Making multiple real estate offers at once
Having been both a buyer and a seller, I believe the real estate laws are slanted dramatically in favor of the buyer who seems to be able to back away almost at any point. When we were selling we made it through the inspection with a relatively clean report. The sellers at that point changed their mind about the house. We said we would fix every tiny thing in the report and they still said nothing would make them buy it. We were told by our lawyer at that point that we could sue them, but it would be a long and expensive process. And we couldn't put the house back on the market in the meantime if we were reprsenting it was already being sold to them. So, we held onto their deposit for awhile, but eventually had to either sue them or release it. Very very frustrating. I've also been on the other side losing multiple bid after multiple bid. And, of course, either side can also walk away for any reason whatsoever until you are out of attorney review. I would say feel free to put in bids on more than one house, but don't undertake attorney review unless its the house you plan on going forward with.
Apr 6, 2015 at 5:23am Edited
While there is wide latitude in the rules & regulations, I think it comes down to your own ethics and how you conduct business and want to be treated while conducting business.
Unfortunately the pool of buyers, sellers, and realtors don't all act in the same manner. You need to be prepared to walk away from a transaction if it doesn't meet your standards.
Unfortunately the pool of buyers, sellers, and realtors don't all act in the same manner. You need to be prepared to walk away from a transaction if it doesn't meet your standards.
Otherwise known as shyte happens. 
The real bottom line for me is real estate transactions are never fun. You just have to do the best you can and grit your teeth until it's over.
The real bottom line for me is real estate transactions are never fun. You just have to do the best you can and grit your teeth until it's over.
Thanks all -- really. Got some stuff in play right now.
If this doesn't work, maybe its time to move to Florida and start early retirement!
If this doesn't work, maybe its time to move to Florida and start early retirement!
PeggyC said:
I'm curious about something... considering that an offer is not binding, why do they still make buyers sign a contract when they are bidding on a house? If the sellers respond by signing the same contract, how is that not binding? I find that part very confusing.
It is binding unless within three days an attorney for either party writes a letter "disapproving" the Contract.
bmpsab said:
Having been both a buyer and a seller, I believe the real estate laws are slanted dramatically in favor of the buyer who seems to be able to back away almost at any point. When we were selling we made it through the inspection with a relatively clean report. The sellers at that point changed their mind about the house. We said we would fix every tiny thing in the report and they still said nothing would make them buy it. We were told by our lawyer at that point that we could sue them, but it would be a long and expensive process. And we couldn't put the house back on the market in the meantime if we were reprsenting it was already being sold to them. So, we held onto their deposit for awhile, but eventually had to either sue them or release it. Very very frustrating. I've also been on the other side losing multiple bid after multiple bid. And, of course, either side can also walk away for any reason whatsoever until you are out of attorney review. I would say feel free to put in bids on more than one house, but don't undertake attorney review unless its the house you plan on going forward with.
What remedy would you have for breach of Contract other than a law suit?
Buyers will almost never agree to a clause in the Contract requiring automatic forfeiture of the deposit.
If your attorney told you you could not put your house on the market after the buyers refused to go forward he/she was giving you bad advice or you misunderstood.
Buying or selling, retain an attorney who knows his/her stuff and make sure he/she explains everything.
pretty much as soon as it goes to an attorney, the contract is disapproved as the attorneys will always add something to the standard realtors contract
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I am not an attorney so I am not qualified to interpret the law. Although quite rare, I have been involved in similar episodes a few times.
When I was involved, I was the listing agent for an expensive home in Maplewood. Buyers had agreed to purchase the home, with no home sale contingency. They sold their home for less than they expected so they came to us with $3,000 of legitimate home inspection concerns and asked for an additional $15,000 off under the home inspection contingency, claiming if they did not get it they would "fail" to obtain a mortgage and not go through with the purchase.
Our attorney ( Jeff Dolinger - who I highly recommend) sent a masterful letter, thanking them for informing us of their pending withdrawal. Sellers offered a credit for all legitimate home inspection items but declined the demand for the $15,000. The letter reminded the sellers that according to the contract, and to the law, they were required to make a good faith application for a mortgage and were only released from the mortgage contingency if their good faith effort was declined.
They were informed that their deposit would be held in escrow, that the property would be put back on the market and that any losses resulting from the sale would be deducted from their deposit.
I was told that if they buyers wanted their $$ back it was on THEM to sue, not on the sellers.
