Accepted an offer for $536,500 on our midwest house with about $9,000 annually of property tax/HOA.
Buyer is a single mother whose income is approximately $120,000 pre-tax. She is taking out a HELOC out of her current home which she purchased for $315,000 and is now valued at $481,000 according to Zillow, in order to pay for the down payment. She still has $50,000 left on her mortgage of her current home, which she said did not have to be sold in order to buy ours, and has been given a pre-approval of $577,000. We are unaware of any other possible loans she might have otherwise. All 3 loans are through PNC bank.
She was pretty tight on negotiations and would only increase her original offer by $1500, and earnest money was originally $3,000, but was increased to $6,000 ($3,000 before contingency and $3,000 after).
How worried should we be that she would be unable to get the loans?