house hunting

[shawnsgirl]

As some of you may know DH and I are house hunting. One house had caught our eye..When we called on it we were told it was under contract..Then today the realtor called and said the paper work "fell " thru and if we would be interested in seeing it, she is available.

Is this something that commonly happens..Is it because there is something possibly wrong with the home that the bank may not approve a mortage..What would cause the paperwork to have "fallen thru"?? Any help would be great!!

[Danielle9608]

There are lots of reason paper work can fall through, some maybe be they didnt like what they found in the inspection. The house did not appraise for the asking price. Or the people bidding on it had a "preapproval" in hand and when it came time to apply for the actual mortage they did not get it. This almost happened to us. FH uses his CC for work. It is paid off in full at the end of each month. We had a "preapproval" in hand however when it came time to apply for the actual mortage he had just charged 15,000 worth of computer equipment for work. This changed on credit status, and we were not approved for the full amount. We appealed this and won. But like I said there are many many reasons. Just make sure if you put an offer in, get and inspection in case there was something wrong with the house.

[shawnsgirl]

I called our bank in the meanwhile and we are well approved over the asking price and we do have an approval letter so that is of some help. I also told the bank that somehow everything fell thru and Chris said not to worry we'll take good care of you guys. We deal with a very small hometown bank where you go in and everyone who works there knows who you are..Anyhow, He lives near the house and said that as long as the home passes inspection we'll be ok..So, I'm having my dad's friend who is a retired code inspector come take a look at it. He's only been retired for 6 years and for a hobby he remodels fixerupers and then sells them..I'm really excited but I don't have my hopes up yet!

[Danielle9608]

Thats awesome! I will keep my fingers crossed that the inspection goes well. :whoohoo:

[NicksBride]

ohh good luck, can't wait to hear the out come!

[shawnsgirl]

I'll definately keep you posted..We haven't even done a walk thru yet to check out the place..We only peered thru the windows..We knew it was unoccupied. The realtor said it just needs some pain and new carpet but structurally its in great shape! The outside needs a good landscaper and I would want some trees out of the back yard but it does have 2 acres of land to it!! I can't wait to just see it!!!!!

[Nekochanpurr]

Good luck!!!! =D i really hope you get it!

[NicksBride]

oh sounds like a perfect spot for your family and hopefully room to grow. ;)
Good luck, i know how nerve wrecking it can be to start purchasing a home, but it is sooo worth it to have your own place. Good luck

[ikkin510]

Good luck with the house! Hopefully the walk through goes well and it's something you really like. 2 acres is great!
Maybe the realitor would have an idea and be able to tell you why the first offer fell through?