My buyers are ready to move. Their stuff is in the truck. The kids are in the local school. The sellers of the home they are buying have graciously allowed them the opportunity to put some of their stuff in two of the 4 garages that come with this home. Everyone one is excited. The Sellers will be moving into a rental until their 7000 square foot home is complete this spring and the Buyers are starting a new life on Cape Cod.
And if you are waiting for a shoe to drop, this is where the resounding CLUNK happens.... the closing scheduled for 2pm today has been int erupted (she says hopefully) by the once "committed Mortgage" which has now decided not to fund. Let me first acknowledge that my buyer went to an Internet provider of Mortgages not a local provider so the "advocating" has been difficult for the buyer and the attorneys.
The Buyer, who makes 7 figures and has put several 1,000 down, told me yesterday that the underwriter has called for employment verification 4 times, according to his HR department. The company has recently changed names thru a merger and because it can not be cross identified when searching on the web or phone records there is some skepticism as to it's viability.
Needless to say... the family hangs in the balance. The Seller's who are confident the Buyers can buy ...even if they have to switch banks... Will let the Buyers move in with a use and occupancy agreement until the situation can be worked out... But for now... Wounds are being licked, "I told you so's" are flying and just one more family falls victim to the economic climate of today.
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