House Sold-----not

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jttheclockman

jttheclockman

Member
Joined
Feb 22, 2005
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19,955
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NJ, USA.
Put my parents house on the market last week. I thought the house sold yesterday after we agreed to a buyers offer. Young couple living in an apartment and wanting to step up. My house is a very good starter house and will eventually need updates but can be done while living there. Got a call from the Realestate agent this morning and the deal fell through. Evidentally the couple had a huge fight and split. Wouldn't buying a new home get you excited and make you feel good. I wonder if the house buying had anything to do with this. :rolleyes: Go figure. So my day started crappy.

Maybe a sign from Heaven that my parents do not want me to sell their home:eek:
 
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They were probably already having problems and thought buying a house together would solve them. It's just like when some people think getting married or having children will solve their problems. These things just add stress to an already bad relationship.
 
That stinks John, I've seen this happen many times....I hate that it happened to you but glad that it happened early. I typically have seen it happen right before closing. It's never a good time to have a deal fall through but earlier is definitely better than later.
 
southernclay said:
That stinks John, I've seen this happen many times....I hate that it happened to you but glad that it happened early. I typically have seen it happen right before closing. It's never a good time to have a deal fall through but earlier is definitely better than later.
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This is what my realestate agent said also. I can not afford to wait because of home insurance time schedule. It was amazing that I got 20 showings on the house in 4 days with Easter being the 5th day. may fall back to second offer which was a couple 1000 lower but it is a FHA loan and they scare me. Will move on as they say.
 
I sold real estate for 7 years through the big downturn. Don't worry about the insurance. You may have to pay it for now but they will prorate it and refund the unused portion when you close. No reason to be afraid of FHA. They have smoothed that process out quite a bit. You will need to pass an FHA inspection but if the house in good shape that really is not a big deal. You may need to install ground fault outlets in the kitchen or bathroom if they are not already there or something like that but it is usually not a major issue as long as the house is in good condition.... oh I already said that. If you had 20 showings that says something is attracting buyers. If you don't get an offer start asking why... Good luck with the sale.
 
campzeke said:
I sold real estate for 7 years through the big downturn. Don't worry about the insurance. You may have to pay it for now but they will prorate it and refund the unused portion when you close. No reason to be afraid of FHA. They have smoothed that process out quite a bit. You will need to pass an FHA inspection but if the house in good shape that really is not a big deal. You may need to install ground fault outlets in the kitchen or bathroom if they are not already there or something like that but it is usually not a major issue as long as the house is in good condition.... oh I already said that. If you had 20 showings that says something is attracting buyers. If you don't get an offer start asking why... Good luck with the sale.
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Rick you are the guy I want to talk to. Being that original offer fell through in 24 hours the next one up is a FHA mortgage. We got them to up their price so it now matches what the first offer was so that is good. I am old school and remember the nit picking things a FHA inspector would do and that is why I am leary about this. What exactly will they look for. The house is in great shape and yes it has been said it shows well. Outdated but nothing I can do with that.(99 years old )No pealing paint, no structural issues, all systems work well. Old but work well. New roof 5 years old) siding 20 years old in great shape, new gas burner and hot water heater (last year) No foundation cracks. Finished dry basement. The agent has priced the house fair so do not expect them to undervalue it. I will be accepting this offer tomorrow.
 
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JT, congratulations hope I don't go through what you did with a buyer for Classic Nib, I have been talking to a couple that really wants it and said they will be here Saturday. I put 4 others on hold for them as I think they would do a great job, you never know until you get the check.
 
My wife and I purchased our home using FHA. FHA mainly means that we do not have enough saved to put the required 20% down (only need 5%) and are first time home buyers. The loan is backed by Fannie Mae or Freddie Mac, so in case of default the lender gets their money no matter. The buyer also has to pay mortgage insurance until 20.1% of the loan is paid off or the loan is less than 79.9% of the homes value (for me the insurance was $160/mo on top of the mortgage).

As far as what the FHA inspector looks for is not much more than what a regular home inspector looks for. They look to make sure that the roof is good, there is at least 1 working faucet, 1 working toilet a working stove and that there is heat.

One risk to the seller is that FHA approvals are rather conservative and they stay on record of the house for 120 days, so even if the FHA buyer falls through other prospective buyers cause use the same appraisal. Another pain point to some sellers that depending on your area, FHA loans can take 450 to 60 days to close vs 30 due to having to wait for an FHA inspector to come out.
 
BackyardSmokin said:
My wife and I purchased our home using FHA. FHA mainly means that we do not have enough saved to put the required 20% down (only need 5%) and are first time home buyers. The loan is backed by Fannie Mae or Freddie Mac, so in case of default the lender gets their money no matter. The buyer also has to pay mortgage insurance until 20.1% of the loan is paid off or the loan is less than 79.9% of the homes value (for me the insurance was $160/mo on top of the mortgage).

As far as what the FHA inspector looks for is not much more than what a regular home inspector looks for. They look to make sure that the roof is good, there is at least 1 working faucet, 1 working toilet a working stove and that there is heat.

One risk to the seller is that FHA approvals are rather conservative and they stay on record of the house for 120 days, so even if the FHA buyer falls through other prospective buyers cause use the same appraisal. Another pain point to some sellers that depending on your area, FHA loans can take 450 to 60 days to close vs 30 due to having to wait for an FHA inspector to come out.
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I am hearing a lot of stories on what they use to look for as oppose to what they do today. I think I can speed the FHA inspection along because of my agent knowing the lender:wink: My agent assures me he is right on the money with the appraisal so he is not worried there. We will see how this all plays out.
 
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