Seller changes their mind.

What is the name of your state? Idaho

We found a house that we wanted and was told by the realtor that the seller was considereing keeping the house and refinancing it but put it on the market anyways. We made and appointment to start the purchase and also called some mortage companies to get our approval for the loan. The realtor called the seller and told him about our intentions but now the seller has changed his mind and is trying to refinance it yet we already have the credit report inquiries on our record for a house that we can't get. I was wondering if it is illegal for someone to post a home for sale (as of right now it is still on the market) even though that they don't have the intention of selling it and also can we hold him/realtor accountable? I am just not happy with the fact that now we have a mark on our credit report now for something that shouldn't have happened.

[nextwife]

Seller is NOT responsible. You put the cart before the horse. While it makes sense to prequalify for a loan while house shopping, it does not make sense to actually start an application for a given place BEFORE a seller has ACCEPTED an offer with YOUR PRICE and YOUR terms. You have no way to even know if he would have gone for it. A home sale involves all the seller's terms, not just the price asked.

Thanks for the advice. Yeah I know I jumped the gun on this and I will admit fault. (First time buyer) I just feel, or thought, that if you aren't really going to sell the home how can you put it on the market and also have a realtor show it off for you? We had an appointment with the realtor today to start the purchasing agreement and stuff but he called late last night and said that the seller changed his mind and is going to try and refinance the house to keep it but if that doesn't go through he will try and sell it but yet the house is still "on the open market". Just doesn't make sense to me thats all.

[nextwife]

Sure it does. Maybe they were trying to sell in order to buy a particular home and that home was lost to a different buyer. Maybe they were expecting and thought they'd need more space, but they miscarried. Maybe they were going to buy up, but one lost their job, so they can no longer afford to buy up. Maybe their child was planning to move away and is now staying there a few more years. Situations change, and, without an offer, seller is free to change their mind.

[Souix]

Just for your information, it IS common for buyers to make loan application and have a credit report run before actually making an offer on a house. Its called the pre approval process. I require it before I show anyone property. OP, your mortgage broker can keep your credit report and application on file for their pre approval of you for your next purchase. You will look better to any seller this way. Good luck and I hope you find the home you're looking for.

[HomeGuru]

Good info.

Thank you for the information, very helpful and also helped me relax a little bit more, still a little frustrated but that goes with the territory. Thanks again for the help.

[Souix]

Originally Posted by bundy307

Thanks for the advice. Yeah I know I jumped the gun on this and I will admit fault. (First time buyer) I just feel, or thought, that if you aren't really going to sell the home how can you put it on the market and also have a realtor show it off for you? We had an appointment with the realtor today to start the purchasing agreement and stuff but he called late last night and said that the seller changed his mind and is going to try and refinance the house to keep it but if that doesn't go through he will try and sell it but yet the house is still "on the open market". Just doesn't make sense to me thats all.

***I just wanted you to know too, that this is a fairly common scenario. In fact, I have a seller right now that I've had on the market for not quite a week now, and he is waffling between selling and refinancing. I have an employment contract that is still in effect so I HAVE to continue to market the home until he tells me to take if off the market and signs the cancellation. I think this is one of the reasons why lenders require seller to NOT have their house on the market while they are refinancing.***

[HomeGuru]

Originally Posted by Souix

***I just wanted you to know too, that this is a fairly common scenario. In fact, I have a seller right now that I've had on the market for not quite a week now, and he is waffling between selling and refinancing. I have an employment contract that is still in effect so I HAVE to continue to market the home until he tells me to take if off the market and signs the cancellation. I think this is one of the reasons why lenders require seller to NOT have their house on the market while they are refinancing.***

**A: why do you call it an "employment contract"? Is the Seller your employer?

[Souix]

Originally Posted by HomeGuru

**A: why do you call it an "employment contract"? Is the Seller your employer?

***I usually call it an "employment contract" with buyers, especially first time buyers, as they don't know what a listing agreement is***

[HomeGuru]

Originally Posted by Souix

***I usually call it an "employment contract" with buyers, especially first time buyers, as they don't know what a listing agreement is***

**A: then please educate them from the confusion.