that took the know how of who to contact, what to say and what was needed to make it work. The buyer aka best restaurant manager i know told me "that he knew i could make this work". That he "should have called me first." 


IN THE END I love seeing happy clients. With any luck NH will open up the first week of May. The seller moved to his summer home and rented to the buyer. A large security deposit to protect his interest that will be applied to the purchase when he closes. A lot of people forget that experience does matter in real estate. The "know how" that can not be found online. Can not be garnered at the discount store and comes from "doing." There are no short cuts in real estate that ever end well. DO it right the first time.


I leave you with my infamous thoughts, My philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other.


To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: .


About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. Proud to be locally owned and operated with 34 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area.We are Full Time Agents ready to serve all of your Real Estate needs. Servicing Hillsborough, Rockingham, Merrimack and Belknap counties. 






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Comments (5)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Scott... the mortgage markets now are in such a state of flux, we need to have our list of dependable lenders who can work hand in hand with our clients... what one lender won't do, another might.

Apr 22, 2020 07:18 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Scott- The sellers and buyers are lucky that you don't view roadblocks as something that says STOP.  You make take a detour but you get them where they want to be. 

Apr 22, 2020 12:39 PM
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

It's always nice to know the right people to help our clients overcome a no.

Apr 22, 2020 01:57 PM
James Dray
Fathom Realty - Bentonville, AR

Morning Scott.

Just goes to show you whatever the problem is, there is a way around it.

Apr 23, 2020 12:37 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Scott:

Great thinking and solution! It's definitely a challenging time for many, and lots of requirements seem to be changing with lenders on a regular basis. Unemployment or reduced income is no doubt creating all sorts of problems.


Apr 23, 2020 03:01 PM