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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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I can't take the headache any more!
Basically we accepted an offer on our house last November, our buyers are a nightmare. They have Shi* for credit, and the whole deal is incredibly shaky. Therefore, we have not gone into contract on a new house yet. We are supposed to close this week. I just got the full story on their credit, it is so unbeleivably bad, I don't understand how they ever got a mortgage approval. Basically, I need to be all packed up and ready to go wednesday...YET, there is still a chance the bank could pull the mortgage at the last minute.
I really wish I had known how bad the situation really was, I think i would have denied contract with them, and left my house up on the market. This stress is just unbearable. Mwanwhile, contracts on the new house we want, are sitting in my lawyers office as of Saturday. We are pushing off signing, until we know for sure this deal is done or not.....UGH, I want to go out back with a gun, LOL!
Thanks for letting me vent......
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Posted 2/5/07 12:51 PM  |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: I can't take the headache any more!
Just take it one day at a time, but here are  that things start to go smoothly for you!
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| Posted 2/5/07 12:53 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: I can't take the headache any more!
OMG, I'm praying everything works out for the best for you guys!
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| Posted 2/5/07 12:59 PM |
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Re: I can't take the headache any more!
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| Posted 2/5/07 1:03 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: I can't take the headache any more!
I hope and pray everything goes smoothly from here on out...
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| Posted 2/5/07 1:12 PM |
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JennCo
My greatest joy is my baby boy
Member since 1/07 2772 total posts
Name:
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Re: I can't take the headache any more!
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| Posted 2/5/07 1:13 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: I can't take the headache any more!
Thanks all...I am just so frustrated. I guess I just hope and pray all works out his week, it really is not the worst thing in the world if it does not, but, it would be nice to move on....
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| Posted 2/5/07 1:27 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: I can't take the headache any more!
Did they get a committment letter?? If so it will 99% close unless there is something that arises that the bank did not know about. And trust me, the bank knows about their credit. Now if they don't have a committment letter than you are in worse shape.
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| Posted 2/5/07 2:56 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: I can't take the headache any more!
the only way they could not close the loan is if there credit got worse
if they stopped making payments on something or opened up new accounts and there score droped
otherwise it should be ok
hang in there 
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| Posted 2/5/07 3:02 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: I can't take the headache any more!
sorry you're going thru this!
if the sellers on your new house are looking for the contracts to be signed just give them the old "i'm sick and cant get down to my attorneys office" routine. 
Message edited 2/5/2007 3:24:41 PM.
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| Posted 2/5/07 3:24 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: I can't take the headache any more!
We got the "clear to close" on Friday, that's why I thought all was okay. However, the mortgage broker today said, there is still a chance it could fall through once it hits the closing dept. at the bank. he said normally he would never worry about this, that it is 90%, but they are just on such shaky ground, and honestly do not deserve a mortgage.
My realtor spoke with the sellers realtor, and told them my lawyer was quite a distance from me (which he is) and that we figured since we were closing this week, we would take care of contracts after that to avoid two trips. Seemed to go over okay!
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| Posted 2/5/07 4:07 PM |
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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
Name:
The cure IS worse!
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Re: I can't take the headache any more!
That does sound stressful. I really hope that this week goes of without a hitch! Please keep us updated!
I will be keeping my fingers crossed.
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| Posted 2/6/07 5:08 AM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: I can't take the headache any more!
Good luck to you! I hope this all gets resolved soon, and you can go ahead with your purchase. I know we're stalling signing on our contract until our buyer does (hopefully this week). You've been dealing with this a long time though, and I can imagine the stress just gets worse over time.
Can you still extend the closing date to give yourselves more time to move into your new place? People do this from time to time.
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| Posted 2/6/07 9:26 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: I can't take the headache any more!
Posted by lulugrrl
We got the "clear to close" on Friday, that's why I thought all was okay. However, the mortgage broker today said, there is still a chance it could fall through once it hits the closing dept. at the bank. he said normally he would never worry about this, that it is 90%, but they are just on such shaky ground, and honestly do not deserve a mortgage.
QUOTE]
it sounds like he is concerned about there credit score droping further
if he has a personal relationship with the bank rep - they might have agreed to do the loan as a favor- Jake pulls this off all the time- but if the persons score drops a few points b/c they open a new credit card or pay a bill late- it messes everything up right at the end
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| Posted 2/6/07 9:44 AM |
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