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#100339 - 12/27/05 12:05 AM fall outs...
LVLV Offline
Member

Registered: 04/19/05
Posts: 200
Loc: LAS VEGAS, NV.
do most deals fall out due mostly to financing? I think I might be going through that right now with one of my clients. Lesson learned. prequalify first!!!!

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#100340 - 12/27/05 12:24 AM Re: fall outs...
Orangecrest Offline
Veteran Member

Registered: 08/05/05
Posts: 778
Loc: Riverside, CA
Sheezzz... My last deal, which still hasn't closed, required everything under the moon...

Every turn, someone would want to throw up their hands and if I didn't take it by the horns it would have fallen apart.

Don't give up yet, perhaps there is another lender that may be able to jump in there and take over.

My buyer is at 825 FICO, and I thought that would be absolutely the last worry I would have.

After taking care of all my sellers glitches, I thought, "All right I can kick back and let this thing close.

Then Washington Mutual steps up and says it has been more than 60-days so we have to redo all the paperwork and appraisal.

Problem was... it was suppose to close the following day!!

Don't give up yet, sometimes you have to change your hat.

1.5%? Ha Ha Ha Ha Ha!!!

Yeah right!!
_________________________
Views and Opinions are my own,they are not to be used in anyway:medical treatment,cure disease,legal advice,tax advice,to fly a plane,stock tips or any other form other than simple conversation.I represent no one but myself,period.

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#100341 - 12/27/05 12:28 AM Re: fall outs...
LVLV Offline
Member

Registered: 04/19/05
Posts: 200
Loc: LAS VEGAS, NV.
any problems with using country wide

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#100342 - 12/27/05 12:47 AM Re: fall outs...
Orangecrest Offline
Veteran Member

Registered: 08/05/05
Posts: 778
Loc: Riverside, CA
Actually, I heard Country Wide is really good at closing deals... I personally haven't had any dealing with.

When Washington Mutual told me on Thursday that we may be able to closing sometime the following week, or possibly the week after that, I immediately started qualifing my buyer through our lender to run along side Washington Mutual in case they flaked or lost steam.

My buyer said he didn't want to do this, until I told him that he was at point of no return and would be responsible to pay out $9,000 if he pulled out now. He was sitting in front of our lender within minutes asking what they needed.
_________________________
Views and Opinions are my own,they are not to be used in anyway:medical treatment,cure disease,legal advice,tax advice,to fly a plane,stock tips or any other form other than simple conversation.I represent no one but myself,period.

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#100343 - 12/27/05 11:06 AM Re: fall outs...
offshores7 Offline
Member

Registered: 12/26/05
Posts: 55
Loc: NW Florida
Countrywide has a great reputation in my area. I got my home loan from them and the attorney who handled the sale (it was a probate thing) said they were very professional to work with. I also know several realtors who always recommend them above all other lenders. Hopefully they are good in your area too.
_________________________
Karl Burger
ERA Emerald Coast Realty
Pensacola Real Estate News

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#100344 - 12/27/05 02:13 PM Re: fall outs...
rrealtor Offline
Veteran Member

Registered: 09/15/04
Posts: 792
Loc: Virginia
I have closed deals with country wide in past they have been very professional. No not all the deal fall out because of financing. Home inspectation, home sale contigency,appraisal,buyers changing their heart and much more :-)
_________________________
Ritu Desai
Associate Broker
EcoBroker, ePRO, ABR

Team up with Ritu & Samson Properties for all your Real Estate needs in Northern Virginia.
Serving Fairfax County, Loudoun County in Northern Virginia

Samson Properties,LLC
Email - info@eNOVAHomes.com
On the web: Your Virginia Realtor
Virginia MLS Searches

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#100345 - 12/27/05 02:36 PM Re: fall outs...
Delores Offline
Member

Registered: 05/19/04
Posts: 235
Loc: TN
I've found that those 100% loans can be challenging to close -- depending on the lender. Some are so obscure and disorganized, and they seem to make up underwriting rules as they go along.

