Skip to main content

Selling house - Issue in underwriting

My wife and I listed a house the week before Christmas. We accepted an offer 5 days later. The couple that is buying the house relocated here for their job sometime back and found a place to rent. Their lease was up the middle of January so they were hoping to close as soon as possible on our house due to that. They are now staying in an AirBnb.

They are in underwriting and an issue has come up with their employment. From what our agent is relaying to us, the buyer has worked at the same place for a while but just recently it was bought out by another company so this is being questioned. They (the buyers) are fed up with this taking so long so now they are wanting to possibly switch lenders if this can't be resolved soon. Our contract expires 2/10 so if they do switch lenders I don't see anyway we make that date.

I'm curious what other people think we should do here. Their agent is asking would we be willing to rent the house to them until we can close if they switch lenders. We said we don't want to do that because if they are having issues with this lender, who's to say they won't have issues with the next one and we don't want to be in that situation.

Should we just be nice and say we will extend for an additional week or two and let them work this out? Should we ask for a little more money since we are most likely going to be paying another mortgage note and utilities? What are yall's thoughts?

Maybe worth noting, they gave us a full price offer but we are paying all closing and giving them a home warranty.

submitted by /u/House_Hunter23
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/10nf0bl/selling_house_issue_in_underwriting/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...