FHA financing failed - says he has a house already. He's sorting out, but time is unk. Said ok to sell to others. We're releasing his escrow per contract. We've had 2 showings and 2 callbacks this week. Paperwork is good for other buyers, so close can be fast. We have to make mortgage and rent payments, so gifts of cash would be appreciated.
FHA declined him for mortgage insurance. They say he already has FHA mort insurance on a house in Comanche, TX.
He's never owned a house in Comanche.
There's some sort of FHA outstanding balance of $3700.
He's trying to sort all this out, but who knows how long it would take.
He said if we have someone else lined up to go ahead and sell to them.
Since it's part of the contract we signed that failure of financing is an exception to us keeping escrow, there's no reason to try and get/keep it.
On Monday, our agent will fax over a release of escrow statement (to them) and it will cut the house loose from them.
I told him to call if it gets sorted out in a few weeks.
MLG said that we've had 2 showings and 2 callbacks on the house already.
If we get new buyers, and they go FHA, all the supporting documentation is good for another few weeks, so we can move to close quickly.
In the meantime, I have to send off a mortgage payment, and we'll be paying rent and mortgage simultaneously. This is going to suck, and anyone who has disposable income that they would like to gift to us would be worshipped.
I'm asking work to let me have weekend shifts for extra pay. Hopefully, that'll help some too.