[Scarlett]

[quote=SD Realtor]My thoughts are that if your offer is the highest of all the offers out there then it does stand a good chance of being accepted, especially for an REO. I have an all cash buyer who has been outbid on a few homes already for REO properties in Eastlake by non all cash buyers. If the difference is only a few thousand then of course you are in peril. For shorts your position is weaker because when you submit your offer you may be the highest amount but while the processing is getting done another offer can come in at your bid amount and if they have less financing then they will more then likely get the nod. [/quote]

It seems that one may compensate for less downpayment by coming at above the asking price and hoping for the best.

How much higher you see the accepted offer, for REOs and short sales (percentage in regard to listing price)?

[quote=SD Realtor]
I agree with UR in that people are still out there buying with 10% down.

I am not sure I agree with that concept but it is indeed happening. Also you may not have to save another 10% to get to 20% down. Maybe you need to save 5% and housing prices drop another 5% and then you have made it. [/quote]
I don’t think it works quite that way, if you need to put 20% down… E.g. a house of 550K (my price range) – 20% down is 110K. With 10% drop in the price, 20% down is still close to 100K… which is still far from 82K (15%)… I actually need a drop of 27% in price for that 15% of the inital price 550K to become 20% of the actual price – it may or may not happen (I think it will).
Anyway, waiting for many years (>5) to save the 15-20% down will probably get me higher mortgage rates than todays with 10% down, and maybe even higher house prices (eventually, it could happen in the number of years it would take me to save the another 30K down payment – at least I’d be sure we have passed the bottom).

[quote=SD Realtor]I know with kids and a family it is hard to be patient especially if it means another year or two. [/quote]

That’s very true 🙂 But we will be patient at least another year, rather than doing something risky. We are renting in a place with ultra-short commute, in UTC, and if we buy a house (in PQ, CMR), it will definitely mean a significantly longer commute. So with that in mind, we find the patience to wait (we HATE commuting in the rush hours!).

Thanks!!!

[Scarlett]

[quote=urbanrealtor]Thats most of my clients right now.

Good credit, good pay, but low savings (like 5-10 percent).

Not always the best position to get low offers accepted but totally reasonable.
(…)
The shorts seem to only care that they have a patient buyer (I am listing a few) and that the lender is legit.

If you have more detailed questions (like too detailed for a thread), you can also email. Its my handle at gmail.
[/quote]

Aha, I was wondering how many are in my situation…I knew some of my friends were…
Thanks, Urbanrealtor! I may contact you in the future.

In short sales succes stories with <20% down, what was crucial factor for success? For example, the speed at visiting the property after it hit the MLS & making a decision & offer - how long was that? Other factors (beside the pre-approval with a serious lender)?

[Scarlett]

[quote=urbanrealtor]Thats most of my clients right now.

Good credit, good pay, but low savings (like 5-10 percent).

Not always the best position to get low offers accepted but totally reasonable.
(…)
The shorts seem to only care that they have a patient buyer (I am listing a few) and that the lender is legit.

If you have more detailed questions (like too detailed for a thread), you can also email. Its my handle at gmail.
[/quote]

Aha, I was wondering how many are in my situation…I knew some of my friends were…
Thanks, Urbanrealtor! I may contact you in the future.

In short sales succes stories with <20% down, what was crucial factor for success? For example, the speed at visiting the property after it hit the MLS & making a decision & offer - how long was that? Other factors (beside the pre-approval with a serious lender)?

[Scarlett]

[quote=urbanrealtor]Thats most of my clients right now.

Good credit, good pay, but low savings (like 5-10 percent).

Not always the best position to get low offers accepted but totally reasonable.
(…)
The shorts seem to only care that they have a patient buyer (I am listing a few) and that the lender is legit.

If you have more detailed questions (like too detailed for a thread), you can also email. Its my handle at gmail.
[/quote]

Aha, I was wondering how many are in my situation…I knew some of my friends were…
Thanks, Urbanrealtor! I may contact you in the future.

