What would you do?

We're selling our home because we are relocating...

There are 2 offers on the table.

1 - For close to full price, couple has over $200k to put down BUT they are a bit strange. We love our neighbors and would feel bad selling to these weirdos.

2 - For full price, couple only has $25k to put down. They are a young couple who love the house. Really really nice people. We'd love them to buy our home.

What would you do?

Our fear is that the 2nd couple could end up not getting the mortgage or something...

I don't think you can really think about whether your neighbors will like someone or not. You won't sell your house that way.

if the 2nd couple gets approved for a mortage then sell it to them if you feel more comfortable with them

Sell it to the first couple. 200k down is major.

Screw the neighbors.

---

Posted by lilacwine

Sell to couple #2 after they're pre-approved. You'd be helping a young couple get off to a good start. Not to mention that you'd get full price for the house.

---

Just because someone is pre-approved... that doesn't mean they will get a mortgage in the end.

There is a BIG difference between a mortgage broker putting your application through an 'automated underwriter' to generate a pre-approval..... and your application actually going through the application process with a human being underwriter actually looking and critisizing your file.


How much is this property being sold for. Thats the big question. And how much of a difference in price are we talking?

You've got to think of yourself first in this situation....and not really your neighbors, so i would go with the first couple.
I would hate for people to not sell a house to us if we had the money to buy it simply because they thought we were 'weird'

---

Posted by februarybride

I feel bad for the young nice couple but you're right I have to do what's best for us!

---

to be on the other end of this is pretty normal. many people would of loved to sell to us but when it comes to business, you gotta take care of it.

on a side note, why is there so much concern to get more of a down payment when once the mortage closes, you will get the remaining balance?

---

Posted by MCDO15

on a side note, why is there so much concern to get more of a down payment when once the mortage closes, you will get the remaining balance?

---

Because banks LOVE to see liquid funds in your account. The more liquid funds you have... the more financially stable you will be. You will be more likely to secure a mortgage this way.

---

Posted by Blu-ize

If the bank gives them a committment letter then the mortgage is basically approved. We had a committment letter from our bank when we were bidding and our offer got accepted fast. When we were just pre-approved it didn't mean anything. We only had 10% down but very stable jobs with good income.

---

Good strategy. But I have found most buyers aren't this wise.

Hell... I didn't even have a committment letter when I was bidding. But it was very obvious based on my financial portfolio that I was going to get approved for a mortgage.

---

Posted by DjPiLL

---

Posted by Blu-ize

If the bank gives them a committment letter then the mortgage is basically approved. We had a committment letter from our bank when we were bidding and our offer got accepted fast. When we were just pre-approved it didn't mean anything. We only had 10% down but very stable jobs with good income.

---

Good strategy. But I have found most buyers aren't this wise.

Hell... I didn't even have a committment letter when I was bidding. But it was very obvious based on my financial portfolio that I was going to get approved for a mortgage.

---

and your credit score of course

at the end of the day its most important to sell your house. you have to look out for your own interest first.

if the young couples mortgage doesnt go through, you will kick yourself for not selling it to the weirdos.

go with #1

good luck!!!

---

Posted by nov04LIbride

The second couple wasn't preapproved? I'd give them a day for approval (we got preapproved over the phone in less than 10 mins), and then take the other offer.

---

I agree

Sell to the cash deal and don't give it another thought.

We gave preference to a young couple and they backed out of the deal. I'm sorry but in retrospect they were only putting down $40K and had to take a second mortage to afford the house.

At this point I don't care how weird the person is, this is business. I've bought my next house and need the profit from this house to do repairs. Why should I give away $$$$ or give preference to strangers because they are 'nice'. I lost the last three weekends and passed on 2 other bids for this young couple who s c r e w e d me and DH after we were nice to them. No more!

A realtor friend of mine said about 1/3 of young couples are not able to get the financing they need and about 30% of all deals fall through