I agree that it is rarely worth it to go to court for a deposit - but usually a settlement is negotiated . Usually if the buyers break the contract, the sellers get to keep something. Sometimes a lot, sometimes not much. It depends on how strong the attorney is.
bmpsab said:
Having been both a buyer and a seller, I believe the real estate laws are slanted dramatically in favor of the buyer who seems to be able to back away almost at any point. When we were selling we made it through the inspection with a relatively clean report. The sellers at that point changed their mind about the house. We said we would fix every tiny thing in the report and they still said nothing would make them buy it. We were told by our lawyer at that point that we could sue them, but it would be a long and expensive process. And we couldn't put the house back on the market in the meantime if we were reprsenting it was already being sold to them. So, we held onto their deposit for awhile, but eventually had to either sue them or release it. Very very frustrating. I've also been on the other side losing multiple bid after multiple bid. And, of course, either side can also walk away for any reason whatsoever until you are out of attorney review. I would say feel free to put in bids on more than one house, but don't undertake attorney review unless its the house you plan on going forward with.
I am not an attorney so I am not qualified to interpret the law. Although quite rare, I have been involved in similar episodes a few times.
When I was involved, I was the listing agent for an expensive home in Maplewood. Buyers had agreed to purchase the home, with no home sale contingency. They sold their home for less than they expected so they came to us with $3,000 of legitimate home inspection concerns and asked for an additional $15,000 off under the home inspection contingency, claiming if they did not get it they would "fail" to obtain a mortgage and not go through with the purchase.
Our attorney ( Jeff Dolinger - who I highly recommend) sent a masterful letter, thanking them for informing us of their pending withdrawal. Sellers offered a credit for all legitimate home inspection items but declined the demand for the $15,000. The letter reminded the sellers that according to the contract, and to the law, they were required to make a good faith application for a mortgage and were only released from the mortgage contingency if their good faith effort was declined.
They were informed that their deposit would be held in escrow, that the property would be put back on the market and that any losses resulting from the sale would be deducted from their deposit.
I was told that if they buyers wanted their $$ back it was on THEM to sue, not on the sellers.
I agree that it is rarely worth it to go to court for a deposit - but usually a settlement is negotiated . Usually if the buyers break the contract, the sellers get to keep something. Sometimes a lot, sometimes not much. It depends on how strong the attorney is.
terminator3 said:
pretty much as soon as it goes to an attorney, the contract is disapproved as the attorneys will always add something to the standard realtors contract
Yeah, this is (as I see it) the flaw in the current system. The first contract you sign is just some cut and paste thing from the realtor, and nothing that would be acceptable to any lawyer. So the first step is to write back with some changes, which nullifies the contract and any sort of time frame for anybody. Then the real contract is written up without any timeline or protection for any of the parties involved, but people 'feel' like they're in a contract.
Having dealt with property on the other side of the Hudson, things were more clear cut. There was no silly 'fake paperwork', and once signatures were on paper you were bound to something that you would at least have to do something properly weaselly to get out of.
Once attorney review is completed, assuming both parties agree to the modifications of the original Contract there is a firm Contract. However there are contingencies. The Buyers have a right to an inspection and if it turns up some condition that is not acceptable and the Sellers can't or won't correct it the Buyers can cancel. It's advantageous to the Sellers to keep this on a short and strict schedule.
Most of the time there is a mortgage contingency. If the Buyers can't get a loan they can cancel. There ought to be strict time frames for this as well. At the outset the Realtors ought to advise the Seller if they anticipate any problems regarding the Buyers' ability to get approved for a mortgage loan.
Most of the time there is a mortgage contingency. If the Buyers can't get a loan they can cancel. There ought to be strict time frames for this as well. At the outset the Realtors ought to advise the Seller if they anticipate any problems regarding the Buyers' ability to get approved for a mortgage loan.
LOST said:
Once attorney review is completed, assuming both parties agree to the modifications of the original Contract there is a firm Contract. However there are contingencies. The Buyers have a right to an inspection and if it turns up some condition that is not acceptable and the Sellers can't or won't correct it the Buyers can cancel. It's advantageous to the Sellers to keep this on a short and strict schedule.
Most of the time there is a mortgage contingency. If the Buyers can't get a loan they can cancel. There ought to be strict time frames for this as well. At the outset the Realtors ought to advise the Seller if they anticipate any problems regarding the Buyers' ability to get approved for a mortgage loan.