In short sales succes stories with <20% down, what was crucial factor for success? For example, the speed at visiting the property after it hit the MLS & making a decision & offer - how long was that? Other factors (beside the pre-approval with a serious lender)?

[Scarlett]

[quote=urbanrealtor]Thats most of my clients right now.

Good credit, good pay, but low savings (like 5-10 percent).

Not always the best position to get low offers accepted but totally reasonable.
(…)
The shorts seem to only care that they have a patient buyer (I am listing a few) and that the lender is legit.

If you have more detailed questions (like too detailed for a thread), you can also email. Its my handle at gmail.
[/quote]

Aha, I was wondering how many are in my situation…I knew some of my friends were…
Thanks, Urbanrealtor! I may contact you in the future.

In short sales succes stories with <20% down, what was crucial factor for success? For example, the speed at visiting the property after it hit the MLS & making a decision & offer - how long was that? Other factors (beside the pre-approval with a serious lender)?

[Scarlett]

[quote=urbanrealtor]Thats most of my clients right now.

Good credit, good pay, but low savings (like 5-10 percent).

Not always the best position to get low offers accepted but totally reasonable.
(…)
The shorts seem to only care that they have a patient buyer (I am listing a few) and that the lender is legit.

If you have more detailed questions (like too detailed for a thread), you can also email. Its my handle at gmail.
[/quote]

Aha, I was wondering how many are in my situation…I knew some of my friends were…
Thanks, Urbanrealtor! I may contact you in the future.

In short sales succes stories with <20% down, what was crucial factor for success? For example, the speed at visiting the property after it hit the MLS & making a decision & offer - how long was that? Other factors (beside the pre-approval with a serious lender)?

[Scarlett]

[quote=esmith]I think you’re conflating three issues. 1) Can you get a mortgage with 10% down? 2) Will the bank agree to sell you the house with 10% down? 3) Is it wise to start shopping for a house if you only have enough money for 10% down?

1) Yes, but it will be more expensive than if you put 20% down. [/quote]
Thanks, esmith!

That depends, of course, – in the sense that if one has more than 10% to put down, and if he prefers to invest some of it, instead of putting everything for a downpayment, it may actually pay off, or at least be a safer investment, in case the prices drop further (which looks almost a certainty right now).

[quote=esmith]
(…)
3) Probably not – houses are still going down – it’s possible that your house will drop 10% and wipe your down payment. Don’t spend your last dime on the down payment.[/quote]

No, I wouldn’t spend my last dime, and probably I wouldn’t be getting a good loan deal if I did. But saving another 10% down payment or 50-60K may take years and years, realistically (in my case). In the mean time, with kids, it’s nice to have a larger house & yard while they are still young. I didn’t mean that I would buy something right away, but perhaps in the next year or two – hopefully by then the prices would have reached their last/bottom leg in areas I am looking.

[Scarlett]

[quote=esmith]I think you’re conflating three issues. 1) Can you get a mortgage with 10% down? 2) Will the bank agree to sell you the house with 10% down? 3) Is it wise to start shopping for a house if you only have enough money for 10% down?

1) Yes, but it will be more expensive than if you put 20% down. [/quote]
Thanks, esmith!

That depends, of course, – in the sense that if one has more than 10% to put down, and if he prefers to invest some of it, instead of putting everything for a downpayment, it may actually pay off, or at least be a safer investment, in case the prices drop further (which looks almost a certainty right now).

[quote=esmith]
(…)
3) Probably not – houses are still going down – it’s possible that your house will drop 10% and wipe your down payment. Don’t spend your last dime on the down payment.[/quote]

No, I wouldn’t spend my last dime, and probably I wouldn’t be getting a good loan deal if I did. But saving another 10% down payment or 50-60K may take years and years, realistically (in my case). In the mean time, with kids, it’s nice to have a larger house & yard while they are still young. I didn’t mean that I would buy something right away, but perhaps in the next year or two – hopefully by then the prices would have reached their last/bottom leg in areas I am looking.

[Scarlett]

[quote=esmith]I think you’re conflating three issues. 1) Can you get a mortgage with 10% down? 2) Will the bank agree to sell you the house with 10% down? 3) Is it wise to start shopping for a house if you only have enough money for 10% down?

