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Rainmaker
1,027,535
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

It depends on your state/region's specific contract.  In ours, buyers may substitute alternative financing, however, if they wish to retain the protection of the financing contingency, they must have the written permission of the seller, in other words, execute a new financing contingency.  Otherwise,  if they substitute alternative financing and that financing causes any harm to the seller (increased expense, delayed settlement, etc.) then they are in default.

May 04, 2017 06:08 AM
Rainmaker
3,376,874
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

NOT AT ALL. The only issue is for the buyer who would probably loose their deposit if they did not get a mortgage. 

May 04, 2017 07:02 AM
Rainmaker
4,245,512
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It likely depends on the terms in the contract.  If a buyer can still close the transaction in the agreed time frame and without any additional cost to the seller, the type of loan(s) shouldn't make a difference.

May 04, 2017 06:29 AM
Rainmaker
1,759,689
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

It's done all the time with 100% financing. Why would you if both loans are going to go thru? That's like shooting yourself in the foot & being paranoid.

Might be they are borrowing against something else & getting a new loan for the balance, who cares.

May 04, 2017 07:39 AM
Ambassador
4,722,423
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

It depends on the terms in your contract. While if there are still qualified it should not matter written permission from the seller may be needed since it is a change in the contract. Talk with your broker.

May 04, 2017 06:51 AM
Rainmaker
2,051,705
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I'm guessing this will be STATE specific ???

May 04, 2017 06:31 AM
Rainmaker
4,303,179
Richard Weeks
Dallas, TX
REALTOR®, Broker

Doubtful

May 04, 2017 06:29 AM
Rainmaker
1,466,027
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Susan Haughton has the contractual terms that apply to my State.

May 04, 2017 06:24 AM
Rainmaker
4,511,819
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Buyer gets the first and the deal is done. Closing may be another problem. Contract language will prevail and could lead to a loss of the earnest money. Time for the seller to get an attorney!

May 04, 2017 06:19 AM
Rainmaker
1,347,522
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

The answer is .... ahhhh that's a shame.

May 04, 2017 06:15 AM
Rainmaker
1,708,235
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Check with your teacher and your real estate commission in your state.

May 04, 2017 06:10 AM
Rainmaker
1,425,250
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Check with your state.  I have a deal right now where the buyer put conventional on the offer and switched to FHA during the escrow.  State's lawyers said "You can't cancel for that, but you don't have to agree to the loan."  In other words, we didn't have to sign the FHA seller paperwork, but we couldn't cancel because the loan changed.

May 04, 2017 09:44 AM
Rainmaker
5,579,354
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

this is why we have real estate attorneys... I'm confident I know the correct answer, but I don't wear that hat...

May 04, 2017 08:37 AM
Rainmaker
6,968,613
Roy Kelley
Retired - Gaithersburg, MD

Follow the terms of the contract.

May 04, 2017 07:17 AM
Rainmaker
2,684,202
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The whole contract would come to bear...

May 04, 2017 06:16 AM
Rainmaker
4,280,601
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Not at all, Buyers change terms all the time.

 

 

May 06, 2017 04:21 PM
Rainmaker
844,372
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Do not believe so; ask a local attorney.

May 05, 2017 05:11 AM
Rainmaker
1,157,535
FN LN
Toronto, ON

What are the terms of the contract?

May 05, 2017 12:03 AM
Rainmaker
601,096
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

This depends on the contract being used. In Oregon, our purchase agreement requires that the seller agree to any changes in the terms of the financing of the buyer.  If the buyer was not honest in their offer, then this could be terms to terminate.

May 04, 2017 09:49 PM
Ambassador
4,316,065
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

I do not think so.

The buyer needs to bring the money at the closing table. Period!

May 04, 2017 09:39 PM
Ambassador
3,986,960
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I am not an attorney and never give legal advice. Consult an attorney and stay out of trouble.

May 04, 2017 08:00 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

If the buyer does not close there could be an issue, but no issue if there is not cost to the sellers and they close on time.

May 04, 2017 06:33 PM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Ask an attorney. It depends on the contract.

May 04, 2017 05:34 PM
Ambassador
2,605,038
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   Probably not, as long as they get a loan (or loans) and the deal closes.  But it depends upon the specific language in the contract.  See an Attorney for legal advice.

May 04, 2017 04:16 PM
Ambassador
5,701,526
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Why would they want to??? 

Isnt the goal to sell the home?

May 04, 2017 10:25 AM
Ambassador
1,616,454
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

ask your broker

May 04, 2017 10:02 AM
Rainer
55,453
Joe D'Agostino
NMLS# 729950 - Manahawkin, NJ
Mortgage Officer 46 years!

As a Mortgage Banker, I can try and answer. Some lenders in order to avoid their borrowers paying Mortgage Insurance,can do an 80/10/10 mortgage. This means 80% First,10% second and 10% down. Many borrowers have no idea about the various types of mortgage programs available,and simply relied on their mortgage professional. As for the LEGAL issue....that's why we have attorneys.

May 04, 2017 09:08 AM
Rainmaker
4,799,701
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Maybe

May 04, 2017 08:58 AM
Ambassador
3,145,971
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

It is a change in terms of the contract.  Technically, the contract would need to be modified with an addendum.  Most of the time the listing agent and sellers don't know about the change in financing ... until much later in the game. 

May 04, 2017 08:37 AM
Rainmaker
808,903
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Depends on the contract terms.  This happens sometimes and as long as it closes and doesn't change anything for he seller (costs, closing date, etc) it's generally not a problem.  But, if the seller really wants to know this answer he/she will need to contact a contract attorney and ask this question. -Kasey

May 04, 2017 07:46 AM
Rainmaker
706,330
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Scott Godzyk nailed this one!

May 04, 2017 07:25 AM
Rainmaker
4,435,346
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Depends on the contract language and the state it's written in.

May 04, 2017 07:18 AM