The standard contract provides for a strict deadline for the mortgage contingency. Unfortunately, a sometimes it's tough to keep to it. It usually takes about a month to get a mortgage. Sometimes we get to the deadline and the buyer says "we're not quite there yet with the mortgage - delay in paperwork or appraisal or underwriting or whatever - give me a few more days, or a week. What is a seller to do - dump the buyer when you are that close to closing, or give him the time he needs.
Listing realtors do everything we can to avoid mortgage issues. We usually make sure the buyer has a strong pre-approval letter from a recognized lender. We are always conscious of the size of the down payment, and in the case of multiple offers we give preference to those with bigger down payments. I have gone so far as to have (with buyer's permission) a discussion with the lender if I was at all concerned. We keep a close eye on the appraisal. If we suspect that a property might not appraise, we do what we can to make sure there is enough of a cushion for the deal to go through.
But anything can happen. I once had a buyer, a prominent physician who had lived overseas. The application requires that you submit your tax returns going back several years - and now lenders require the IRS to verify those documents. It turned out that my client had of course filed the returns when he lived overseas, and paid his taxes, but the IRS had no record for one year . They had received the taxes but had lost the return. So the client had to re-file his return which the IRS took 6 weeks to process and another 2 weeks to verify. It delayed closing by a month. No way to anticipate or fix that.
Apr 8, 2015 at 3:24pm Edited
Some buyers will also dick around with you for 6 months after agreeing to price and inspection issues in the hopes that they will find something better. They will say, if you do this, we will close by this date. Then it will be another "if you do that, we will close by a certain date". Then it will be "we changed the mortgage, now we need this" Then the day before you are supposed to close they will make up a complete bull***** story they lost their job, even though the day before their employment has been verified, and 3 months later they are still on linked in and on the company phone directory. If you then say you will not refund their deposit, the buyer and their realtor will get another realtor in their office to make another contract with different buyer who has no intention of honoring the contract so the original can be voided and their buyer can get his 20% back. The seller gets nothing but 6 months of aggravation, 6 additional months of mortgage payments and property taxes and endless jumping through hoops.
At any time, from the time the contract was signed, in May, until mid December whe it was supposed to close (original closing date was early July) the buyer could have walked away and said he changed his mind. Instead, he and his realtor played me until mid Dec. real estate contracts are worth less than the paper they are printed on. As a seller, if anything sets of a bad feeling, just shut it down.
Three lessons here.
1). I had the most incompetent attorney ever, so it's really important to have a good one.
2). Even though a buyer might have an approval and mortgage approval, if you get the impression they are stalling for time shut the deal down. You still might not be able to sell your house as quickly, but at least you know you have to keep paying for it and aren't thinking if you just do x,y,z the sale will close.
3). Buyers realtors will lie to you about their clients interest/ ability to close if they know their client is still shopping around. You will never know.
At any time, from the time the contract was signed, in May, until mid December whe it was supposed to close (original closing date was early July) the buyer could have walked away and said he changed his mind. Instead, he and his realtor played me until mid Dec. real estate contracts are worth less than the paper they are printed on. As a seller, if anything sets of a bad feeling, just shut it down.
Three lessons here.
1). I had the most incompetent attorney ever, so it's really important to have a good one.
2). Even though a buyer might have an approval and mortgage approval, if you get the impression they are stalling for time shut the deal down. You still might not be able to sell your house as quickly, but at least you know you have to keep paying for it and aren't thinking if you just do x,y,z the sale will close.
3). Buyers realtors will lie to you about their clients interest/ ability to close if they know their client is still shopping around. You will never know.
Apr 8, 2015 at 6:10pm Edited
campbell29 said:
Some buyers will also dick around with you for 6 months after agreeing to price and inspection issues in the hopes that they will find something better. They will say, if you do this, we will close by this date. Then it will be another "if you do that, we will close by a certain date". Then it will be "we changed the mortgage, now we need this" Then the day before you are supposed to close they will make up a complete bull***** story they lost their job, even though the day before their employment has been verified, and 3 months later they are still on linked in and on the company phone directory. If you then say you will not refund their deposit, the buyer and their realtor will get another realtor in their office to make another contract with different buyer who has no intention of honoring the contract so the original can be voided and their buyer can get his 20% back. The seller gets nothing but 6 months of aggravation, 6 additional months of mortgage payments and property taxes and endless jumping through hoops.
