My jurisdiction is: Florida
Hi,
I just want to run this by you, I think I am fine, but I worry too much, and just want to my mind at ease.
We have been trying to sell my deceased parent's home for over 2 years now, which is 1800 miles from our home. We have had several offers, but due to the buyers unable to sell their homes, bank's refusing to give loans, or the buyers poor credit, all have fallen apart.
About 6 months ago, we had an offer that sounded promising. We had agreed on a price and all the details verbally through our real estate agent, but the buyer wanted me to finance the loan through me, instead of using the bank. I considered this a red flag, but our agent told me all the details of the buyers income, assets and financial status, and that some recent medical bills had just created some problems that made the buyers prefer to finance through us, instead of the bank, and this is not uncommon in today's market, and that she would insure we would be protected. I was cautious, but anxious to sell the home after such a long time, so we proceeded through the selling process and agreed on all the details of the contract, contingent on receiving the buyers credit rating.
So I made a trip to the home, contacted and got moving estimates, went over the contract details with my agent, hired a real estate attorney, who made some changes to our contract, and thought we were all set. I was sad to see my parents home finally go, but also excited to finally relieve myself of this financial burden it had become. When I was outside doing some yardwork, a neighbor stopped by to say hi, and I told him it sounds like the house may be sold, and while we're still waiting on a few details, he should have some new neighbors soon!
A few days later we received the buyers credit report, only to be shocked by the results. While it contained all the info we had been told previously, their current income, assets and medical bill, it also showed they had almost $500k in outstanding loans, high credit card balances, both that had many late, unpaid amounts and a very bad credit rating. We were both horribly disappointed and angry. How could anyone go through this entire process, which used much of my limited vacation time and incur multiple travel and legal expenses, and not mention a thing of this to anyone or my agent? Of course, we turned down the offer and packed everything back up and headed home.
On a recent trip back to the house, that same neighbor approached me and asked if we had any luck on the house( as he said he has seen many various people viewing lately) and what happened with that offer? We discussed several of the offers, and I basically told him that other offer ended up being a total bust, as the buyers had poor credit, had $500k in loans, and were late on many payments, so the contract was canceled. I told him they seemed like nice people, and truly wanted the house and I really wanted to complete the contract, but with their all the details they withheld from us throughout the entire process, I did not feel comfortable putting myself in that position.....He did not seem surprised and agreed that the fact they were not willing to finance through a bank would have been a red flag to him, too.
After this, he did mention that he had seen these same people driving by out house since then, so they still may be interested. I told him if they could come up with other financing, I would still sell them the house....then he mentioned he knew someone through several channels, (a friend of a friend who also was in the same profession as the buyers, back in the midwest) that knew these people, and he was already very aware of alot of this! He told me what kind of car they owned, (by seeing them drive by), their current employment, financial status, medical issues, current housing situation and many assets! Much of this was in the credit report, but never mentioned by me, at all. I was surprised he knew all this and never mentioned it till now. I asked if he knew their names, and he said, no it was never mentioned at all, just that they had met some acquittances that knew someone who wanted to move to this area and may be their new neighbors in the future.......At first I thought nothing about it, but then got concerned (I am a worrier!) even though he obviously knew alot, I may have mentioned a couple items from their credit report that he was not aware of.
Now in reviewing this, the only details I mentioned were; that the people had a bad credit report, due to some unpaid credit card balances and almost $500 k in other mortgages and loans, hence the reason they tried to avoid the bank. I NEVER mentioned a name (just referred to them as"the people" or "the buyers") or anything specific that would make me think that anyone could tie this info to anyone specific, just as I am telling you, now. Also, all of this was mentioned before I had any knowledge that my neighbor had any details of these prospective buyers. All the other details and info that the neighbor knew, (which I considered private) he had acquired previously through other sources.....
Afterwards, in another conversation, I brought this up to him, that I had no idea he had any connections or knowledge of these "people" and while I did not mention any names or think I did anything wrong , I would prefer if anything I said would not be mentioned anywhere else. He agreed, understood, and again confirmed he did not even know these peoples name or have any real contact with them or the other people that did know them....
My wife thinks I am just fine, since I never signed anything or said any names or anything that could point anyone directly to this person, just as she often tells me about situations at her work, but never tells me the names involved, but again, I worry too much, and would like your opinion to help put my mind at ease.
