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January 6, 2009 at 11:03 AM in reply to: Chances of buying an REO or short-sale without 20% down? #324861
Scarlett
ParticipantHLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
ScarlettJanuary 6, 2009 at 11:03 AM in reply to: Chances of buying an REO or short-sale without 20% down? #325197Scarlett
ParticipantHLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
ScarlettJanuary 6, 2009 at 11:03 AM in reply to: Chances of buying an REO or short-sale without 20% down? #325267Scarlett
ParticipantHLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
ScarlettJanuary 6, 2009 at 11:03 AM in reply to: Chances of buying an REO or short-sale without 20% down? #325283Scarlett
ParticipantHLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
ScarlettJanuary 6, 2009 at 11:03 AM in reply to: Chances of buying an REO or short-sale without 20% down? #325365Scarlett
ParticipantHLS, I was basically told by my realtor something like what sdr was saying. I wasn’t pressured to pay more, just I was made aware what could happen in many cases, and that I have to be patient, perseverent and not get emotionally ‘attached’ to a particular property.
I don’t know if I am a strong buyer, but I think I am pretty decent. I will certainly contact you, HLS, when I decide it’s time for me to buy.
Thanks,
ScarlettJanuary 5, 2009 at 11:56 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324661Scarlett
Participant[quote=HLS]Sorry, I was confused. If you know that you will qualify, what was the point of your post ??
Do you think that REO sellers don’t deal with approved buyers ??
The seller wants money. They don’t care where it comes from. They get their money at close of escrow regardless of whether it’s a cash buyer OR from a loan.
The seller has nothing to do with the amount of the buyer’s down payment. Most seller’s just want the highest price they can get.
I’m still confused by your original question.[/quote]
HLS, I was told and I got the impression that, for decent houses that are REOs or short sales, there are always multiple offers or bidding wars. And there are almost always buyers with a more solid offer cash-wise – i.e. 20% or more cash. And that the (seller’s) banks actually prefer less risk, than a little more money with more risk (i.e. less than 20% down). Not sure how true this last statement is. Do the sellers take the highest price, if it’s less than 20% down? That is why I was wondering about the chances with less than 20% down to be accepted when multiple offers.
I understand now I’ll probably have to come with a slightly higher price to make it more attractive, question is now how much higher. Sorry if I was not clear.
Thanks for all your input,HLS.
BTW, 6months ago I was qualified actually for 700K FHA loan with 5% down. 2 months ago, the broker wanted to update the qual and do 10% down conventional. By that time, I was convinced I didn’t want to buy then.January 5, 2009 at 11:56 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324999Scarlett
Participant[quote=HLS]Sorry, I was confused. If you know that you will qualify, what was the point of your post ??
Do you think that REO sellers don’t deal with approved buyers ??
The seller wants money. They don’t care where it comes from. They get their money at close of escrow regardless of whether it’s a cash buyer OR from a loan.
The seller has nothing to do with the amount of the buyer’s down payment. Most seller’s just want the highest price they can get.
I’m still confused by your original question.[/quote]
HLS, I was told and I got the impression that, for decent houses that are REOs or short sales, there are always multiple offers or bidding wars. And there are almost always buyers with a more solid offer cash-wise – i.e. 20% or more cash. And that the (seller’s) banks actually prefer less risk, than a little more money with more risk (i.e. less than 20% down). Not sure how true this last statement is. Do the sellers take the highest price, if it’s less than 20% down? That is why I was wondering about the chances with less than 20% down to be accepted when multiple offers.
I understand now I’ll probably have to come with a slightly higher price to make it more attractive, question is now how much higher. Sorry if I was not clear.
Thanks for all your input,HLS.
BTW, 6months ago I was qualified actually for 700K FHA loan with 5% down. 2 months ago, the broker wanted to update the qual and do 10% down conventional. By that time, I was convinced I didn’t want to buy then.January 5, 2009 at 11:56 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325069Scarlett
Participant[quote=HLS]Sorry, I was confused. If you know that you will qualify, what was the point of your post ??
Do you think that REO sellers don’t deal with approved buyers ??
The seller wants money. They don’t care where it comes from. They get their money at close of escrow regardless of whether it’s a cash buyer OR from a loan.
The seller has nothing to do with the amount of the buyer’s down payment. Most seller’s just want the highest price they can get.
I’m still confused by your original question.[/quote]
HLS, I was told and I got the impression that, for decent houses that are REOs or short sales, there are always multiple offers or bidding wars. And there are almost always buyers with a more solid offer cash-wise – i.e. 20% or more cash. And that the (seller’s) banks actually prefer less risk, than a little more money with more risk (i.e. less than 20% down). Not sure how true this last statement is. Do the sellers take the highest price, if it’s less than 20% down? That is why I was wondering about the chances with less than 20% down to be accepted when multiple offers.
