Another missed home opportunity question

5 years ago

Hi all,

I‘ll start by saying this: this would not be our first home purchase, nor our first missed home.

we came across this home, went to the open house & absolutely fell in love- the neighborhood, the home itsef, the price, etc. it just felt RIGHT.

Went home, talked about it more- made sure we werent just using our hearts and decided to move forward! Called our lender the next morning (a Monday) for our preapproval letter, she said she needed another day… contacted the agent, the house had an offer! so, now we’re on a crunch with our lender. thought everything was great, the next day lender said she needed to reacore us and would need another week.!! lost the house due to the seller accepting the other pending offer.

what can we do now?? i want to contact the buyer and ask if i can buy them out; give their earnest money back and whatever other costs theyve already done (only been a day) .

maybe i should wait a few more days & hope something falls through?

Featured Answer

greg_2015

5 years ago

Isn’t a prequalifying letter something you get before even starting house hunting? It isn’t needed for a specific house, as far as I know.

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Comments (10)

maddielee
5 years ago
“what can we do now?? ”

Submit a backup contract.
homechef59
5 years ago
Submit a back up offer. Call your realtor. Get a lender that can issue a letter faster, too.
HU-404277722 thanked homechef59
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sushipup1
5 years ago
There will be other houses. Work on your expectations vs reality in this seller's market. Talk to your realtor for a referral to a lender who will per-qualify you. Your realtor should get a statement like "The Smiths qualify for a conventional loan of up to $xxx at X interest rate."
HU-404277722
Original Author
5 years ago
Thank you. i think our expectations are right on par, especially considering we also just sold our home. we have done extensive research on the current market & the ever changing trends.

seems i may just need a different lender, who can get a letter out in a more reasonable time.
HU-404277722
Original Author
5 years ago
I think submitting a back up offer is our best bet at this point!

im so tempted to offer to buy out the buyer directly!
greg_2015
5 years ago
If you submit a backup offer that’s significantly better than the current one, then the sellers will have an incentive to not negotiate with the current buyer if something comes back from the inspection. If it’s just similar to the current offer, then you can just hope that the buyer backs out for some reason.
HU-404277722
Original Author
5 years ago
yes, typically you would have the prequal letter before house searching. we went out on a sunday, without our agent, with the expectation that if we found something, our lender could produce one monday morning.
chispa
5 years ago
Get that pre-qual letter.

Next time get the house under your control as soon as possible, so put an offer in immediately. You can always back out later.

I thought it was the end of the world when we've missed out on house! Reality is that a better house has always shown up soon after.
chisue
5 years ago
Try the backup offer. We were unhappy when the contracted Buyer for our Maui condo was able to get her re-fi money on another property to close on the deal. We had a backup offer for $12K more. (That couple's realtor failed to submit their original offer in time.) You still have a chance!