subject: Waiting For A Buyer's Financing Requires Patience [print this page] If you have ever been in the process of selling your house and experienced an interminable wait when buyers are waiting for approval for conventional financing, then you know what I'm discussing in this article. It can take six weeks or more before you get notified that your buyers have qualified for their mortgage and that your closing is scheduled. That wait can seem like forever.
The only alternatives to this frustrating wait are to demand a cash buyer or to provide seller financing. A cash buyer is everybody's dream buyer and it's what we all want because it means no wait for financing approval. But when you're selling your house, the chances of a cash buyer showing up are small unless you call up some investors who pay cash for houses. But if you prefer to sell to a buyer who will pay the market price for your house you will need to realize that you'll be waiting along with them for many weeks after the purchase agreement is signed.
Actually, you have a couple different ways to look at the waiting period, meaning you can assume everything will turn out fine and simply do nothing, or you can assume that you really don't know how the sale will turn out and keep your house on the market. I vote for keeping your house on the market because getting a buyer is your goal and you always want to be pursuing your goal, not making assumptions. I suggest you keep your house on the market while your buyers are waiting for financing approval when you're selling your house.
Remember, as a buyer yourself you have nothing to lose by putting in a back-up offer because the earnest money check should not get cashed unless the prior sale fails. (Check this out with your local agent.)
So, if a prior sale falls apart after the inspection and appraisal were complete on the house, you may have access to the results, which can be valuable to you as a buyer. Since these two things are true for buyers in general, it's easy to see why your agent should keep your house on the market during the waiting period. Subsequent buyers really have nothing to lose and possibly some important information to gain. When you sell a house, you should consider every advantage to find a buyer and close your transaction.
by: Leo Kingston
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