A beautiful house that was very attractive to first time home buyers and investors. Not surprisingly, the investors offered less money than the first time home buyers. Not surprisingly, the sellers wanted the higher price. First time home buyers are eager and IN LOVE with the house but they often have difficulty getting a home. WHY??? Well for one they often do not have the required down payment. Then their work history may not be long enough to satisfy the lender. Investors offer all cash and a quick close, but less money. What would you do???

In this case, the sellers accepted an offer from a first time buyer. A couple who absolutely, totally loved the home. The appraisal came back at value (HOORAY) and things looked great. But the lender kept saying that the underwriter still needed more info. Something was going on…..He advised the buyers not to remove the loan contingency. That was a big red flag. Then they wanted to add a relative to the loan. Another red flag. Then one week prior to closing, the buyer lost his job.  The sellers couldn’t believe it and demanded to see a letter from the employer terminating the buyer. They also wanted to know why it couldn’t go through using the credit and income of the relative. But ultimately the deal fell apart…..

Then back on the market. Another multiple offer situation.

It’s a beautiful home. So…..again in come the multiple offers. Again investors made (lower) offers and first time home buyers made (higher) offers. This time even higher than the first round. Again the sellers chose the higher offer from a first time buyer with only 10% down.

The appraisal came back at value (good job Nancy). The loan was going fine but then deja vu – the buyers loan was DENIED. The lender stopped returning phone calls. The buyers switched to another lender. Again the loan was denied. The lender stopped returning phone calls…..Sometimes three is a charm. They switched to yet another lender. He required a relative to cosign, and with that he pulled a rabbit out of a hat and got the loan through underwriting and we CLOSED!!!!