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#100346 - 12/27/05 04:28 PM Re: fall outs...
zephyr Offline
Major Contributor

Registered: 08/10/05
Posts: 1665
Loc: Missouri
The ones I've lost have usually been stupid financing snafus... 3 days before closing mtg broker says we cannot do this cuz we cannot verify buyer's income for the 3rd time; or the underwriters are asking the appraiser for interior photos of furnishings and stuff to prove the house is inhabitable... or can't get insurance because wood furnace has not been UL tested, tho it meets all requirements insurance company provided up-front. Stupid stuff. Haven't used Countrywide yet, but may try them!
_________________________
REO Broker since 2004

"And think not you can guide the course of Love, for Love, if it finds you worthy, will guide your course" K.Gibran

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#100347 - 12/27/05 04:41 PM Re: fall outs...
Dee in Austin Offline
Major Contributor

Registered: 12/03/04
Posts: 2198
Loc: Austin, TX
I only work with buyers once they have full lender approval, so have never written a contract that fell though due to financing. We had some come close because the home had issues that needed to be fixed before the lender gave final approval. Other times, the lender was slow, but we were able to close.

On the seller side, I advise that they only accept contacts that come with lender pre-approval or proof of fund letters. I'm in a contract now where the buyer's downpayment assistance program is causing a delay for my seller, so that's not a good situation.
_________________________
Dee Copeland, ABR, ASR, CRS, e-PRO, GRI, SRES
Broker-Associate, Keller Williams Realty
http://www.CopelandGroupRealty.com
http://www.TexasRealtyBlog.com

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#100348 - 12/28/05 02:00 AM Re: fall outs...
Delores Offline
Member

Registered: 05/19/04
Posts: 235
Loc: TN
Dee, I only write contracts for preapproved buyers too. But sometimes, the lender is legit, but 'unknown.' I wish I could remember the name of this one lender that had approved my buyer for a 100% loan. The morning of the closing, they wanted a copy of the canceled check my buyer had written as a deposit on new construction. Trouble was, the builder had never deposited it, and we were already at the title company. It was a ridiculous situation, and it almost seemed like we wouldn't close, but we finally did at 6pm that evening.

Another time, my buyers were all packed, the seller had rented an apartment and given away his dog, and the lender bailed the day before closing. Terrible, heartbreaking situation. There were no signs that this was going to happen.

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#100349 - 12/28/05 03:55 AM Re: fall outs...
Delicious Cake Offline
Major Contributor

Registered: 12/10/05
Posts: 2702
Loc: CA
The worst are the deals that fall through when your client goes out and buys a $100k+ RV or boat during escrow.

It's happened to me twice!

Both times the buyer then didn't qualify for their loan, as they financed their 'toys'. I always warn people about making large purchases, but people still do it.. ugh!

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#100350 - 12/28/05 01:28 PM Re: fall outs...
GailSusan Offline
Veteran Member

Registered: 08/19/04
Posts: 507
Although it's expensive, some of my buyers have chosen to apply for mortgages with two different companies at the same time and see which one comes through with the best terms. This way even if one company gives them a hard time, they have a back up.

I won't sign up a buyer without prequalification and certainly won't make an offer on their behalf without a preapproval letter nor would I let a seller accept an offer without a preapproval letter. That being said, sometimes the prequal and preapproval letters aren't worth the paper they are written on.

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#100351 - 12/29/05 03:12 AM Re: fall outs...
East Texas Realtor Offline
Member

Registered: 10/27/05
Posts: 595
Loc: southeast texas
Quote:
Originally posted by LVLV:
do most deals fall out due mostly to financing?
Not if your're working with pre-approved buyers. But even then things can happen: lay-off, injury or illness, pregnancy, principle dies, casualty loss to the property, etc.

Reasons other than finance: inspections reveal something bad, survey shows home is over setback or property lines, easement issues, encroachments, property does not appraise out, environmental issues, flood plain issues, title problems, lots of others.

$h1t happens......it's the nature of the beast. Just hang in there.

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#100352 - 12/30/05 01:38 AM Re: fall outs...
RealtorInCA Offline
Member

Registered: 01/06/05
Posts: 372
Loc: California, USA
For me the majority of major issues always involve the loan.

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#100353 - 12/30/05 01:41 AM Re: fall outs...
Delores Offline
Member

Registered: 05/19/04
Posts: 235
Loc: TN
I would think if a realtor advised their client not to buy anything before closing, and they did it anyway, that it was on purpose.

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