I found the house i want to buy but someone else has been approved for the mortgage?
Answer:
The house isn't "sold" until closing, and all the final papers are signed. Surprises can happen, such as a debt they didn't disclose, additional property they own precluding them from this mortgage, etc.
You may still be able to make an offer, but don't get too excited and try to outdo the offer already on the table.
If the sale gets all the way to closing, and doesn't go through, it's likely the buyer will expect you to be pre-approved and ready to close. No time delays, no credit delays, insurance pre-arranged, etc..
I would definitely keep house-shopping, but put something in writing that you want to be notified immediately if the sale doesn't go through. There may be other interested parties as well.
1. get preaproved yourself.
2.. summit an offer. if need be go through a different realtor.. the one listing doesnt have to be the one you go through
3... good luck
Three big reasons why sales aren't consummated
1) When all is said and done, they may not qualify for the loan. Most pre-approvals are three steps below garbage
2) Failures of the property. Something wrong with the property that cannot be mended in a manner acceptable to the purchasers and/or the law. You probably don't want to get involved in these properties.
3) Failures of execution. Somebody messes up. Happens more often than you'd believe.
More details here: http://www.danmelson.com/posts/114746204.
If the Realtor is not your Realtor, call them and say you are ready to sign the contract immediately. If they are your Realtor, then I'm not sure why they haven't made it clear to the buyer you are ready to sign.
If the Realtor is telling you there is a mortgage on the home without a contract then that's really bad that they won't let you sign the contract. The Realtor cannot give someone extra time based on when they saw the home. The Realtor must offer the property to the first person willing to sign the contract at the seller's stated terms, regardless of the order of seeing a home, as long as the person who wishes to sign the contract has financing arranged within the seller's terms on the contract.
Anything short of that and this Realtor has motivations that are worthy of your discovery.
Good Luck.
There is nothing you can do.
Let it go and search for another house.
different mortgage solutions exists, I have outlined some below
(Note : I would also suggest you read : http://umgarticles.atspace.com/mortgage..
Pension Plan
Using a pension plan to accumulate the balance of your mortgage is a tax free saving scheme. The balance of your house will be saved over a period of time until you can pay your final balance. If you do intend to use a pension fund to save for the balance of your house, consideration should be taken into account to open another pension fund for retirement purposes too.
ISA Plan
With an ISA plan you invest in stocks and shares via an Individual Savings Account (ISA) - which is a tax-free method of saving. This method of saving may not be suitable for most borrowers. Before considering this option you should consult with an independent financial adviser.
Endowment
An endowment is still the most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment. The endowment policy along with the interest only mortgage should in effect end at the same time, leaving you with the ownership of your home and nothing to pay. Endowments have undergone much criticism; this is due to investors being promised high returns from their investments. However lately this has not been the case, borrowers have found their investments have been as good as expected and a shortfall in the end amount of invested cash will not match the amount owed on the current property.
Taking into account the recent problems that have arisen regarding endowment policies it is worth remembering that returns on endowment policies have been pretty good, however you do need to see the term out in full. Also endowments do provide life assurance as part of the actual policy, so in the unfortunate event of a death the mortgage balance is paid in full.
Advantages of an interest only mortgage
• Your investments and savings could accumulate more than the required amount to cover the final payment; this could leave you more cash for your own personal use.
• Some plans have good tax benefits and help reach the required amount it a quicker and cheaper rate.
Disadvantages of an interest only mortgage
• In the unfortunate event of your investments not acquiring the designated amount of cash to cover the loan repayment, the investor could face a shortfall which they will then need to pay. If you are worried about a shortfall on your investment, you should keep in touch with your investor and request regular updates on the situation of your endowment. If the worst comes to the worst, you can increase payments to compensate for the loss of investment.
• Cashing in your endowment, ISA or pension could have adverse effects on the amount of money you have saved over the past however many years. If you do decide to cash in any existing policies you may be subjected to a penalty, this could be a cash amount specified by the investment company/lender. Please seek professional advice if you are worried about the end results of your finances, don’t be too hasty as most policies accumulate more of the cash in the final year
for a complete informational package I suggest you visit one of the many mortgage informational sites the best free one in my opinion is :
also read http://umgarticles.atspace.com/mortgage..
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