Chances are, when you bought your house, you had saved enough money for a down payment and closing costs, and your bank gave you the mortgage. Financing is a little bit Wild West these days, and lots of homebuyers are getting their loans through more unusual channels, like online lenders, and peer-to-peer lending sites. And buyers can get a little crazy and kill the sale without having any idea what they’re doing wrong.
When you sign the offer to purchase contract, the person buying your house is no longer the anonymous buyer, but a real person with a name. And in this age of the internet, most sellers will do a little social media stalking to find out more about the people buying their home. Buyers do the same thing, by the way….
What one seller found online created a tidal wave that ultimately terminated the contract–in about an hour.
The buyer, moving from out of state with a large family, had set up a funding page online. They had posted pictures of the house they were buying, and were asking for money to help with moving costs. Two things blew up the contract right then–not knowing the language of lending, the buyer was asking for money to pay for the “closing costs” and the “deposit”. They meant the deposit on the moving trucks, but the seller found this on social media and was not only upset about the photo his house being used for online panhandling, but concerned about the buyer’s ability to get the financing.
The buyer had the funds to close, but the online appeal for closing costs and the deposit was enough for the lender to deny the loan.
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