3,988,007
I would recommend the proeprty goes back on the market and meantime the buyer can pursue other sources of financing. This will hedge your bet.
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Nina Hollander, Broker
Charlotte, NC
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Lise Howe
Washington, DC
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Fred Griffin Florida R...
Tallahassee, FL
989,652
Back on the market! No question here.
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Nina Hollander, Broker
Charlotte, NC
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Jessie Cochran
Panama City, FL
2,220,323
Get the property back on the market
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Nina Hollander, Broker
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
5,048,883
Go back on the market with a time limit to perform to the current buyers and hopefully get back up offers. But I would want to know very speficially why this is an issue now - it may be a lost cause and why waste any more time?
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Curtis Evans
Golden Meadow, LA
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Dina Braun
Charlotte, NC
3,727,873
It all depends on the reason the financing isn't working. If it's a lost cause, it's back on the market. If it's something that can be easily cured, I'll try to work with the buyers and their agent. Another factor is what is the market doing? If we go back on, is it a good market or a challenging one to get the home re-sold.
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Nina Hollander, Broker
Charlotte, NC
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Fred Griffin Florida R...
Tallahassee, FL
2,684,009
Back on market. Your Sellers will just lose more time if they wait on iffy Buyers.
Best wishes to those Buyers; hopefully they can get their finances straightened out, and find another house.
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Nina Hollander, Broker
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
108,016
People are quick to pull the plug and rip up the current offer...
Better to have the loan package sent to a reputable, quality loan originator in your area to give it the once over. This shouldn't take more than 15 minutes to review and render a judgment.
Why?
- The loan package is complete--the buyer is locked and loaded and ready to go
- The appraisal has already been done--no waiting for a new one to go through the system and potentially coming in with a different opinion of value
- It's the right thing to do. It's easy to want to smash the buyer one in the face, but it's not typically their fault. A lousy loan originator is often the culprit and he may not have had a product to fit the buyer in the first place. A quality broker may have many, many more products that will fit than your typical bank or mortgage banker.
Again, this exercise will only take a few minutes and may save you weeks if you decide to take it back on the market, haggle with new buyers and deal with a another loan process that will take 30 to 40 more day...
I've done many "saves" for local agents when a deal goes nuclear. You just never know until you get a second opinion...
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Cathy Hertler
Billerica, MA
5,868,472
Depends on your market -- in our hot market, I would put the home back on the market and find a buyer that truly can buy it. In markets that are slower, and if it has been on the market a while, work with the buyer.
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Cathy Hertler
Billerica, MA
69,794
It really depends on why they couldn't get financing, especially if they were already pre-approved. If it was something minor, give them an opportunity to seek out another lender. Especially if the buyer's first bank was a large, non-flexible bank. Could be something very minor a small local bank or mortgage company would handle differently. Maybe the buyers could also get a co-signer or something. Too many unknown variables here in this question to just say NO and put it back on the market. We had a similar situation many years ago. When the bank, during the final week till closing, went to do the final and last credit check, it dropped their credit score 2 points below what it should be. Loan got denied by the "big bank" underwriter. We sent our buyers to locka mortgage company that had lower standards and got them approved and closed in another 3 weeks.
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Cathy Hertler
Billerica, MA
3,416,038
It would depend why the buyer could not get a mortgage, Most likely if they tried an internet lender who could not close it, why were then not persuaded to use a reputable bank from the start. If a credit issue, no one may be able to give them a mortgage and time to start over
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Nina Hollander, Broker
Charlotte, NC
5,005,586
Back on market!! Not even a thought about doing so!
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Nina Hollander, Broker
Charlotte, NC
582,106
If you have no back-up offer, return to the market.
It's best to wait until after you jump out of the plane before pulling the cord on your parachute.
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Nina Hollander, Broker
Charlotte, NC
2,538,633
Good morning Cathy. Unfortunately if happens and I am often a lender that is brought in after someone has failed, so that I can give a second opinion. I will let them know if they have a shot at getting a mortgage. Then I will make a recommendation, most of the time an extension is granted.
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Nina Hollander, Broker
Charlotte, NC
1,622,432
Depends on the reason. I'd consult my preferred lender before making a decision ( they usually are ready to give an answer the next day after receiving the file). One time we switched a lender and closed in 7 days FHA after failing with an original lender.