At any time, from the time the contract was signed, in May, until mid December whe it was supposed to close (original closing date was early July) the buyer could have walked away and said he changed his mind. Instead, he and his realtor played me until mid Dec. real estate contracts are worth less than the paper they are printed on. As a seller, if anything sets of a bad feeling, just shut it down.
Three lessons here.
1). I had the most incompetent attorney ever, so it's really important to have a good one.
2). Even though a buyer might have an approval and mortgage approval, if you get the impression they are stalling for time shut the deal down. You still might not be able to sell your house as quickly, but at least you know you have to keep paying for it and aren't thinking if you just do x,y,z the sale will close.
3). Buyers realtors will lie to you about their clients interest/ ability to close if they know their client is still shopping around. You will never know.
Is this an ambien post???
You had oil tank contamination on your property. It started in June. Are you forgetting that? Your (second) buyer (my client for 6+ months) hung around forever waiting for a no further action letter, wanting to buy your house. Remediation lasted for months. No mortgage could be approved during this time. Plus you had huge home inspection issues that compromised financing. We discussed this at length. The situation was wrapped up late fall, when the state approved your oil tank remediation and issued the NFA letter. At that point, mortgage financing was allowed. The buyer waited. We all did.
Sadly, right before closing, there was a job loss. Totally verified and real. I lived through it and spent hours and hours trying to get this deal done. It was unfortunate but REAL. No BS.
Apr 8, 2015 at 8:53pm Edited
Um, no. You came to the party a bit late, so I will summarize what happened before you got there.
Once you started working the deal, it got a lot better, and you did good work
1) The oil tank was a complete surprise to us when we had a buyer in fall Dec. 2012
2) We got our insurance company to cover the oil tank remediation - this is Jan 2013
3) Our house was already under contract before the buyer you know stepped in. The buyer before yours had VA financing. He was in the military and was being deployed. He was not sure if he wanted to be involved as he was out of the country. We were working with his realtor and buyer to see what would happen.
4) A different realtor came in and told us she had a client who was interested in the house and would make an offer at asking price while the house was under attorney review and off the market I asked her if her client (yours) was willing to purchase without an NFA letter, as long as our insurance company would issue an affidavit that insurance would be legally responsible for clean up. Her buyer's attorney signed off after speaking to our insurance attorney. I would never signed the contract with your buyer otherwise.
5)She told me that the NFA letter was not an issue as long as the insurance company would issue the affidavit. My realtor showed me an approval letter that had no contingency for receipt of an NFA (big concern for me) Mortgage company would be willing to write mortgage (in fact, when your client applied for the original mortgage (not through you) , he did mentioned oil tank remediation situation, which was well disclosed which had been going on for about 3 months. When he saw the property, there were construction equipment digging... I think remediation began about Feb, but was definitely on site when your client saw property.
6) Before your client signed the contract and received a mortgage, (not with your bank). His attorney, my attorney, my insurance company and its lawyers, and both realtors were well aware that remediation was taking place and that my insurance company was fully responsible for remediation. He had no issues, he could have selected a closing date after remediation, after the first soil samples or until he receive an NFA. He chose neither. Knowing this, he signed a contract. The closing date was July 10. He was well aware that the completion of remediation would not be until mid-August.
7) In mid-august, about 10 days after he had originally signed to close, and he had an inspection report for about a month, he decided he wanted a $20,000 credit to re-do the electric. I got estimates to do the similar work, it was $7,000. I gave him the $20k so I could end it. He also wanted me to pay to re-do my neighbor's landscaping. Not happening.
So, I think this is where you get involved.........
About 90 days after he has committed to close, and we have seen 3 months go by with excuse after excuse, the remediation is finished. In early Sept, the soil samples are clean. But......... he has a new bank. Of course, he never mentions to anyone that he is getting a new bank, and his mortgage application goes back to scratch. Pretty much an event your should happen to mention..... Incidentally, in looking at the mortgage papers you sent me, there is no language that has anything to do with receiving an NFA, neither is there is any of the original pre-approval or commitment letter
without telling anyone on my side, he tells my contractor he will not sign until the second tests results come back form NJDOE.My attorney, realtor, myself have no knowledge of this. Perhaps someone on his side has some sort of fiduciary duty to let us know, but whatever. Not happy because he had because previously committed to buying once original samples come back, but I understand his concerns, even though he did not bother to let us know. We know the soils samples are positive and we know that are getting an NFA in a month, why not just wait until we get the letter. I am not so stupid to think that we could have sold our house with a bunch or bulldozers and a 10 foot hole in the back. We received the NFA in the beginning of Nov. From Nov to mid Dec we continued to the the run-around.
