Home Selling in 77063>Question Details

Ogreenleaf, Other/Just Looking in 77063

i have a buyer for my home. she has an agent only supposedly the lender keeps delaying and now they want me to finance then the lender get with her?

Asked by Ogreenleaf, 77063 Wed Aug 25, 2010

this question is really for a friend of mine going thru this. i think the whole thing is nuts.

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Sounds odd to me too - it sounds to me as though you are selling on your own and cooperating with the agent who is representing the buyer. My suggestion is to push back on the agent and enlist the support your attorney here on the status of the financing. As prior posters have made clear, a mortgage preapproval should have accompanied the offer that you reviewd - and your contract should have specified a date at which time the bank would have provided a firm mortgage commitment. Once that is done, then unless the buyer's situation changes, you should be good to go. Asking you to step in and provide financing sounds fishy to me - the question is who isn't preforming here? The Bank? The Property (ie, low appraisal)? or The Buyer? You want to sort this out with the assistance of your attorney and the buyer's agent.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Wed Aug 25, 2010
Sellers must make sure buyers have a solid loan pre-approva before entering into a binding sales contract. Otherwise, house may be tied up, missing on several qualified buyers and in the end not closing...strongly suggest your friends consults a mortgage professional to ascertain current buyer ability to obtain financing.

Mario Romero
Broker & Mortgage Banker
R3 Real Estate
0 votes Thank Flag Link Wed Aug 25, 2010
Sounds like you do not have a Realtor representing you. If you owe nothing on your home and can move out of it with out closing the sale, you can owner finance for maybe 2 months with the condition of them paying the rest of the note at the end of two months once they have their financing straight; but is not an easy situation because they may end up not getting the financing, now banks are being real picky with all buyers.

If they do not get financing then you will have to move them out and evict them if they decide to...not an easy scenario. Have you had any other interested buyers? If yes, you do not need to extend the contract and take a chance with anothe buyer, makes sure they are completly pre-approved before accepting the offer.

You can always extend the contract to give the buyer time to get things straight, I had a closing that took 3 months because of the lender's fault. At the end if they do not get financing you will keep the earnest money.
0 votes Thank Flag Link Wed Aug 25, 2010
Your friend (SELLER) doesn't appear to have the help of a Realtor and this is just one of many obsticals and steps we help guide buyers and sellers around. The buyer, does have a REALTOR and it seems the buyer is trying to get your friend to do an owner finance . This could be a mistake because she would be required to disclose and provide information at the year end for taxes, etc. If she didn't she could have REAL problems. Also, there are other what-ifs that should be considered and there are several. Those could become legal problems quickly. I am a realtor in Houston...I'm not a lawyer. However, if you would introduce your friend to me and ask her to call I would be happy to listen to the facts and if she needs an attorney I can recommend some info and a name.
Good Luck, Kathleen Hamid, Realtor (281) 799-4002 email: KathleenRealtor1@gmail.com
0 votes Thank Flag Link Wed Aug 25, 2010
Your friend should be very careful. It sounds like the buyer has representation but not your friend. Does she have her home listed with a Realtor of selling For Sale By Owner?
0 votes Thank Flag Link Wed Aug 25, 2010
Lenders are taking a little longer these days. Where is your realtor representing you in this transaction. If you do not have one, I suggest you get one. This could be a problem down the road for you.
0 votes Thank Flag Link Wed Aug 25, 2010
Sounds a little shady to me. Although loans are taking longer right now, I would be wary of financing someone unless you can afford to hold the note for as long as it takes. If you are not in too much of a hurry, just extend the closing date, and have your realtor list the home has PS, so you can still have showings in case this falls through.
0 votes Thank Flag Link Wed Aug 25, 2010
Before you sign any offer you need to make sure the buyer is qualified and approved for a mortgage!
0 votes Thank Flag Link Wed Aug 25, 2010
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