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Nina Hollander, Broker
Charlotte, NC
3,164,269
No extension. No recommendation of to accept offer unless the approval letter is only conditional to appraisal and buyer's not having financial changes (ie loosing their job or something of the sort). Why take a property off the market for buyers who are not qualified.
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Nina Hollander, Broker
Charlotte, NC
6,393,154
Back on market, and make sure YOUR prefered lender approves them before accepting another offer from them.
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Nina Hollander, Broker
Charlotte, NC
321,564
Depends why they can't get the loan. Your homeowner can't carry the loan payments. You have no back up offer. I would suggest to put the home back on the market.
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Nina Hollander, Broker
Charlotte, NC
3,340,443
This is why we screen lenders.,...up front, at a minimum have the buyers for every listing get pre qualified from a list of lenders you trust...put this listing back on the market and follow this rule...you won't ever have Sellers disappointed again.
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Nina Hollander, Broker
Charlotte, NC
2,707,721
That depends on the situation as to why they can not get approved for their financing.
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Nina Hollander, Broker
Charlotte, NC
3,986,258
I wold get the home back on the markete ASAP. Also if the buyer was using a large bank I suggest finding a smaller one right away. many of the small backs are easier to work with
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Nina Hollander, Broker
Charlotte, NC
2,362,701
it depends on whether the financing is a no go everywhere or just with this lender - I am literally facing that this week - I just put the house back on the market tonight - I am hoping that the buyer will talk to my lender so I can be sure that no one can get this buyer a loan
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Nina Hollander, Broker
Charlotte, NC
637,434
Depends why the lender didn't fund. At this point, the buyer has to open up and let the seller know what the problem is. Sometimes it can be worked out.
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Nina Hollander, Broker
Charlotte, NC
292,685
I agree with Patricia Kennedy. I remember going to the closing with my buyer on a Friday and their lender decided not to fund the deal. Over the weekend we scrambled to find another lender and closed on Monday. Anything is possible in this business you just have to think it through and do your best. Sometimes though you also know when to fold the cards.
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Nina Hollander, Broker
Charlotte, NC
2,781,153
Well I wouldn't let it go that far to begin with. I just had a deal where I had to extend twice because of a lazy lender. But I found about about the laziness in first few days. I rode them until the finish and toyed with starting over
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Nina Hollander, Broker
Charlotte, NC
953,617
Would recommend both, if your seller is willing and financing is not impossible for the current buyer. Since you stated it will show better and is now vacant...go get those backup offers! Just in case.
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Fred Griffin Florida R...
Tallahassee, FL
1,239,801
Did you take a back up offers?
We have one listing the buyer loan was rejected and backup offerer walked. We got a local lender willing to lend money stretching the coe to 10 days longer.
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Fred Griffin Florida R...
Tallahassee, FL
4,800,082
763,883
BOM, this protects me. That way if they decide to move forward it's their fault.
864,658
1,502,998
Send a notice to perform, cancel the escrow and put back on the market. The first buyers can have first right of refusal, but you don't have to make the house "offers subject to cancellation of prior escrow."
4,882,355
See if you can terminate the contract and put the property back on the market. Also be thankful you did not already spend that commission check.
1,027,602
As a listing agent, I had this happen once; it wasn't exactly the same, the house the buyers were selling was under contract, but fell out. So, my sellers went back on the market but before we got an offer, the original buyers were able to get their house sold so were able to come back with a contingency free contract. It worked out in the end, but no way would we have "waited" for them.
3,071,489
Earnest Money permanently non-refundable to the Buyer - Buyers funds if they do close - otherwise - Back on the Market!
5,583,278
how the hell did that happen!!! if the buyer was properly pre-approved and there was trust in the lender who did that pre-approval, the buyer should be financed....and why is this happening the week before closing.... date for notice for a mortgage should be many weeks before closing.... many more questions here~~
900,128
7,835,407
4,434,127
613,494
If the buyer is cancelling the contract, or AGREEING TO ALLOW SELLER to change the status, only then can the seller arbitrarily just put it back on the market.
Read the contract...has the buyer really breached it? Maybe not. Just because the buyer misses a deadline, does not automatically cancel the contract.
Sure, if the buyer and seller agree to cancel a week before closing, than the seller can do whatever they want.
Eve
5,104,931
1,525,616
I would give my sellers the options and let them decide what they want to do.