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

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

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...

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/