Well, our buyer's really screwed things up and now they can't get a loan, even though they'd been pre-approved, so our house sale has fallen through. It's rough luck, but just goes to show how important it is for young people to do their research before trying to buy a house. They made some big mistakes that I guess are not common knowledge, except around here on the blogs.
Strike one was buying a new car a few months ago. You always wait to buy the car after you buy a house, not before. The debts are looked at in different ways and it is always easier to get a car after buying a house, but not the other way around.
Strike two was listening to the loan officer when she told them to pay off some old debt to raise their credit scores...old debt that had fallen off their credit reports, but was reactivated by them paying them off. It tanked their credit scores even worse. They should have paid down debts that were current.
Strike three was that in paying off those debts they no longer had enough money for the down payment we would have required for a seller carried mortgage.
So it's over and the house will go back on the MLS. Hopefully the Canadians that were interested in buying it as a vacation home still are, but they were with a different agent, not ours. Or else someone else will want it, someone who felt like they missed the opportunity when it went under contract.
Please pray for us that we will see a new buyer and soon.
House Sale Fell Through
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A few years ago I was selling my mom's house "as is." The bank providing the loan for the buyer informed me I had to get the paperwork done to make sure there were no liens...I paid for that and come to find out the buyer couldn't get the loan because he hadn't paid his credit card bills. I told both the buyer and the loan officer that they wasted my time and money ... the buyer for not telling the truth and the loan officer for being so pushy. Grrrr
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