Sounds as though there were a lot of surprises at the closing table, last month.
According to a story in Inman News:
A new survey of mortgage brokers reveals that one in three prospective home buyers who had signed purchase and sale agreements in August ended up canceling.
Not all of the cancellations reported in the survey of 1,744 mortgage brokers by Campbell Communications Inc. were the result of problems funding loans.
Some deals fell through because buyers could not get approved for a loan or withdrew their offer. In other cases the lender did not honor a loan commitment, went bankrupt or stopped funding loans. Interest-rate changes killed some deals, and sellers backed out of others.
… [survey designer Thomas Popik of Geosegment Systems] said 56 percent of subprime borrowers who had signed purchase and sale agreements in August saw those deals fall through for various reasons, compared with a cancellation rate of 21 percent for prime borrowers.
In comparison:
When Campbell Communications surveyed real estate agents in 2004 — when the housing boom was in full swing — only 4 percent of home purchase closings failed for mortgage-related reasons.
Whoa.
Source: Mortgage brokers say one-third of clients failed to close in August – By Matt Carter, Inman News
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