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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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My Deal Fell Apart!
Well, it's official. The buyer for our co-op has backed out, we heard from our lawyer this afternoon. No reason was given, though it probably had to do with financing issues we heard she was having.
As many of you already know, I am annoyed with her since we kept hearing that she was going ahead, she was going to sign, etc. I am also really annoyed with our realtor for not checking the amount of money she had more thoroughly. In future, we will need to be on him about that--if we stick with him. I'm considering breaking our contract and hiring someone else. This was a big mistake, which will cost us.
Word of warning to any sellers out there--make sure your realtor does a complete check of any potential buyers, credit check, verify income, and verify funds for the downpayment (the latter was what ours skipped).
So, I'll make a shameless appeal, if anyone is looking for a 2-bedroom co-op in Great Neck, FM me!
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Posted 2/20/07 3:26 PM  |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: My Deal Fell Apart!
 So sorry this happened!
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| Posted 2/20/07 3:27 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: My Deal Fell Apart!
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| Posted 2/20/07 3:29 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: My Deal Fell Apart!
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| Posted 2/20/07 3:30 PM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: My Deal Fell Apart!
I"M SO SORRY!!
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| Posted 2/20/07 3:31 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: My Deal Fell Apart!
I'm sorry this happened. The process is stressful enough and you didn't need this added aggravation
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| Posted 2/20/07 3:38 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: My Deal Fell Apart!
sorry to hear that it will work out!!!
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| Posted 2/20/07 3:42 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: My Deal Fell Apart!
Posted by cjik
Word of warning to any sellers out there--make sure your realtor does a complete check of any potential buyers, credit check, verify income, and verify funds for the downpayment (the latter was what ours skipped).
I'm sorry your deal fell through. That really stinks. However, I don't think a broker can obtain this information for you. But, I think you can require a pre-pproval letter with any offers. (Personally, I would never give that information to a real estate broker, only to a bank).
Good luck and I hope a better buyer comes along.
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| Posted 2/20/07 3:53 PM |
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: My Deal Fell Apart!
Posted by Pumpkin1
Posted by cjik
Word of warning to any sellers out there--make sure your realtor does a complete check of any potential buyers, credit check, verify income, and verify funds for the downpayment (the latter was what ours skipped).
I'm sorry your deal fell through. That really stinks. However, I don't think a broker can obtain this information for you. But, I think you can require a pre-pproval letter with any offers. (Personally, I would never give that information to a real estate broker, only to a bank).
Good luck and I hope a better buyer comes along.
So sorry that your deal fell through You may not be able to verify potential buyers finances, but you can request them. We were asked to submit a personal financial statement with gross income, checking, savings and investment balances and outstanding liabilities when we submitted an offer for our co-op. Good luck!
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| Posted 2/20/07 3:59 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: My Deal Fell Apart!
Sorry your deal fell through, hopefully you will get another offer soon from a better person!
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| Posted 2/20/07 4:03 PM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: My Deal Fell Apart!
Posted by KvsGrl
Posted by Pumpkin1
Posted by cjik
Word of warning to any sellers out there--make sure your realtor does a complete check of any potential buyers, credit check, verify income, and verify funds for the downpayment (the latter was what ours skipped).
I'm sorry your deal fell through. That really stinks. However, I don't think a broker can obtain this information for you. But, I think you can require a pre-pproval letter with any offers. (Personally, I would never give that information to a real estate broker, only to a bank).
Good luck and I hope a better buyer comes along.
So sorry that your deal fell through You may not be able to verify potential buyers finances, but you can request them. We were asked to submit a personal financial statement with gross income, checking, savings and investment balances and outstanding liabilities when we submitted an offer for our co-op. Good luck!
So were we--we didn't have to submit documents, but we ad to fill out a form and we had to authorize a credit check.
Good luck!
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| Posted 2/20/07 4:07 PM |
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lulugrrl
My 3 Blessings
Member since 3/06 6551 total posts
Name:
L
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Re: My Deal Fell Apart!
So sorry...I know this is frustrating! I had MANY ups and downs with my buyers and their finances! MANY
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| Posted 2/20/07 4:15 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: My Deal Fell Apart!
 It's sounds so very frustrating to be a seller! Too many horror stories!
Good luck! 
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| Posted 2/20/07 4:18 PM |
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lilacwine
only love...
Member since 5/05 2034 total posts
Name:
<3
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Re: My Deal Fell Apart!
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| Posted 2/20/07 5:16 PM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: My Deal Fell Apart!
I have to confirm exactly what documents he requested. I know he did the credit check and verified employment, but I'm not sure what happened with her other financial statements. I do feel like an idiot for not checking on this more thoroughly, but all I can do now is learn from the experience and move on.
I'm not sure we can demand her financial statements, but I'm pretty sure we can demand a a preapproval, which may turn some people off, but I just don't want to run risks in the future.
Such a PITA--why can't people just be honest?
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| Posted 2/20/07 5:19 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: My Deal Fell Apart!
Posted by cjik
So, I'll make a shameless appeal, if anyone is looking for a 2-bedroom co-op in Great Neck, FM me!
Are you in the Great Neck Terrace Co-Ops?
Message edited 2/20/2007 7:25:59 PM.
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| Posted 2/20/07 7:25 PM |
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Re: My Deal Fell Apart!
I know it is frustrating
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| Posted 2/20/07 7:56 PM |
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cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
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Re: My Deal Fell Apart!
I forgot to say, thank you for all the messages. It really helps to have a place to vent and to have people empathize.
 I'm feeling better this evening. It's done, nothing to do about it now but move along.
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| Posted 2/20/07 9:23 PM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: My Deal Fell Apart!
I'm so sorry
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| Posted 2/21/07 5:32 AM |
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