Lori Corken ReviewsLori CorkenBroker/Owner (25 years experience)
55 Recent Sales (last 12 months)
Buyer's Agent, Listing Agent, Relocation, Foreclosure
07/18/2013 - user1724871
We connected, but it did not work out. Looking in Heritage Hills, CO 80124
Response from Lori on 08/16/2013
I am sorry you feel this way. While no one is happy when a sale is not successful, it is the Buyer’s right to choose their type of financing. When Seller purchased this property, it was on the FHA approved lending list. However, due to the increase in the proportion of renters vs. owners, the project became ineligible for FHA financing. Unfortunately, the property owner may not know about this change unless notified by the HOA or until a Buyer’s lender contacts the FHA for a status update. The listing broker is not notified if the property becomes ineligible for FHA financing. Although I was the listing broker for this property, I worked with the Buyer to seek alternative financing options. Ultimately, the Buyer was not comfortable moving forward with the proposed loan terms. The Buyer has the right to select their financing and elected to terminate the contract. Other offers that did not contain FHA financing terms were submitted to the Seller, but Seller chose to not accept them.