Home Buying in Southfield>Question Details

ntictak37, Home Buyer in Southfield, MI

after the pre-approval letter, offer is made and accepted, inspections have been favorable what may cause the deal to fall through?

Asked by ntictak37, Southfield, MI Fri Oct 26, 2012

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EJ Joier
0 votes Thank Flag Link Mon Mar 17, 2014
the underwriters may ask for additional documents from you
0 votes Thank Flag Link Thu Nov 15, 2012
Another thing that can hinder the deal is the title work can come back with liens and other complications.
0 votes Thank Flag Link Thu Nov 15, 2012
Loss of job, death in family, numerous things can happen....attorneys are best to handle the situation at that ponit...
0 votes Thank Flag Link Thu Nov 8, 2012
Mortgage isn't guaranteed. During the transaction, I will highly suggest not to buy anything that requires your credit to be pulled. Do not buy/lease a car. I hope this helps.

Jamie L. Rodgers
The "Mr. Rodgers" Team
"The Bros Who Are Real Estate Pros" http://www.myrealestatebrothers.com
0 votes Thank Flag Link Thu Nov 8, 2012
AT this point pre-approval does not mean approved and most iften what causes the deal to fall throuh is the buyer is denied a mortgage after a strict review of their loan application
0 votes Thank Flag Link Sat Oct 27, 2012
The buyers been pre approved does not mean that they qualify for sure for this mortgage. Lenders are tight and are looking at everything, before they approved a mortgage loan. Even at the closing table anything can come out and jeopardize the sale.

Best of Luck,

Maria Cipollone
Century 21 Tenace

0 votes Thank Flag Link Sat Oct 27, 2012

A pre-approval letter is not an indication of the lenders committment to the buyer. The lender's committment is not established until the mortgage company issues its "final approval." This is usually done in the final days of the transaction.

Good luck,

0 votes Thank Flag Link Sat Oct 27, 2012
yes your appraisal has a lot to down with deal going forward or stopping in dead in its tracks. Find a good realtor who will work for your best interest.

Good Luck.
0 votes Thank Flag Link Sat Oct 27, 2012
The appraisal will have to be done and hopefully come back at the agree upon price. If it is lower you may want to re negotiate price with the seller or maybe meet in the middle. Your Realtor can help you with that, you are working with one hope.

Good luck
0 votes Thank Flag Link Fri Oct 26, 2012
appraisal issues (value and/or repairs), financing hiccups and not coming through underwriting as expected, problems with municipal inspections, title issues, and a number of other things. If you are looking to purchase or sell, we all HIGHLY recommend you hire an expert to facilitate the process on your behalf.
0 votes Thank Flag Link Fri Oct 26, 2012
The major stage remaining for potential problems is the final mortgage commitment process. Even though you have a preapproval, it doesnt guarantee that you will get the final commitment and approval for your mortgage.
A lot of problems come when buyers are not made aware that they must watch every financial move they make once the mortgage process is underway. EVERY bill should be paid on time, major purchases should not be undertaken if at all possible, and all deposits and withdrawals should be able to be sourced (namely document where the money came from). If you can hold off buying that new car until after closing - then hold off !! :o)
Always consult with your mortgage professional if you have a question of any kind regarding a financial transaction during the mortgage stage.
Also in many states, the seller is required to get a Certificate of Occupancy before they can sell the house. This is issued by the town, who will send a building or fire inspector with a checklist of items to approve (smoke detectors and carbon monoxide detectors in place etc, walkways and sidewalks in good condition) and if there or items that are not approved, then the certificate will not be issued. There are some cases where they will issue a temporary certificate but will require the repairs be completed within a certain amount of time after closing.
My suggestions is keep constant communication with your Realtor, Mortgage contact, and attorney if you use one - this way the professionals should keep you on track, and avoid as many pitfalls as possible.

Good Luck !
0 votes Thank Flag Link Fri Oct 26, 2012
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