someone basically beat me to the house i want to buy . they were 5 days ahead of me and already have been approved for their mortgage. is there anything i can do. also the realtor still has it listed. she said that if something doesn't work out she will give me a call. what can possibly not work out?
2006-08-07 04:16:32 · 5 answers · asked by jdc212001 3 in Business & Finance ➔ Renting & Real Estate
The house isn't "sold" until closing, and all the final papers are signed. Surprises can happen, such as a debt they didn't disclose, additional property they own precluding them from this mortgage, etc...
You may still be able to make an offer, but don't get too excited and try to outdo the offer already on the table.
If the sale gets all the way to closing, and doesn't go through, it's likely the buyer will expect you to be pre-approved and ready to close. No time delays, no credit delays, insurance pre-arranged, etc..
I would definitely keep house-shopping, but put something in writing that you want to be notified immediately if the sale doesn't go through. There may be other interested parties as well...
2006-08-07 04:37:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If the Realtor is not your Realtor, call them and say you are ready to sign the contract immediately. If they are your Realtor, then I'm not sure why they haven't made it clear to the buyer you are ready to sign.
If the Realtor is telling you there is a mortgage on the home without a contract then that's really bad that they won't let you sign the contract. The Realtor cannot give someone extra time based on when they saw the home. The Realtor must offer the property to the first person willing to sign the contract at the seller's stated terms, regardless of the order of seeing a home, as long as the person who wishes to sign the contract has financing arranged within the seller's terms on the contract.
Anything short of that and this Realtor has motivations that are worthy of your discovery.
Good Luck.
2006-08-07 04:47:58 · answer #2 · answered by rightonrighton 3 · 0⤊ 0⤋
Three big reasons why sales aren't consummated
1) When all is said and done, they may not qualify for the loan. Most pre-approvals are three steps below garbage
2) Failures of the property. Something wrong with the property that cannot be mended in a manner acceptable to the purchasers and/or the law. You probably don't want to get involved in these properties.
3) Failures of execution. Somebody messes up. Happens more often than you'd believe.
More details here: http://www.danmelson.com/posts/1147462044.shtml
2006-08-07 04:44:27 · answer #3 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
1... get preaproved yourself.
2.. summit an offer... if need be go through a different realtor.. the one listing doesnt have to be the one you go through
3..... good luck
2006-08-07 04:21:23 · answer #4 · answered by samantha h 2 · 0⤊ 0⤋
There is nothing you can do.
Let it go and search for another house.
2006-08-07 04:50:09 · answer #5 · answered by roy_s_jones 6 · 0⤊ 0⤋