Thank you!
Hi,
I just want to run this by you, I think I am fine, but I worry too much, and just want to my mind at ease.
We have been trying to sell my deceased parent's home for over 2 years now, which is 1800 miles from our home. We have had several offers, but due to the buyers unable to sell their homes, bank's refusing to give loans, or the buyers poor credit, all have fallen apart.
About 6 months ago, we had an offer that sounded promising. We had agreed on a price and all the details verbally through our real estate agent, but the buyer wanted me to finance the loan through me, instead of using the bank. I considered this a red flag, but our agent told me all the details of the buyers income, assets and financial status, and that some recent medical bills had just created some problems that made the buyers prefer to finance through us, instead of the bank, and this is not uncommon in today's market, and that she would insure we would be protected. I was cautious, but anxious to sell the home after such a long time, so we proceeded through the selling process and agreed on all the details of the contract, contingent on receiving the buyers credit rating.
So I made a trip to the home, contacted and got moving estimates, went over the contract details with my agent, hired a real estate attorney, who made some changes to our contract, and thought we were all set. I was sad to see my parents home finally go, but also excited to finally relieve myself of this financial burden it had become. When I was outside doing some yardwork, a neighbor stopped by to say hi, and I told him it sounds like the house may be sold, and while we're still waiting on a few details, he should have some new neighbors soon!
A few days later we received the buyers credit report, only to be shocked by the results. While it contained all the info we had been told previously, their current income, assets and medical bill, it also showed they had almost $500k in outstanding loans, high credit card balances, both that had many late, unpaid amounts and a very bad credit rating. We were both horribly disappointed and angry. How could anyone go through this entire process, which used much of my limited vacation time and incur multiple travel and legal expenses, and not mention a thing of this to anyone or my agent? Of course, we turned down the offer and packed everything back up and headed home.
On a recent trip back to the house, that same neighbor approached me and asked if we had any luck on the house( as he said he has seen many various people viewing lately) and what happened with that offer? We discussed several of the offers, and I basically told him that other offer ended up being a total bust, as the buyers had poor credit, had $500k in loans, and were late on many payments, so the contract was canceled. I told him they seemed like nice people, and truly wanted the house and I really wanted to complete the contract, but with their all the details they withheld from us throughout the entire process, I did not feel comfortable putting myself in that position.....He did not seem surprised and agreed that the fact they were not willing to finance through a bank would have been a red flag to him, too.
After this, he did mention that he had seen these same people driving by out house since then, so they still may be interested. I told him if they could come up with other financing, I would still sell them the house....then he mentioned he knew someone through several channels, (a friend of a friend who also was in the same profession as the buyers, back in the midwest) that knew these people, and he was already very aware of alot of this! He told me what kind of car they owned, (by seeing them drive by), their current employment, financial status, medical issues, current housing situation and many assets! Much of this was in the credit report, but never mentioned by me, at all. I was surprised he knew all this and never mentioned it till now. I asked if he knew their names, and he said, no it was never mentioned at all, just that they had met some acquittances that knew someone who wanted to move to this area and may be their new neighbors in the future.......At first I thought nothing about it, but then got concerned (I am a worrier!) even though he obviously knew alot, I may have mentioned a couple items from their credit report that he was not aware of.
Now in reviewing this, the only details I mentioned were; that the people had a bad credit report, due to some unpaid credit card balances and almost $500 k in other mortgages and loans, hence the reason they tried to avoid the bank. I NEVER mentioned a name (just referred to them as"the people" or "the buyers") or anything specific that would make me think that anyone could tie this info to anyone specific, just as I am telling you, now. Also, all of this was mentioned before I had any knowledge that my neighbor had any details of these prospective buyers. All the other details and info that the neighbor knew, (which I considered private) he had acquired previously through other sources.....
Afterwards, in another conversation, I brought this up to him, that I had no idea he had any connections or knowledge of these "people" and while I did not mention any names or think I did anything wrong , I would prefer if anything I said would not be mentioned anywhere else. He agreed, understood, and again confirmed he did not even know these peoples name or have any real contact with them or the other people that did know them....
My wife thinks I am just fine, since I never signed anything or said any names or anything that could point anyone directly to this person, just as she often tells me about situations at her work, but never tells me the names involved, but again, I worry too much, and would like your opinion to help put my mind at ease.
Thank you!
