Home Buying in 85021>Question Details

Dabeav, Home Buyer in 85021

My lender came back and advised that I had to add my cosigner on the loan as a co-title owner. The seller

Asked by Dabeav, 85021 Wed Jul 1, 2009

will not allow an addendum stating such. We are at a stalemate, he wants us to submit a new contract and this would put us over deadline and paperwork will need to go back to underwriting. What can I do?

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Unfortunatly you will probably have to do what they request, if you really want the home! It sounds like a lender owned home! It is becoming more and more difficult to close loans and unfortunatly we have to go along with the lenders! It also is very frustrating to the buyers and agents! All buyers need to be on loan paper work as well as title! So far it is consistant on every lender owned home! You can not add or remove buyers once an offer is accepted! Very frustrating!

Lucinda Tkach
1 vote Thank Flag Link Wed Jul 1, 2009
I hope that you are using a buyer's agent. If so, they should be able to talk to the seller's agent and hopefully work out the situation. I don't think the seller wants to start over (unless you got a smoking deal and they think they can get more money back on the market). You really need to discuss this with your agent and have them explain your options, they would know the situation best. If you are not using an agent, I would strongly suggest you use one next time so that they can help you through these type of situations.
1 vote Thank Flag Link Wed Jul 1, 2009
Sounds like your "seller" is a bank or bank's asset manager. If so, welcome to bank-owned-property-hell! Your Buyer's Agent should be able to discuss the situation with the seller's agent and see if there are any options or solutions that they will accept.

Best of luck!

1 vote Thank Flag Link Wed Jul 1, 2009
Hi Dabeav,

I agree with Randy, Todd and Lucinda. However, I partially disagree with Bob's answer. If you add a co-borrower to the loan and purchase contract, then the seller, regardless if they are private or a bank, will now have to be concerned with 2 borrowers qualifying instead of just one. Now, there could be double the risk of the borrowers not qualifying. I understand the sellers reason(s) for not allowing the addendum. But you need to know if you are REQUIRED to have a cosigner in order to purchase the home or is it just a suggestion from your lender.
Maybe you could offer to increase your earnest deposit and make it non-refundable in exchange for adding the co-signer. So, if you do cancel or can't get approved or can't buy it, at least the seller is compesentated for accepting the additional risk. Regardless of all this, what advice is your Buyer's Agent giving you?

Buyer's Agent Realtor
0 votes Thank Flag Link Wed Jul 1, 2009
good afternoon...there is no reason that the seller should care how you or you and your co-signer purchase the home and hold title.....it is a matter of selling it to you and accomodating the requirements of the file, or starting all over again looking for a new buyer.where are your real estate agents?.....this is an education process that needs to be explained to your sellers....two can't borrow the money and only one own the home..i hope your seller gets it soon.best regards...bob mcclure- success mortgage partners- plymouth, michigan.....
0 votes Thank Flag Link Wed Jul 1, 2009
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