OMG I just want to buy a freaking house!

[recordsclerk]

Save more money and make a strong offer. Ask for the minimun closing cost that VA allows. Remember that no matter how much you offer on the home it has to appraise for that amount, so over bidding does not help the deal. Show that you are willing to take the home as is, unless VA requires additional repairs.

[NotCranky]

Go buy a house that other people don’t want. There are lots of them.

[NotCranky]

Go buy a house that other people don’t want. There are lots of them.

[NotCranky]

Go buy a house that other people don’t want. There are lots of them.

[NotCranky]

Go buy a house that other people don’t want. There are lots of them.

[NotCranky]

Go buy a house that other people don’t want. There are lots of them.

[Arraya]

Just about everything that we come across is a short sale or it’s bank owned, or the seller will only take cash.

http://market-ticker.denninger.net/archives/1539-Possible-Credit-Dislocation-Be-Warned.html
I am hearing repeated anecdotes from multiple areas that foreclosed property held by banks with multiple full-price offers that include a financing requirement are being sold instead to people with actual cash at radical reductions from that price. This implies that these financing contingencies are regarded as not only potentially no good but factually no good, as if the banks know for a fact that the credit pipeline will (not might), within weeks or months (in the time required to close), disappear. There is no other rational explanation for this behavior.

[Arraya]

Just about everything that we come across is a short sale or it’s bank owned, or the seller will only take cash.

http://market-ticker.denninger.net/archives/1539-Possible-Credit-Dislocation-Be-Warned.html
I am hearing repeated anecdotes from multiple areas that foreclosed property held by banks with multiple full-price offers that include a financing requirement are being sold instead to people with actual cash at radical reductions from that price. This implies that these financing contingencies are regarded as not only potentially no good but factually no good, as if the banks know for a fact that the credit pipeline will (not might), within weeks or months (in the time required to close), disappear. There is no other rational explanation for this behavior.

[Arraya]

Just about everything that we come across is a short sale or it’s bank owned, or the seller will only take cash.

http://market-ticker.denninger.net/archives/1539-Possible-Credit-Dislocation-Be-Warned.html
I am hearing repeated anecdotes from multiple areas that foreclosed property held by banks with multiple full-price offers that include a financing requirement are being sold instead to people with actual cash at radical reductions from that price. This implies that these financing contingencies are regarded as not only potentially no good but factually no good, as if the banks know for a fact that the credit pipeline will (not might), within weeks or months (in the time required to close), disappear. There is no other rational explanation for this behavior.

[Arraya]

Just about everything that we come across is a short sale or it’s bank owned, or the seller will only take cash.

http://market-ticker.denninger.net/archives/1539-Possible-Credit-Dislocation-Be-Warned.html
I am hearing repeated anecdotes from multiple areas that foreclosed property held by banks with multiple full-price offers that include a financing requirement are being sold instead to people with actual cash at radical reductions from that price. This implies that these financing contingencies are regarded as not only potentially no good but factually no good, as if the banks know for a fact that the credit pipeline will (not might), within weeks or months (in the time required to close), disappear. There is no other rational explanation for this behavior.

[Arraya]

Just about everything that we come across is a short sale or it’s bank owned, or the seller will only take cash.

http://market-ticker.denninger.net/archives/1539-Possible-Credit-Dislocation-Be-Warned.html
I am hearing repeated anecdotes from multiple areas that foreclosed property held by banks with multiple full-price offers that include a financing requirement are being sold instead to people with actual cash at radical reductions from that price. This implies that these financing contingencies are regarded as not only potentially no good but factually no good, as if the banks know for a fact that the credit pipeline will (not might), within weeks or months (in the time required to close), disappear. There is no other rational explanation for this behavior.

[[email protected]]

Russell gave you good advice “buy a home that nobody else wants”

You cannot buy that home with VA financing because VA requires the repairs completed prior to close.

You can purchase it with a FHA 203K rehabilitation loan. One loan finances the purchase and the repairs or upgrades. The only downside for you is that the 203K requires a 3.5% Downpayment.

[[email protected]]

Russell gave you good advice “buy a home that nobody else wants”

You cannot buy that home with VA financing because VA requires the repairs completed prior to close.

You can purchase it with a FHA 203K rehabilitation loan. One loan finances the purchase and the repairs or upgrades. The only downside for you is that the 203K requires a 3.5% Downpayment.

[[email protected]]

Russell gave you good advice “buy a home that nobody else wants”

You cannot buy that home with VA financing because VA requires the repairs completed prior to close.

You can purchase it with a FHA 203K rehabilitation loan. One loan finances the purchase and the repairs or upgrades. The only downside for you is that the 203K requires a 3.5% Downpayment.

[[email protected]]

Russell gave you good advice “buy a home that nobody else wants”

You cannot buy that home with VA financing because VA requires the repairs completed prior to close.

You can purchase it with a FHA 203K rehabilitation loan. One loan finances the purchase and the repairs or upgrades. The only downside for you is that the 203K requires a 3.5% Downpayment.

[Author]

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