Wait a minute! You NEED the money out of your home to buy the next house… to avoid having two mortgages… to pay off a delinquent mortgage... to finalize your divorce!!! You name the consequence, they all sound terrible and they all make you blood pressure rise.
Can you keep the Buyer’s deposit money? That’s the first question most Sellers ask. No, you can’t keep their money. A BETTER question is… Why did the lender deny the mortgage? You may feel that you are hurting, but the Buyers are hurting, too. They fell in love with your house. They gave the loan officer all their private information, including their firstborn child. AND worse of all, they told the landlord and ALL their friends that they are moving.
When a lender denies a loan, it must give the Buyer a reason, but not Your Agent! Confidentiality laws make it hard for us to find out. Sometimes, it is something totally out of the anyone’s control… like they lost their job! Other times, the reason their loan was denied was totally predictable had they applied with a reputable lender: Their debts are too high for their income, They didn't have enough cash in reserves... He couldn’t get enough money out of his 401K, Her Mom didn’t give her the “gift money”, He moved too much money around, The lender couldn’t verify his employment, He’s self-employed and didn’t report enough money and so on. How can you avoid running into predictable loan rejections? Hire an Experienced Seller Agent, one who uses reasonable precautions with the Buyer’s lender before suggesting you sign the Agreement of Sale and one whose primary focus is Your Best Move…