Well, I was supposed to close the sale of my house in Colorado today. I signed all the paperwork on Thursday morning and overnighted it back to Denver. On Saturday morning by agent called me with bad news. It turns out that the buyer (for the second time) failed to get his loan. What happened this time? Seems that he got a $5k bonus last year and his employer reported the “income” on a 1099 instead of a W-2 and therefore the underwriter decided that the $5k no longer counted as “income” that would allow him to get his loan. So, once again, but he and I are screwed out of the sale. (Kudos to my agent. She keeps having to do more work to sell a house for which the price keeps going down earning her less money.)
Michael Sauers is the Technology Manager for Do Space in Omaha, NE. After earning his MLS in 1995 from the University at Albany's School of Information Science and Policy Michael spent his first 20 years as a librarian training other librarians in technology along with time as a public library trustee, a bookstore manager for a library friends group, a reference librarian, a technology consultant, and a bookseller. He has written dozens of articles for various journals and magazines and has published 14 books ranging from library technology, blogging, Web design, and an index to a popular horror magazine. In his spare time, he blogs at TravelinLibrarian.info, runs The Collector's Guide to Dean Koontz website at CollectingKoontz.com, takes many, many photos, and typically reads more than 100 books a year.
View all posts by Michael Sauers
2 Replies to “CO House Update”
Major bummer!
How can these people not get a loan? I’m a single source of income for a family of six who had never made over $30,000 when we moved here. I had never owned a home or a new car either, and the loan company approved me of for a $200,000 loan! I told them they were nuts! Make it $100,000 tops. I didn’t get good credit by being stupid. But my point is, I thought loan companies were pouring out too much money, not being careful with it.
Major bummer!
How can these people not get a loan? I’m a single source of income for a family of six who had never made over $30,000 when we moved here. I had never owned a home or a new car either, and the loan company approved me of for a $200,000 loan! I told them they were nuts! Make it $100,000 tops. I didn’t get good credit by being stupid. But my point is, I thought loan companies were pouring out too much money, not being careful with it.