5 days to close and buyers financing fell through
We were moving merrily along the process... i got my final loan approval on our new home. My entire 4500sq ft house is packed up in boxes in the garage, movers are scheduled, hotel arrangements made, mailing address changed, kids pulled out of school, etc... We were to close on our current home on the 30th of this month and our new home the 31st as we are also moving out of state due to a transfer. We got an email last night that the buyers financing ran into a "glitch".
We are told they are seeking another lender, but are waiting to see if their lender can remedy the situation... however they are confident we will not close in 4 days as previously committed. We will know more on Monday.
The buyers have no home, they were pre-approved, and everything checked out perfect... inspection, appraisal, etc... We have been packing for weeks :( If we now have to stage our home again for sale we have to first find the stuff, and unpack...
This is a nightmare.
How the heck can a lender pull out financing so close and with zero indication this would happen? We figured our home sale was a done deal, and were doing everything we could to get ready on time.
I'm beginning to think that the house we are dreaming of to buy is not in our cards, and we should just get our house sold and move into an apartment until we can find something. There is no way we could go through this torture again. The logistics of trying to sell and move in to your new home right away are too hard when all your cash is in your home sale to buy a new home.
Any advice on this? We don't earn enough to float two mortgages as the new one without a down payment would be a jumbo loan so our current home has to sell.