Don't we all put our pants on the same way with the loan process?

Real Estate Agent with Coldwell Banker Solano Pacific BRE #01474067

Don't we all put our pants on the same way with the loan process?  I have been struggling, along with many other agents to get offers accepted when there is not 20% down.  In Solano county we are finding that removing appraisal contingency, bringing in extra cash, having a very healthy down payment is king.  Yet there are many buyers who will do anything to become a part of a neighborhood.  They want to live there, meet other neighbors, make a home for themselves and their family.  They will bend over backwards to make the transaction smooth.

The end result is the same.....the seller will get the cash, how it comes about it is a little different.  When a buyer uses a loan to buy a house, we all put our pants on the same way.  That 20% down buyer has to jump through the same hoops the FHA buyer has to.

I believe this is a hard concept for sellers and some agents to understand, just because your client has 20%, 30%, even more down, does not mean they do not go through the same process as someone who has saved and can qualify for a loan with very little down.  They put their pants on the same way.  You have to prove you can get the loan, it is not a magic bullet that because you put a ton of money down the loan is a slam dunk.

We  recently closed on a 1945 bungalow home with a FHA buyer in 30 days.  Last month we jumped through hoops to close a transaction with 50% down.  The buyer was golden but their money was everywhere except local.  Hoops had to be jumped through.  Today we closed on a house where the buyer put 50% down and it took 60 days, for crying out loud!

Please........ if you are a seller, look carefully at all offers, and realize that when it comes to getting a loan, those buyers are on the same page when going through the loan process.  Maybe, just maybe, you might consider that low down payment buyer, a buyer who will do anything to make it a smooth transaction.   

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***************************************************************************************  Melanie and Jenny reviews

Coldwell Banker Solano Pacific

Call or Text Melanie - 707-319-2828

Visit Real Estate Made Simple for more information about Homes for Sale In Benicia, Vallejo, Green Valley, and Napa. Melanie provides information and options to assist distressed homeowners in today's real estate market.  In addition to understanding the real estate transaction, seek professional tax and legal advice if your plan is to short sale your home.

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Coldwell Banker Solano Pacific is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating. 


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Joel Weihe
Realty World Alliance - Wichita, KS
Helping you to use your VA home loan benefits

More important to look the the lender than the type of loan....IMO.

Apr 26, 2013 11:06 AM #1
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

I have been lucky over the [ast 31 years with getting loan appoval for the buyers selected to go to contract. As a Realtor you have to know the mortgage process & what banks are better than others & what buyers qualify.

Apr 26, 2013 11:06 AM #2
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h
Excellent advice to share with the community Melanie. It is exactly this detailed knowledge, earned through experience, that makes you a real asset to your clients.
Apr 28, 2013 10:59 PM #3
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

My husband always says that it doesn't matter because at the end of the day the seller gets cash (what you said). But, we do have to be certain that end of the day will come.

May 05, 2013 09:31 AM #4
Mike Young, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

The forms all need to be filled in the same way, don't they, regardless of the down payment. there is a procedure and as always you nailed it. M

May 20, 2013 03:20 PM #5
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Melanie, I had a buyer lose out on a house due to another buyer putting down $10K more for a property.    I know when there are multiple offers, it is hard to determine which offer will be the one that closes.

Jul 07, 2013 10:12 PM #6
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Melanie Ross

Benicia CA & Vallejo CA Real Estate, 707-319-2828
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