Selling our home

Kim
Home Seller
Westfield, MA

we are in the process of selling our , we were told by our lawyer that the buyers were "pre- approved" but now they are dealing with their banks underwritter they have missed 2 closing dates already, are they approved or not, from what I understand about underwritters, they will give the final approval or denial to their loan officer. Is that so>

Answers (1)
Scott A. Nelson
Agent
02155
FIRST ANSWER

You really should find out in greater detail why exactly they've missed 2 closing dates. Was their debt to asset ratio to great? Did they not have the closing costs funds to close? Was the amount they're putting down insufficient? Are they just stalling hoping for a better loan package? You should've actually looked at the pre-approval that they presented with their offer, research the lender they're using with the Better Business Bureau, Mass Division of Banks, Google them for problems closing. Were there alot of terms on their pre-approval that needed to be completed prior to closing that have not been met in a timely fashion? Find out exactly which loan program they were approved for and consult a mortgage professional you trust to review the buyers and see if they actually have the capabilities to close, perhaps their lender is not as good as one you know. Finally did your home appraise for a sufficient amount? Alot of details are needed, most of which should've been answered prior to the first closing date they missed. You may have serious problems that need to be addressed with these buyers.

Wed Nov 19 2008, 00:31

Didn’t find what you were looking for? Ask a question!

Search Advice

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback