My sale is getting sketchy – BofA shenanigans – advice needed!

[LeaSD]

I agree with sdrealtor – bird in the hand with the current buyer, I would work with them on extending the escrow front BUT politely explain that you cannot enter into a short term rental that it is too fraught with potential conflict/issues.

Do you have the right to any involvement, verification from their lender/broker? I would extend escrow but with some “check points” to make sure things keep moving along.

ALSO – what is your living situation? If you have not moved out of the house and are going to have double rent anyhow – I would consider staying and/or leaving sufficient furnishings in case you DO need to go back on the market. Furnished homes show so much better.

[(former)FormerSanDiegan]

I concur with sdr on not letting them move in.

My inclination is to give them time to perform in 2 week increments and advertise for back-up offers. BUT, that depends on how quickly you think you could sell it in today’s market. We are in a slow period. How likely are you to get a similar or better offer between now and mid-January ?

[(former)FormerSanDiegan]

I concur with sdr on not letting them move in.

My inclination is to give them time to perform in 2 week increments and advertise for back-up offers. BUT, that depends on how quickly you think you could sell it in today’s market. We are in a slow period. How likely are you to get a similar or better offer between now and mid-January ?

[(former)FormerSanDiegan]

I concur with sdr on not letting them move in.

My inclination is to give them time to perform in 2 week increments and advertise for back-up offers. BUT, that depends on how quickly you think you could sell it in today’s market. We are in a slow period. How likely are you to get a similar or better offer between now and mid-January ?

[(former)FormerSanDiegan]

I concur with sdr on not letting them move in.

My inclination is to give them time to perform in 2 week increments and advertise for back-up offers. BUT, that depends on how quickly you think you could sell it in today’s market. We are in a slow period. How likely are you to get a similar or better offer between now and mid-January ?

[(former)FormerSanDiegan]

I concur with sdr on not letting them move in.

My inclination is to give them time to perform in 2 week increments and advertise for back-up offers. BUT, that depends on how quickly you think you could sell it in today’s market. We are in a slow period. How likely are you to get a similar or better offer between now and mid-January ?

[SD Realtor]

Agreed with respect to not letting them move in. Understand though that you essentially are starting over with regards to timelines. If the broker has to shop for a new loan you will need to reset the clock with regards to loan contingency and possibly even the appraisal contingency.

Second, I am concerned about the line of B of A not honoring the loan committment. I would ask for more details including documentation why they basically declined the loan. There needs to be some sort of reason behind the decline especially if you are this far in.

Another possible alternative is for you to agree to give them the extension, however you can state that you are concerned with their viability as buyers. That you will need some sort of compensation if they go through another 1-2 week period and get declined yet again. The fact that the are only coming in with 10% down means they are not going conventional as well. So maybe they pony up a little bit more of a deposit or make some of the deposit non refundable.

They probably will not bite on it. Also as slow as things were the past few months I am actually seeing a little bit more activity. However this may be confined to certain regions so I cannot comment on your area. It would depend on how things are where you are at, how long your home was on the market, how much activity you had, etc…

[SD Realtor]

Agreed with respect to not letting them move in. Understand though that you essentially are starting over with regards to timelines. If the broker has to shop for a new loan you will need to reset the clock with regards to loan contingency and possibly even the appraisal contingency.

Second, I am concerned about the line of B of A not honoring the loan committment. I would ask for more details including documentation why they basically declined the loan. There needs to be some sort of reason behind the decline especially if you are this far in.

Another possible alternative is for you to agree to give them the extension, however you can state that you are concerned with their viability as buyers. That you will need some sort of compensation if they go through another 1-2 week period and get declined yet again. The fact that the are only coming in with 10% down means they are not going conventional as well. So maybe they pony up a little bit more of a deposit or make some of the deposit non refundable.

They probably will not bite on it. Also as slow as things were the past few months I am actually seeing a little bit more activity. However this may be confined to certain regions so I cannot comment on your area. It would depend on how things are where you are at, how long your home was on the market, how much activity you had, etc…

[SD Realtor]

Agreed with respect to not letting them move in. Understand though that you essentially are starting over with regards to timelines. If the broker has to shop for a new loan you will need to reset the clock with regards to loan contingency and possibly even the appraisal contingency.

