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

[briansd1]

[quote=permabear]
Maybe, but I think it’s also a case of the pendulum swinging too far back in the other direction. Lenders are now hyper-critical and will sneeze at anything that is not 100% perfect.

I spoke with the realtor in depth about WHY the buyer got denied. I don’t have a denial letter yet, but I do believe the realtor is telling the truth. Bottom line, the person that is buying my home is in the TV business (a news anchor, actually) – and their employment is based on contracts. Their current contract is up w/i the next 6 months. Despite the fact that this particular anchor has approximately a 0% chance of not having their contract renewed, BofA balked.

In this case, I think BofA really is “at fault” – though just in the sense of being irrationally hyper-conservative. The realtor said they are escalating the loan w/i BofA to see if they can get a higher up to review it.[/quote]

I’ve seen too many foreclosures to not don’t draw any conclusion on credit worthiness and wherewithal based on people’s jobs. A nice income statement is fine, but a strong balance sheet is what’s most important.

Plenty of folks with so called “deep pockets” have lost their properties to foreclosure that nothing surprises me anymore.

[sdrealtor]

Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.

[sdrealtor]

Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.

[sdrealtor]

Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.

[sdrealtor]

Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.

[sdrealtor]

Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.

[briansd1]

[quote=sdrealtor]Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.[/quote]

Two sides of the coin.

Income is the cash flow to service the debt.

Networth is the wherewithal to tough it out if the income is reduced or lost.

And downpayment/equity in the asset is the incentive not to walk away.

If I were lending out my own money, I’d look at all criteria.

[briansd1]

[quote=sdrealtor]Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.[/quote]

Two sides of the coin.

Income is the cash flow to service the debt.

Networth is the wherewithal to tough it out if the income is reduced or lost.

And downpayment/equity in the asset is the incentive not to walk away.

If I were lending out my own money, I’d look at all criteria.

[briansd1]

[quote=sdrealtor]Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.[/quote]

Two sides of the coin.

Income is the cash flow to service the debt.

Networth is the wherewithal to tough it out if the income is reduced or lost.

And downpayment/equity in the asset is the incentive not to walk away.

If I were lending out my own money, I’d look at all criteria.

[briansd1]

[quote=sdrealtor]Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.[/quote]

Two sides of the coin.

Income is the cash flow to service the debt.

Networth is the wherewithal to tough it out if the income is reduced or lost.

And downpayment/equity in the asset is the incentive not to walk away.

If I were lending out my own money, I’d look at all criteria.

[briansd1]

[quote=sdrealtor]Income statement is what matters not balance sheet when you are trying to get a loan. I just spoke with an agent who has a buyer with $10M in the bank but they cant get a loan because they are retired and show almost no income. Its an extreme example and they can pay cash if they want but it makes the point.[/quote]

Two sides of the coin.

Income is the cash flow to service the debt.

Networth is the wherewithal to tough it out if the income is reduced or lost.

And downpayment/equity in the asset is the incentive not to walk away.

If I were lending out my own money, I’d look at all criteria.

[sdrealtor]

But they dont care about assets beyond a few months reserves

[sdrealtor]

But they dont care about assets beyond a few months reserves

[sdrealtor]

But they dont care about assets beyond a few months reserves

[sdrealtor]

But they dont care about assets beyond a few months reserves

[Author]

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