Did you know....

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!

 
Post is included in group: All About Mortgages/Mortgage Networking
Post is included in group: Georgia Real Estate
Post is included in group: PETS ARE PEOPLE TOO
Post is included in group: Georgia Open Houses
Post is included in group: Atlanta Homes For Sale

2 Comments on Did you know....

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

05/12/2008 09:59 AM by Christopher Watters, Realtor - Greater Austin Texas Area (Texas Ranch & Home Realty)

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

05/12/2008 10:02 AM by Cape Coral Florida Golf Course and Waterfront Homes (Sellstate Advantage Realty)

This blog does not allow anonymous comments
 
Find GA real estate agents and Roswell real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved