[yellowsnow]

I went through all this too. Except I refused to have an HOA so I avoided that part of it. Same thing happened to me, I made an offer and they turned me down and took a lower offer. And mine was cash. Makes no sense. My offer was over asking price too.

Buying a reasonably(for today) priced home is like herding cats. It's tough. The competition is tough. Those contracts leak water like a sieve and there's really not much an individual of average means can do if the banks don't carry their end. But I know none of this is easy for the seller or the lien holder either.

Low end RE here is a huge game. Us lowly individual buyers don't play enough to do it well and the agents aren't all that interested in another low commission sale. All you can do is be persistent and keep on bidding. Eventually, you will get one. What you said about not becoming emotionally invested in a property is 100% true. I think I tried for about a dozen or so before I got one. At one time, I had offers in on 6 properties.

After getting the shaft a few times and being a victim of my own stupidity a few too, I finally found one that was an estate sale. The owner was long gone and the home was being sold by his relatives. It had been neglected for quite a while and still needs work. I just happened to be in town the day it was listed. My agent met their agent in a parking lot in the middle of the night to give them our offer in person. We were there too. They accepted and then the higher offers rolled in. Their agent wasn't all that bright.....I would have handled it differently. Anyway, they accepted our offer and it closed without a hitch.

[Eyes]

... So .... "I see dead people" ... is the way to go ..

Sorry ... it is all so heavy and annoying ...

I just wanted to start a new conversation for all those looking for a home to call their own.
Message is .. hang in there and it will happen ...
Don't be boondoggled or pressured and try ... try ... try again.

[yellowsnow]

Originally Posted by Eyes

... So .... "I see dead people" ... is the way to go ..

Sorry ... it is all so heavy and annoying ...

I just wanted to start a new conversation for all those looking for a home to call their own.
Message is .. hang in there and it will happen ...
Don't be boondoggled or pressured and try ... try ... try again.

Well, you know in the past people seeking a home or a rent controlled apartment in a large city frequently used the obituaries.

[airics]

Originally Posted by hockeygirl4

The banks are retarded imo! I put an offer in on a home for $85K, the listing price was $75,900. They took a higher offer apparently, but that fell through at some point, and the house went back on the market, but for $72,500 instead. How stupid!? They could have had it at $85k!

was it cash? a bank will take 75k cash before 90k financed for the fear of the loan or appraisal busting

[Eyes]

Originally Posted by airics

was it cash? a bank will take 75k cash before 90k financed for the fear of the loan or appraisal busting

No .. not so anymore ... it's like they are trying to lose money.

Also ... if you saw that the banks are in profit ...
It is because they were allowed to change the accounting method to exclude certain losses.
Let me or you .. try a little creative accounting ... we are toast.

[airics]

Originally Posted by Eyes

No .. not so anymore ... it's like they are trying to lose money.

Also ... if you saw that the banks are in profit ...
It is because they were allowed to change the accounting method to exclude certain losses.
Let me or you .. try a little creative accounting ... we are toast.

actually you are incorrect.. if you finance, on your offer, the bank will have an addendum stating that if the appraisal comes in below the offer, you fork over the difference...if not, your offer is tossed aside.... makes perfect sense.. in a cash offer, the appraisal means zilch!

[olecapt]

Originally Posted by airics

actually you are incorrect.. if you finance, on your offer, the bank will have an addendum stating that if the appraisal comes in below the offer, you fork over the difference...if not, your offer is tossed aside.... makes perfect sense.. in a cash offer, the appraisal means zilch!

Don't bet on it. It depends on which house and how much of a gap. I have seen very few banks try to kill the appraisal clause. And fewer yet stick to their price in the face of an appraisal. Did one in October where the house went down 20K on the appraisal even though the bank likely had a cash offer that topped ours.

Mostly the asset managers want to complete the deal once started. That is particularly true if it has already fallen out of bed once or twice.

The agents and asset managers often refuse FHA and VA deals because of fix up rather than a preference for cash. A conventional is close to if not equivalent to a cash offer.

[MadManofBethesda]

Originally Posted by hockeygirl4

The banks are retarded imo! I put an offer in on a home for $85K, the listing price was $75,900. They took a higher offer apparently, but that fell through at some point, and the house went back on the market, but for $72,500 instead. How stupid!? They could have had it at $85k!

It's a good possibility that it fell through because of the appraisal. Given that they dropped the price to $72,500 when they put it back on the market, I think that it is reasonable to assume that that is what it appraised at.

[hockeygirl4]

No it wasn't cash airics, just my mortgage offer. Part of it had to do with getting approved through their lender, which low and behold was....drum roll.....Bank of America! They only approved me for $50K, whereas another mortgage place approved me for $90K. In all the years I've been renting, I have never missed a payment or made a late payment. Never just "stopped" paying all my other bills because I couldn't make a payment that month or whatever, and my credit score is currently 785. Yes, I have student loan debt, a car payment, and a bit of credit card debt, but I never just stop paying. BOA is horrible, not only for approving loans, but they treat their employees like crap too.

[airics]

actually i have boa on 2 mortgages, never had a problem... you could have gotten a hard money loan, granted the interest would have been higher.. paid the higher interest for a year or 2 then refi'd.