House #1: No Buyer

November 26, 2008 · 0 comments

We had our first offer on The Corn House this past weekend, but unfortunately, it didn’t work out. The potential buyer called my wife on Saturday to take a look at the house, and mentioned up-front that she wasn’t yet pre-qualified for a loan. Of course, we walked her through the house anyway, and she loved it. We told her we’d take her information and work on finding out if she could qualify for a loan, and then got in touch with our mortgage broker.

On Monday, we sent him the details, and the news wasn’t good. While her credit score was high enough, she is currently behind on her mortgage payments for an investment property she owns in North Carolina. This means she won’t qualify for FHA, and she doesn’t have enough cash to finance a traditional mortgage (though it’s unlikely she’d qualify for that either).

We’ll work with her to try to fix her credit situation, and who knows, maybe she’ll be able to buy one of our houses in the future…but it likely won’t be The Corn House, and it likely won’t be very soon…

Oh well…

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