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Buyer's lender says HOA has insufficient reserve funds. What happens next?

Hi again!

​

We were supposed to close on our current home in two days and close on our new home in a little over a week. Our buyers' lender was waiting on getting some info from our HOA who was taking awhile to respond to them. We were notified that our closed date would get delayed a bit due to this (which was fine because we were doing a rentback until our new house closed).

I got an email from our realtor stating our current home's HOA reserve funds were insufficient for the loan the buyer was trying to get, but the lender was going to see if they could bypass the amount.

Another issue is, we were able to get a bridge loan for our new home ONLY because we had a buyer for our current one. So:

  1. How common and likely is it the buyer will still be able to purchase our home by waiving the HOA reserve criteria (iirc it's a BoA loan)?
  2. If he pulls out of the purchase is that going to make us lose out on our future home?
submitted by /u/positivefeelings1234
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/j1r5dd/buyers_lender_says_hoa_has_insufficient_reserve/
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