So, when a house is under contract

[Bernadine]

What are the chances that the contract falls through?

We are under contract for just $2k under asking on h's house.  They buyer has a pre-approval letter.  The inspection was this morning and there are only a few minor things we have to take care of.

I mean, this is going to happen, right?

Holy shit, this will be such a relief.

[prettyinpearls]

Has the buyer seen the inspection report? If it's minor, you should be good!

Usually financing is the biggest culprit. If nothing has changed on your buyer's credit/employment history since they got the preapproval letter, you should be ok.

When I sold my house after my divorce, we had to add 6 weeks onto the date of closing because my buyer changed jobs. The lender needed 8 weeks of income before they'd give her a mortgage. Annoying, but it all worked out.

FX for you guys!!

[Bernadine]

Sept 10, 2015 13:10:46 GMT -5 prettyinpearls said:

Has the buyer seen the inspection report? If it's minor, you should be good!

Usually financing is the biggest culprit. If nothing has changed on your buyer's credit/employment history since they got the preapproval letter, you should be ok.

When I sold my house after my divorce, we had to add 6 weeks onto the date of closing because my buyer changed jobs. The lender needed 8 weeks of income before they'd give her a mortgage. Annoying, but it all worked out.

FX for you guys!!

Hmmm.  I assumed that they buyer was there.  I have no idea if he's seen it.

[sparkythelawyer]

We had to extend closing one month because my big bank lender that rhymes with race were absolute morons in how they handled putting my loan through underwriting, and I had to practically jump through the phone and type things into their computers for them, but yes, it closed.

If you get past appraisal you are more than likely there.

[prettyinpearls]

Sept 10, 2015 13:13:31 GMT -5 Bernadine said:

Sept 10, 2015 13:10:46 GMT -5 prettyinpearls said:

Has the buyer seen the inspection report? If it's minor, you should be good!

Usually financing is the biggest culprit. If nothing has changed on your buyer's credit/employment history since they got the preapproval letter, you should be ok.

When I sold my house after my divorce, we had to add 6 weeks onto the date of closing because my buyer changed jobs. The lender needed 8 weeks of income before they'd give her a mortgage. Annoying, but it all worked out.

FX for you guys!!

Hmmm.  I assumed that they buyer was there.  I have no idea if he's seen it.

It's possible they were and are aware of what the issues are. I've also heard of situations where the inspector will give a brief idea of the possible problems and send over a fully report for the buyer to review.

[sparkythelawyer]

Sept 10, 2015 13:08:31 GMT -5 Bernadine said:

What are the chances that the contract falls through?

We are under contract for just $2k under asking on h's house.  They buyer has a pre-approval letter.  The inspection was this morning and there are only a few minor things we have to take care of.

I mean, this is going to happen, right?

Holy shit, this will be such a relief.

I'll caution this - when my big stupid lender actually followed up on my "customer satisfaction survey" to wonder why I wrote them a scathing review, I basically asked why they bothered with a pre-approval process at all since it basically wasn't worth the paper it was printed on, and that was assuming they bothered to read it at all.  The big issue they had a problem with (which was NOT AN ISSUE AT ALL, TYVM) was right there, in black and white, at the pre-approval stage.  It wasn't until 48 hours before my originally scheduled closing that they lost their minds about this weird, not really an issue issue.  And managed to get closing delayed a month.

So, while yes, I think will close, be mindful of the fact that nothing is happening until the lender has its shit together, and it may get delayed.  Pulling for you!

[ilovecandy]

I am a dirty lurker. But we got through the offer and inspection on a house we wanted to buy. Then the deal fell apart because of the appraisal. It was 10k under what we offered and we refused to pay over appraisal and the seller refused to come down.  So it happens.  But it is rare i find once under contract that the sale falls through.  We bought our other hosue before that just fine.  Good luck!

[Deleted]

Real estate can fall through at the very last minute. H has had deals fall apart at closing.


But this sounds very promising for you!