OMG I just want to buy a freaking house!

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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.

[NotCranky]

[quote=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.[/quote]

I didn’t read your link so I don’t know if this is mentioned, but some listing agents have been concerned about taking offers,especially on potentially long lender approval or long escrow type deals, that are officially or unofficially contingent on the tax credit. These would obviously be some distressed properties.Dan, sdr and SDR could say more on the extent of this.

[NotCranky]

[quote=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.[/quote]

I didn’t read your link so I don’t know if this is mentioned, but some listing agents have been concerned about taking offers,especially on potentially long lender approval or long escrow type deals, that are officially or unofficially contingent on the tax credit. These would obviously be some distressed properties.Dan, sdr and SDR could say more on the extent of this.

[NotCranky]

[quote=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.[/quote]

I didn’t read your link so I don’t know if this is mentioned, but some listing agents have been concerned about taking offers,especially on potentially long lender approval or long escrow type deals, that are officially or unofficially contingent on the tax credit. These would obviously be some distressed properties.Dan, sdr and SDR could say more on the extent of this.

[NotCranky]

[quote=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.[/quote]

I didn’t read your link so I don’t know if this is mentioned, but some listing agents have been concerned about taking offers,especially on potentially long lender approval or long escrow type deals, that are officially or unofficially contingent on the tax credit. These would obviously be some distressed properties.Dan, sdr and SDR could say more on the extent of this.

[NotCranky]

[quote=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.[/quote]

I didn’t read your link so I don’t know if this is mentioned, but some listing agents have been concerned about taking offers,especially on potentially long lender approval or long escrow type deals, that are officially or unofficially contingent on the tax credit. These would obviously be some distressed properties.Dan, sdr and SDR could say more on the extent of this.

[an]

[quote=Russell]Go buy a house that other people don’t want. There are lots of them.[/quote]
The houses that people don’t want are usually overpriced ones. It doesn’t matter how crappy it is, if you priced it under its market value, it’ll get multiple offers.

[an]

[quote=Russell]Go buy a house that other people don’t want. There are lots of them.[/quote]
The houses that people don’t want are usually overpriced ones. It doesn’t matter how crappy it is, if you priced it under its market value, it’ll get multiple offers.

[an]

[quote=Russell]Go buy a house that other people don’t want. There are lots of them.[/quote]
The houses that people don’t want are usually overpriced ones. It doesn’t matter how crappy it is, if you priced it under its market value, it’ll get multiple offers.

[an]

[quote=Russell]Go buy a house that other people don’t want. There are lots of them.[/quote]
The houses that people don’t want are usually overpriced ones. It doesn’t matter how crappy it is, if you priced it under its market value, it’ll get multiple offers.

[an]

[quote=Russell]Go buy a house that other people don’t want. There are lots of them.[/quote]
The houses that people don’t want are usually overpriced ones. It doesn’t matter how crappy it is, if you priced it under its market value, it’ll get multiple offers.

[NotCranky]

So you BID UP the underpriced ones with tons of competition and don’t get it anyway, or you try to make a deal if the price is too high against no competition at all? I think the listing side might try to get that VA offer through a little harder too. Not gonna argue with you too much even though my style has given me plenty of case study support. I am taking the OP literally. Does he want to get in escrow or not? I bet he is not as motivated as “I just want to buy a freaking house” would lead one to believe,if he is, someone could help him and get him a good deal.

[NotCranky]

So you BID UP the underpriced ones with tons of competition and don’t get it anyway, or you try to make a deal if the price is too high against no competition at all? I think the listing side might try to get that VA offer through a little harder too. Not gonna argue with you too much even though my style has given me plenty of case study support. I am taking the OP literally. Does he want to get in escrow or not? I bet he is not as motivated as “I just want to buy a freaking house” would lead one to believe,if he is, someone could help him and get him a good deal.

[NotCranky]

So you BID UP the underpriced ones with tons of competition and don’t get it anyway, or you try to make a deal if the price is too high against no competition at all? I think the listing side might try to get that VA offer through a little harder too. Not gonna argue with you too much even though my style has given me plenty of case study support. I am taking the OP literally. Does he want to get in escrow or not? I bet he is not as motivated as “I just want to buy a freaking house” would lead one to believe,if he is, someone could help him and get him a good deal.

[NotCranky]

So you BID UP the underpriced ones with tons of competition and don’t get it anyway, or you try to make a deal if the price is too high against no competition at all? I think the listing side might try to get that VA offer through a little harder too. Not gonna argue with you too much even though my style has given me plenty of case study support. I am taking the OP literally. Does he want to get in escrow or not? I bet he is not as motivated as “I just want to buy a freaking house” would lead one to believe,if he is, someone could help him and get him a good deal.

[Author]

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