Second, I am concerned about the line of B of A not honoring the loan committment. I would ask for more details including documentation why they basically declined the loan. There needs to be some sort of reason behind the decline especially if you are this far in.

Another possible alternative is for you to agree to give them the extension, however you can state that you are concerned with their viability as buyers. That you will need some sort of compensation if they go through another 1-2 week period and get declined yet again. The fact that the are only coming in with 10% down means they are not going conventional as well. So maybe they pony up a little bit more of a deposit or make some of the deposit non refundable.

They probably will not bite on it. Also as slow as things were the past few months I am actually seeing a little bit more activity. However this may be confined to certain regions so I cannot comment on your area. It would depend on how things are where you are at, how long your home was on the market, how much activity you had, etc…

[SD Realtor]

Agreed with respect to not letting them move in. Understand though that you essentially are starting over with regards to timelines. If the broker has to shop for a new loan you will need to reset the clock with regards to loan contingency and possibly even the appraisal contingency.

Second, I am concerned about the line of B of A not honoring the loan committment. I would ask for more details including documentation why they basically declined the loan. There needs to be some sort of reason behind the decline especially if you are this far in.

Another possible alternative is for you to agree to give them the extension, however you can state that you are concerned with their viability as buyers. That you will need some sort of compensation if they go through another 1-2 week period and get declined yet again. The fact that the are only coming in with 10% down means they are not going conventional as well. So maybe they pony up a little bit more of a deposit or make some of the deposit non refundable.

They probably will not bite on it. Also as slow as things were the past few months I am actually seeing a little bit more activity. However this may be confined to certain regions so I cannot comment on your area. It would depend on how things are where you are at, how long your home was on the market, how much activity you had, etc…

[SD Realtor]

Agreed with respect to not letting them move in. Understand though that you essentially are starting over with regards to timelines. If the broker has to shop for a new loan you will need to reset the clock with regards to loan contingency and possibly even the appraisal contingency.

Second, I am concerned about the line of B of A not honoring the loan committment. I would ask for more details including documentation why they basically declined the loan. There needs to be some sort of reason behind the decline especially if you are this far in.

Another possible alternative is for you to agree to give them the extension, however you can state that you are concerned with their viability as buyers. That you will need some sort of compensation if they go through another 1-2 week period and get declined yet again. The fact that the are only coming in with 10% down means they are not going conventional as well. So maybe they pony up a little bit more of a deposit or make some of the deposit non refundable.

They probably will not bite on it. Also as slow as things were the past few months I am actually seeing a little bit more activity. However this may be confined to certain regions so I cannot comment on your area. It would depend on how things are where you are at, how long your home was on the market, how much activity you had, etc…

[paramount]

Having been in a similar situation (as a seller) I would say DO NOT LET THE POTENTIAL BUYER MOVE IN, NO WAY. When I allowed a potential buyer to move into a property they would not pay rent, stating that they were actually buying the property.

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.

Reading your email brings back bad memories, and it’s so typical realtor speak.

[paramount]

Having been in a similar situation (as a seller) I would say DO NOT LET THE POTENTIAL BUYER MOVE IN, NO WAY. When I allowed a potential buyer to move into a property they would not pay rent, stating that they were actually buying the property.

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.

Reading your email brings back bad memories, and it’s so typical realtor speak.

[paramount]

Having been in a similar situation (as a seller) I would say DO NOT LET THE POTENTIAL BUYER MOVE IN, NO WAY. When I allowed a potential buyer to move into a property they would not pay rent, stating that they were actually buying the property.

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.

Reading your email brings back bad memories, and it’s so typical realtor speak.

[paramount]

Having been in a similar situation (as a seller) I would say DO NOT LET THE POTENTIAL BUYER MOVE IN, NO WAY. When I allowed a potential buyer to move into a property they would not pay rent, stating that they were actually buying the property.

Also, I would not provide any of the requested info at all – you don’t rent based on what you pay, you rent based on the rental market.

And once they are in, they can be hard to get out.

Reading your email brings back bad memories, and it’s so typical realtor speak.

[Author]

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