Deal Falls Apart At The Closing Table! Here's what happened...

All inspections have been satisfied and completed, contingencies have been removed. We have the "clear to close" from Mortgage.

At the closing table, the call comes in that Underwriting has now rejected the mortgage due to one of the buyers giving two weeks notice at their place of employment. Her salary could no longer be used on the application and they no longer qualified for the loan.

In this transaction, I represented the seller. We may assume buyers know better than to do something like this, however, in this market we cannot assume anything. The house is back on the market, and the buyers lost the home they fell in love with.