Did you know....

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Mortgage and Lending with Not yet determined

That lenders have a tough time with the theory of a HIGHER purchase price than the actual list price? I am telling you this because if FHA is the mother of all financing right now, people are going to find ways for the seller to contribute 9% (6% seller concessions toward closing costs and 3% towards down payment assistance.) SO, when you are making an offer on a home, make sure you are not offering more than the list price. The lender's theory is if it doesn't sell for the old list price, why would that change this time? Also, if they go to foreclose on it, they want to make sure it will appraise properly and will sell appropriately (which of course, we all know that they do sit on the market for a while). Just wanted to keep you informed! Have a productive week!

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Groups:
All About Mortgages/Mortgage Networking
Georgia Real Estate
PETS ARE PEOPLE TOO
Georgia Open Houses
Atlanta Homes For Sale
Tags:
foreclosure
fha
lender
bank
down payment
purchase
real estate
realtor
nationwide
mortgage

Comments 2 New Comment

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Rainmaker
220,275
Christopher Watters
Austin Real Estate (512-298-4010)
Watters International Realty, LLC.

Thanks for the info. That's great info for consumers out there interestd in buying..

May 12, 2008 09:59 AM
Rainer
22,289
Cape Coral Florida Golf Course and Waterfront Homes
Gulf Coast Realty Network, Inc.

That's a good explanation of a difficult situation.  My buyer had three contracts rejected (without comment or reason) at $10,000 over list, but she WAS trying to wrangle her closing costs into the deal.  Now I see why the issue....
JimG

May 12, 2008 10:02 AM
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Rainer
18,042

Jennifer Butz

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