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Question? What do you think is the best course of action?
I have recently heard several schools of thought on an issue and I thought I would see what some of you think and what your opinions are.
I recently received an offer on one of my listings from a First Time Buyer who was at the very least, minimally qualified to buy a property. The Buyer had no money to speak of, according to their agent, not even enough money to pay for an Inspection ($350 to $450) an Appraisal ($400) and minimum downpayment requirement to receive downpayment assistance from a governing agency ($1000) of their own money.
The offer basically asked to the seller to take a ton less for the property than he was asking for it, pay all the costs associated with the loan ($4000+) and agree to complete any and all repairs at his expense in order for the home to be financed with an FHA Loan and a 5% contribution from a State Agency down payment assistance program. In other words, take a bunch less for your property, pay for everything including the appraisal, guarantee that the home will be financable, and wait almost 60 days to close because the buyer wouldn't have any cash ... more
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