I am a full-time REALTOR® under the state of California. I specialize in home buyers and am passionate about sharing the importance for everyone (especially young people) to become credit worthy. Many see home-ownership as something unattainable, or something to do when their in their 30's, married and with kids. While it might be one of the most expensive purchases in our lifetime the process itself is not as daunting as it's made out to be. With the right information anyone can own a home!
That would depend on what the nature of their financing trouble is. Perhaps they should speak to a different lender? I have heard of deals falling through after they have been accepted because buyers aren't told that the loan underwriters keep their financial life under the microscope after pre qualification. Many buyers, if not instructed properly, will go out and buy all new furniture after hearing about their offer being accepted without realizing their credit gets run again before the loan is funned. They rack up the credit cards, their scores adjust and suddenly they no longer qualify for their loan and the deal falls through. Not sure if that's the case with your buyers, either way it's not a fun thing to go through for either party involved.
Thank you for the question Rick!
I've never had this situation happen to me, but deals do fall through for many reasons. It is totally possible to back out after negotiations; however, it is not without cost. Once an offer has been inspected a buyer usually has a 17 day inspection period where they can order a terminate report, home inspection, and roof inspection. Depending on negotiations either party could pay for these. If the buyer finds something troubling in the inspections we write up a request for repairs where we ask the seller to fix the issue. If the seller refuses the buyer could back out of the deal and get their earnest money deposit back (Usually at least $1000). If they back out after the inspection period they lose their earnest money deposit and whatever money they put into inspections.
I hope that answered your question Maddy1, thank you for asking it!
Are you paying cash? Are you financing all or part of this purchase? What rate did you secure? What state do you live in? What county? What does your lender charge in fees? What inspections are you paying for?
Unfortunately, it's not cut and dry. Every purchase is unique and tailored to each property, client, and market. If you're serious about purchasing property I would suggest speaking with a local agent in your area.
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