Skip to main content

Realtors. Brokers. Lenders. Anyone. What do I do??

My husband and I spoke with a realtor and a mortgage broker about selling our current townhome and buying a house. We have 3 kids (8 years and under). Hard pull was done on our credit and we were "Approved Eligible" in which we were told by the mortgage broker we have to sell our home for no less than X money and buy for no more than X money. Well my house receives an offer fairly quickly (4 days after going on the market) and we docusign papers on a Wednesday night at 8. Friday morning at 11 the mortgage broker tells me that we are only approved for X amount which is $50,000 under what we were told and we're expecting. Which gets us NOTHING. So he tells us our choices are buying for that amount or rent something out until credit is fixed. My credit is over a 700. I make more money than my husband. My husband's credit is 526. The broker tells me all these hypotheticals, if you pay this debt off, if you pay this collections off, etc. it'll bring his credit score up. So we did everything he told us to do and he still tells us his credit is only at a 575 and he needs it at a 580. So now at this point I have no where to go. I don't have deposits (first and last month) for a rental, I don't even want to rent anyways because we want a house for our large family. Did I get screwed? What do I do? Talk with another broker? Call lenders myself? What are the chances my current mortgage bank offers me the amount I want? Our mortgage is paid on time monthly. I'm not behind any payments. HELP PLEASE!!!

submitted by /u/No-Reference4894
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1bgs2n5/realtors_brokers_lenders_anyone_what_do_i_do/

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...

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/

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...