1) Yes, but it will be more expensive than if you put 20% down. [/quote]
Thanks, esmith!

That depends, of course, – in the sense that if one has more than 10% to put down, and if he prefers to invest some of it, instead of putting everything for a downpayment, it may actually pay off, or at least be a safer investment, in case the prices drop further (which looks almost a certainty right now).

[quote=esmith]
(…)
3) Probably not – houses are still going down – it’s possible that your house will drop 10% and wipe your down payment. Don’t spend your last dime on the down payment.[/quote]

No, I wouldn’t spend my last dime, and probably I wouldn’t be getting a good loan deal if I did. But saving another 10% down payment or 50-60K may take years and years, realistically (in my case). In the mean time, with kids, it’s nice to have a larger house & yard while they are still young. I didn’t mean that I would buy something right away, but perhaps in the next year or two – hopefully by then the prices would have reached their last/bottom leg in areas I am looking.

[Scarlett]

[quote=esmith]I think you’re conflating three issues. 1) Can you get a mortgage with 10% down? 2) Will the bank agree to sell you the house with 10% down? 3) Is it wise to start shopping for a house if you only have enough money for 10% down?

1) Yes, but it will be more expensive than if you put 20% down. [/quote]
Thanks, esmith!

That depends, of course, – in the sense that if one has more than 10% to put down, and if he prefers to invest some of it, instead of putting everything for a downpayment, it may actually pay off, or at least be a safer investment, in case the prices drop further (which looks almost a certainty right now).

[quote=esmith]
(…)
3) Probably not – houses are still going down – it’s possible that your house will drop 10% and wipe your down payment. Don’t spend your last dime on the down payment.[/quote]

No, I wouldn’t spend my last dime, and probably I wouldn’t be getting a good loan deal if I did. But saving another 10% down payment or 50-60K may take years and years, realistically (in my case). In the mean time, with kids, it’s nice to have a larger house & yard while they are still young. I didn’t mean that I would buy something right away, but perhaps in the next year or two – hopefully by then the prices would have reached their last/bottom leg in areas I am looking.

[Scarlett]

[quote=esmith]I think you’re conflating three issues. 1) Can you get a mortgage with 10% down? 2) Will the bank agree to sell you the house with 10% down? 3) Is it wise to start shopping for a house if you only have enough money for 10% down?

1) Yes, but it will be more expensive than if you put 20% down. [/quote]
Thanks, esmith!

That depends, of course, – in the sense that if one has more than 10% to put down, and if he prefers to invest some of it, instead of putting everything for a downpayment, it may actually pay off, or at least be a safer investment, in case the prices drop further (which looks almost a certainty right now).

[quote=esmith]
(…)
3) Probably not – houses are still going down – it’s possible that your house will drop 10% and wipe your down payment. Don’t spend your last dime on the down payment.[/quote]

No, I wouldn’t spend my last dime, and probably I wouldn’t be getting a good loan deal if I did. But saving another 10% down payment or 50-60K may take years and years, realistically (in my case). In the mean time, with kids, it’s nice to have a larger house & yard while they are still young. I didn’t mean that I would buy something right away, but perhaps in the next year or two – hopefully by then the prices would have reached their last/bottom leg in areas I am looking.

[Scarlett]

[quote=sdduuuude]
(…)

If you don’t have associates who can recommend you, you aren’t in the top 20%.
[/quote]

Unless you are in academia and want to switch to industry…

[Scarlett]

[quote=sdduuuude]
(…)

If you don’t have associates who can recommend you, you aren’t in the top 20%.
[/quote]

Unless you are in academia and want to switch to industry…

[Scarlett]

[quote=sdduuuude]
(…)

If you don’t have associates who can recommend you, you aren’t in the top 20%.
[/quote]

Unless you are in academia and want to switch to industry…

[Scarlett]

[quote=sdduuuude]
(…)

If you don’t have associates who can recommend you, you aren’t in the top 20%.
[/quote]

Unless you are in academia and want to switch to industry…

[Author]

Posts