If I knew he never wanted the house, I could certainly understand that. During the past 6 months at any time he could say "No Thanks" I know At this point the project is ongoing and I can't sell it until I get an NFA and I know I won't get that until Nov. Fine...... nobody cares, I re-list it in Nov. Instead, what he did was jerk me around, tell me he wanted to buy the house as long as I had an NFA letter, perfectly justified. Once I got the NFA, dated Nov 17 I was told he was committed to close, more than a month after the state signed off, and more that 2 months after the tests were sample and approve. I was told we could close that week. Instead of closing after every condition he had has been met, he procrasatinates for a week. During every step from the point he signed the contract, he had access to my attorneys, my insurance company,my insurance company's attorney,and my realtor He bought a house knowing full well well what he was getting into. His attorney was sent a time line from the day he signed the contract, not be me or someone who is my advocate, but is a professional. No surprises, project came in ahead of time.
I understand that people lose their jobs, most people know its coming and then would back out of a home purchase, and sellers would just make other plans. If I knew I was losing my job, I would certainly give the seller a heads up and let them know that I might not be able to close.
But I think its a bit odd, that the day before closing,after his employer had confirmed he had a job and was in good standing, that he said he had been let go from his job and that my realtor, my attorney and myself were not able to get in touch with anyone from his company , and that HR refused to speak about it. Although someone in your office was able to produce a very generic termination note, with a number that nobody else could speak the a confirm. I called from a cellphone about a month after the sale was supposed to happen and he answered his office phone.
I would have PM'd you because I don't want to really go into this online, but since you decided to imply that I was only saying things because I was on ambien. I thought it might be more credible to see that I am not just typing a bunch of incoherent nonsense...... not that Im incapable of that,
We can talk offline if you want. Certainly not your fault or issue..... Not my fault or issue either . I had no idea I had an oil tank on the property. My only reason for posting is that if you have a situation that seems ambiguous, even if people tell you its not, it is best to be wary, and if you have a time limit, it its best to think about how things can happen, and just think twice before getting into something long and drawn out that can hurt you.
Once you started working the deal, it got a lot better, and you did good work
1) The oil tank was a complete surprise to us when we had a buyer in fall Dec. 2012
2) We got our insurance company to cover the oil tank remediation - this is Jan 2013
3) Our house was already under contract before the buyer you know stepped in. The buyer before yours had VA financing. He was in the military and was being deployed. He was not sure if he wanted to be involved as he was out of the country. We were working with his realtor and buyer to see what would happen.
4) A different realtor came in and told us she had a client who was interested in the house and would make an offer at asking price while the house was under attorney review and off the market I asked her if her client (yours) was willing to purchase without an NFA letter, as long as our insurance company would issue an affidavit that insurance would be legally responsible for clean up. Her buyer's attorney signed off after speaking to our insurance attorney. I would never signed the contract with your buyer otherwise.
5)She told me that the NFA letter was not an issue as long as the insurance company would issue the affidavit. My realtor showed me an approval letter that had no contingency for receipt of an NFA (big concern for me) Mortgage company would be willing to write mortgage (in fact, when your client applied for the original mortgage (not through you) , he did mentioned oil tank remediation situation, which was well disclosed which had been going on for about 3 months. When he saw the property, there were construction equipment digging... I think remediation began about Feb, but was definitely on site when your client saw property.
6) Before your client signed the contract and received a mortgage, (not with your bank). His attorney, my attorney, my insurance company and its lawyers, and both realtors were well aware that remediation was taking place and that my insurance company was fully responsible for remediation. He had no issues, he could have selected a closing date after remediation, after the first soil samples or until he receive an NFA. He chose neither. Knowing this, he signed a contract. The closing date was July 10. He was well aware that the completion of remediation would not be until mid-August.
7) In mid-august, about 10 days after he had originally signed to close, and he had an inspection report for about a month, he decided he wanted a $20,000 credit to re-do the electric. I got estimates to do the similar work, it was $7,000. I gave him the $20k so I could end it. He also wanted me to pay to re-do my neighbor's landscaping. Not happening.
So, I think this is where you get involved.........
About 90 days after he has committed to close, and we have seen 3 months go by with excuse after excuse, the remediation is finished. In early Sept, the soil samples are clean. But......... he has a new bank. Of course, he never mentions to anyone that he is getting a new bank, and his mortgage application goes back to scratch. Pretty much an event your should happen to mention..... Incidentally, in looking at the mortgage papers you sent me, there is no language that has anything to do with receiving an NFA, neither is there is any of the original pre-approval or commitment letter
without telling anyone on my side, he tells my contractor he will not sign until the second tests results come back form NJDOE.My attorney, realtor, myself have no knowledge of this. Perhaps someone on his side has some sort of fiduciary duty to let us know, but whatever. Not happy because he had because previously committed to buying once original samples come back, but I understand his concerns, even though he did not bother to let us know. We know the soils samples are positive and we know that are getting an NFA in a month, why not just wait until we get the letter. I am not so stupid to think that we could have sold our house with a bunch or bulldozers and a 10 foot hole in the back. We received the NFA in the beginning of Nov. From Nov to mid Dec we continued to the the run-around.
If I knew he never wanted the house, I could certainly understand that. During the past 6 months at any time he could say "No Thanks" I know At this point the project is ongoing and I can't sell it until I get an NFA and I know I won't get that until Nov. Fine...... nobody cares, I re-list it in Nov. Instead, what he did was jerk me around, tell me he wanted to buy the house as long as I had an NFA letter, perfectly justified. Once I got the NFA, dated Nov 17 I was told he was committed to close, more than a month after the state signed off, and more that 2 months after the tests were sample and approve. I was told we could close that week. Instead of closing after every condition he had has been met, he procrasatinates for a week. During every step from the point he signed the contract, he had access to my attorneys, my insurance company,my insurance company's attorney,and my realtor He bought a house knowing full well well what he was getting into. His attorney was sent a time line from the day he signed the contract, not be me or someone who is my advocate, but is a professional. No surprises, project came in ahead of time.
I understand that people lose their jobs, most people know its coming and then would back out of a home purchase, and sellers would just make other plans. If I knew I was losing my job, I would certainly give the seller a heads up and let them know that I might not be able to close.
But I think its a bit odd, that the day before closing,after his employer had confirmed he had a job and was in good standing, that he said he had been let go from his job and that my realtor, my attorney and myself were not able to get in touch with anyone from his company , and that HR refused to speak about it. Although someone in your office was able to produce a very generic termination note, with a number that nobody else could speak the a confirm. I called from a cellphone about a month after the sale was supposed to happen and he answered his office phone.
I would have PM'd you because I don't want to really go into this online, but since you decided to imply that I was only saying things because I was on ambien. I thought it might be more credible to see that I am not just typing a bunch of incoherent nonsense...... not that Im incapable of that,
We can talk offline if you want. Certainly not your fault or issue..... Not my fault or issue either . I had no idea I had an oil tank on the property. My only reason for posting is that if you have a situation that seems ambiguous, even if people tell you its not, it is best to be wary, and if you have a time limit, it its best to think about how things can happen, and just think twice before getting into something long and drawn out that can hurt you.
Apr 9, 2015 at 3:31am Edited
The statement that a seller would care if you are making offers on multiple houses seems unrealistic. The thought that one would go out to look for a house, and that they would only be able to make ONE offer on ONE house is not a reasonable expectation. Imagine reversing this, and that the seller can only accept ONE offer on their house (and they get an offer $100K under their ask price and even though someone wants to bid the asking price they can't accept it because they already have an "offer" -- not a contract, an offer). At the end of the day, it is truly up to the seller to accept the offer, so why would a buyer not look at backup options just in case the seller does not agree? It would be like me offering a mortgage rate to someone, and then because I offered a rate to them they cannot shop around to compare.
DP
DP
Campbell, your timeline is off. And from the second the offer came in (I believe in June) I was handling hte mortgage lending for the buyer. He was pre-approved and ready to buy. He wanted your house, even knowing of the oil tank and other inspection issues. Also, early in the process, I CLEARLY disclosed to all parties that we needed an NFA letter in order to offer any mortgage. We were all waiting on clean samples, etc. When the NFA letter came in (Late Nov/early Dec), we scheduled the closing. Literally two days before closing, the buyer lost his job. This makes it impossible for him to obtain mortgage financing. No one lied or played any games. It was unfortunate for all of us.
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