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I Hate It When This Happens!

By
Real Estate Agent with Keller Williams Cape Cod and the Islands

Maybe it's just a sign of the times.

A condo that I had under agreement became available again yesterday when the "pre-approved" buyer was not able to get financing. With mortgage providers crossing every "t" and dotting every "i," every little blemish (even ancient ones) on a person's credit report must be resolved. The lesson for me from this experience: do not accept a pre-approval letter with any contingencies.

As a result, a nice 2 BR, 2 bath townhouse in Falmouth is once again available. Check it out at www.20bwoodview.com. It would be great as a summer/weekend reteat or as a year-round home, and is convenient to all the Cape amenities as well as off-Cape communtes.

 

Show All Comments Sort:
Veronica DeCarolis
Weidel Realtors - Flemington, NJ

Is your potential buyer working to resolve their credit issue or did they just walk away?  Veronica

Jul 10, 2008 12:09 AM
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

Unfortunately most lenders are still giving out approval letters and deals are falling apart atthe end. This is why I also offer financing that I do myself. After almost 15 years in Mortgage there's no pulling punches on the financing.

Jul 10, 2008 12:10 AM
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

Without breaking any confidences, what type of issue caused the problem?  It seems fairly tough to go from preapproved to NOT.

Jul 10, 2008 12:12 AM
Jenniffer Lee
RE/MAX Complete Solutions - Boca Raton, FL
Broker/Owner/Realtor at RE/MAX Complete Solutions

Did you try to kick them to a lender you trust for a second opinion.  I have had some that would have fallen through by my morgtage guy was able to salvage the deal.

Jul 10, 2008 12:13 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

Basically everyone agrees....get the buyer to a "mortgage doctor" to stabilize, revive and send "home"..Easier said than done I am sure! Good Luck!

Jul 10, 2008 12:24 AM
Stephen D White, E-Pro, ABR Cape Cod Real Estate
SDW Realty of Cape Cod - Falmouth, MA

Steve a preapproval letter does not include a credit check or their mortgage readiness/ ability. A prequalification letter should!

Jul 10, 2008 04:36 AM
Steve Clay
Keller Williams Cape Cod and the Islands - Falmouth, MA

Hi Everyone:

Thanks for the comments and advice. The credit issue was a single credit card. We tried to work with one mortgage provider and have not gone to another provider. The buyer is going to get this straightened out and will then get back into the market.

Jul 10, 2008 11:13 PM
Ted Komenda
Dunhill Group - Osterville, MA

Good luck, I've switched to a mortgage company that has a much more extensive pre-approval.  It is as if they are getting a commitment letter and the company underwrites.  Ted

Jul 11, 2008 07:04 AM
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