“She got three offers but the first two couples who put in an offer didn’t get approved for financing.”

“I had a chat with a colleague yesterday at lunch. She’s just relocating in Calgary and managed to sell her house pretty quickly. Interestingly, she got three offers but the first two couples who put in an offer didn’t get approved for financing.”
Makaya at VCI 23 Aug 2012 2:28pm

6 responses to ““She got three offers but the first two couples who put in an offer didn’t get approved for financing.”

  1. …”didn’t get approved for financing.”…

    Could be worse. Getting approved, for example…

    [UK Independent] – ‘50,000 home owners are out of work’

    …”One in 12 [Irish] households with a mortgage is headed by an unemployed person, it has been revealed. More than 50,000 home owners across Ireland were out of work on the night of last year’s Census. The Central Statistics Office (CSO) said half of those did not have anyone in the household with a job. Most recent figures from the Central Bank revealed that 128,000 mortgages – 11% of accounts – are behind on repayments, with 961 homes repossessed by the end of June. The Census showed the number of mortgaged households headed by a person out of work more than doubled, from 14,757 in 2006 to 50,792 last year.”…

    http://tinyurl.com/8uwju9p

  2. Carioca Canuck

    I for one am skeptical of the story to a certain extent, as given the downturn in the market you would expect realtors to ensure that clients had genuine pre-approved financing in place, before going thru whatever legwork, if any, they actually performed leading up to the sale.

    I can certainly see appraisals (if those are still actually done…..heh) coming in lower than sales prices, or people getting cold feet and using the “bank financing” clause to walk away though……….

    • Is it possible to use the “bank financing” clause to walk away without any actual proof that the perspective buyer was denied the financing? I mean if you are getting cold feet you can simply say “”sorry we didn’t get approved for financing”? The appraisals coming in lower than sales prices could ring the bell though.

    • Pre-approved financing, no matter how genuine, is not a guarantee that the actual mortgage will be approved too.

  3. Maybe they changed their minds and used the financing as an excuse to get out of the offer.

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