I understand now I’ll probably have to come with a slightly higher price to make it more attractive, question is now how much higher. Sorry if I was not clear.
Thanks for all your input,HLS.
BTW, 6months ago I was qualified actually for 700K FHA loan with 5% down. 2 months ago, the broker wanted to update the qual and do 10% down conventional. By that time, I was convinced I didn’t want to buy then.January 5, 2009 at 11:56 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325082Scarlett
Participant[quote=HLS]Sorry, I was confused. If you know that you will qualify, what was the point of your post ??
Do you think that REO sellers don’t deal with approved buyers ??
The seller wants money. They don’t care where it comes from. They get their money at close of escrow regardless of whether it’s a cash buyer OR from a loan.
The seller has nothing to do with the amount of the buyer’s down payment. Most seller’s just want the highest price they can get.
I’m still confused by your original question.[/quote]
HLS, I was told and I got the impression that, for decent houses that are REOs or short sales, there are always multiple offers or bidding wars. And there are almost always buyers with a more solid offer cash-wise – i.e. 20% or more cash. And that the (seller’s) banks actually prefer less risk, than a little more money with more risk (i.e. less than 20% down). Not sure how true this last statement is. Do the sellers take the highest price, if it’s less than 20% down? That is why I was wondering about the chances with less than 20% down to be accepted when multiple offers.
I understand now I’ll probably have to come with a slightly higher price to make it more attractive, question is now how much higher. Sorry if I was not clear.
Thanks for all your input,HLS.
BTW, 6months ago I was qualified actually for 700K FHA loan with 5% down. 2 months ago, the broker wanted to update the qual and do 10% down conventional. By that time, I was convinced I didn’t want to buy then.January 5, 2009 at 11:56 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325165Scarlett
Participant[quote=HLS]Sorry, I was confused. If you know that you will qualify, what was the point of your post ??
Do you think that REO sellers don’t deal with approved buyers ??
The seller wants money. They don’t care where it comes from. They get their money at close of escrow regardless of whether it’s a cash buyer OR from a loan.
The seller has nothing to do with the amount of the buyer’s down payment. Most seller’s just want the highest price they can get.
I’m still confused by your original question.[/quote]
HLS, I was told and I got the impression that, for decent houses that are REOs or short sales, there are always multiple offers or bidding wars. And there are almost always buyers with a more solid offer cash-wise – i.e. 20% or more cash. And that the (seller’s) banks actually prefer less risk, than a little more money with more risk (i.e. less than 20% down). Not sure how true this last statement is. Do the sellers take the highest price, if it’s less than 20% down? That is why I was wondering about the chances with less than 20% down to be accepted when multiple offers.
I understand now I’ll probably have to come with a slightly higher price to make it more attractive, question is now how much higher. Sorry if I was not clear.
Thanks for all your input,HLS.
BTW, 6months ago I was qualified actually for 700K FHA loan with 5% down. 2 months ago, the broker wanted to update the qual and do 10% down conventional. By that time, I was convinced I didn’t want to buy then.January 5, 2009 at 10:45 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324626Scarlett
ParticipantHLS, I was pre-qualified with Chase. For $500K loan with 10% down , or if I wanted only 5% down, an FHA loan; that was about 6 months ago. I have stopped looking actively so I haven’t updated my pre-qual. I don’t remember all the details, since I wasn’t too serious about buying, but I doubt I wouldn’t qualify now.
January 5, 2009 at 10:45 PM in reply to: Chances of buying an REO or short-sale without 20% down? #324964Scarlett
ParticipantHLS, I was pre-qualified with Chase. For $500K loan with 10% down , or if I wanted only 5% down, an FHA loan; that was about 6 months ago. I have stopped looking actively so I haven’t updated my pre-qual. I don’t remember all the details, since I wasn’t too serious about buying, but I doubt I wouldn’t qualify now.
January 5, 2009 at 10:45 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325034Scarlett
ParticipantHLS, I was pre-qualified with Chase. For $500K loan with 10% down , or if I wanted only 5% down, an FHA loan; that was about 6 months ago. I have stopped looking actively so I haven’t updated my pre-qual. I don’t remember all the details, since I wasn’t too serious about buying, but I doubt I wouldn’t qualify now.
January 5, 2009 at 10:45 PM in reply to: Chances of buying an REO or short-sale without 20% down? #325049Scarlett
ParticipantHLS, I was pre-qualified with Chase. For $500K loan with 10% down , or if I wanted only 5% down, an FHA loan; that was about 6 months ago. I have stopped looking actively so I haven’t updated my pre-qual. I don’t remember all the details, since I wasn’t too serious about buying, but I doubt I wouldn’t qualify now.
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