My agent heard from the buyer's mortgage broker today. Apparently, the reason for the delay in the loan docs was the buyer had a late payment on his credit report. He said it was the bank's fault and initially, the bank agreed. However, after further investigation, the bank changed its mind and decided it was the buyer's fault after all. That dropped his credit score and he no longer qualified for the loan. The mortgage broker says they can get it cleared up in 15 to 30 days, but I'm not going to wait that long. The house went back on the market today. If the buyer gets his loan situation straightened out before it sells to someone else, he can buy it. Otherwise, it's first come, first served.
Wednesday, June 14, 2006
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7 comments:
wow, pretty crazy if one late payment makes the guy ineligible for his mortgage. He must have been right on the edge.
Shaun, you're lucky that the place ins't here in California; prices are dropping like a rock here, with inventories going thru the roof! Everyone is selling, but no one is buying. So just remember, it could be worse. At least you're in AZ and there are buyers out there.
That's just not true. Invetory in Arizona has gone up FOUR FOLD in the last year! (9,400 MLS listings in May '05, and 43,000 MLS listings in May '06).
Here's the link:
http://www.azstarnet.com/business/133299.php
Dunwoody,
Where did I say that prices were falling? Please take a moment to re-read my post. I DID say that listings have gone up, but I did not, in any way at all say that prices are falling.
I'm just saying that there are four times as many properties on the market in AZ as there were last year. That means that buyers have four times as many choices when they are looking to buy.
So it might be harder to find a buyer. That's all. Nothing about prices. That remains to be seen.
Hey there. Don't have much to add about the situation but I just wanted to say that this blog is an awesome track keeper of real estate. I want to get into it soon, but am trying to raise capital. Keep up the good work, I'll be reading!!!
Richard- we know a lot of people who have capital if you want to partner or borrow...don't let that stop you!
Shaun- you posted a HUD or VA loan trick or something on Rich Dad that you learned about? Can you write a little more about that here- wait maybe I should go back through and see if I can find it.. lol
Yikes. Sorry to hear about that, Shaun. Maybe you'll find a better deal!
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