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Old 06-09-2018, 07:54 PM
 
1,780 posts, read 882,155 times
Reputation: 3813

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Quote:
Originally Posted by charlygal View Post
What business is it of yours whether the buyer can afford your home? The lender agreed to lend them the money. As seller, you will get your money. As buyer, I don't need the seller judging my finances. You're a stranger to me. If we have a deal, that's all that matters.
It's absolutely my business if it's my house.

If I have any offer that is more attractive than a zero money down loan I will be taking it. This is the reality for many sellers who don't relish being caught up in red tape and missed closing. If your financial situation is not real enough to get a loan with conventional financing or pay cash and I have the opportunity to select a buyer who can, you absolutely are in a poor negotiating position. If you want to get the house you want you might want to consider a different loan vehicle. Putting nothing down sends a certain message and not a positive one.

I would take a better offer I had to wait for than an immediate one with zero down. I don't believe I dealing with buyers who cannot make a decent down payment.

Do buyers really not understand that this is part of what sellers take into consideration when looking at an offer? Someone needs to be giving them better advice...

Last edited by emotiioo; 06-09-2018 at 08:04 PM..
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Old 06-09-2018, 10:13 PM
 
9,323 posts, read 7,329,814 times
Reputation: 22813
Quote:
Originally Posted by emotiioo View Post
It's absolutely my business if it's my house.

If I have any offer that is more attractive than a zero money down loan I will be taking it. This is the reality for many sellers who don't relish being caught up in red tape and missed closing. If your financial situation is not real enough to get a loan with conventional financing or pay cash and I have the opportunity to select a buyer who can, you absolutely are in a poor negotiating position. If you want to get the house you want you might want to consider a different loan vehicle. Putting nothing down sends a certain message and not a positive one.

I would take a better offer I had to wait for than an immediate one with zero down. I don't believe I dealing with buyers who cannot make a decent down payment.

Do buyers really not understand that this is part of what sellers take into consideration when looking at an offer? Someone needs to be giving them better advice...
Take whatever deal you want. As a buyer, I don't give a rat's a about your thoughts on my finances. You don't have the only house for sale.
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Old 06-10-2018, 08:24 AM
 
1,780 posts, read 882,155 times
Reputation: 3813
Quote:
Originally Posted by charlygal View Post
Take whatever deal you want. As a buyer, I don't give a rat's a about your thoughts on my finances. You don't have the only house for sale.
The point is that if you are a buyer, this is what some sellers think about your zero down offer. There's the strong possibility that in certain markets the seller might have multiple offers. I know it might be a wake up call to realize how your offer looks compared to others especially if your agent is not telling you that many sellers will be uncomfortable with it. There are definitely always other houses but they may not be what you want. As someone who has bought as well as sold many times I always want to make my offer as attractive as possible. Why else spend the time putting it in?
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Old 06-10-2018, 08:35 AM
 
9,323 posts, read 7,329,814 times
Reputation: 22813
Quote:
Originally Posted by emotiioo View Post
The point is that if you are a buyer, this is what some sellers think about your zero down offer. There's the strong possibility that in certain markets the seller might have multiple offers. I know it might be a wake up call to realize how your offer looks compared to others especially if your agent is not telling you that many sellers will be uncomfortable with it. There are definitely always other houses but they may not be what you want. As someone who has bought as well as sold many times I always want to make my offer as attractive as possible. Why else spend the time putting it in?
I decide what's right for me and I believe I'll find the right seller. I'm not going to worry about what I can't control (i.e. number of other offers). Again, I don't care about the overreach of sellers.
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Old 06-10-2018, 09:07 AM
 
Location: Blue Ridge Mntns., NC
10,265 posts, read 14,121,266 times
Reputation: 8788
Quote:
Originally Posted by LifeIsGood01 View Post
As long as their RE agent can verify that they are preapproved for the loan and qualify it should not be a problem. If they financially burdened and their DTI ratio is tight and changes during underwriting you don't want to waste a month or more on something that may fall thru. Is it fair to the buyer? Life is not fair. If you want to sell them your house as a good deed if you have other offers beware the phrase "no good deed goes unpunished". It's my understanding that some sellers don't want to sell with people using VA loans because there are more hoops to jump thru for the seller and the buyer.


Pre-approved and Pre-qualified are two different steps in the process. Buyer should be pre-qualified up to the amount of the requested mortgage.

Pre-approved requires the buyer to be under contract signed by buyer and seller with before the bank can appraise the house and its expenses, closing costs etc. Buyers must provide proof of funds.
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Old 06-10-2018, 09:27 AM
 
1,046 posts, read 714,163 times
Reputation: 2000
Quote:
Originally Posted by QuilterChick View Post
Pre-approved and Pre-qualified are two different steps in the process. Buyer should be pre-qualified up to the amount of the requested mortgage.

Pre-approved requires the buyer to be under contract signed by buyer and seller with before the bank can appraise the house and its expenses, closing costs etc. Buyers must provide proof of funds.
We wouldn’t dream of seriously looking for a home without a pre-approval. Nor would we deal with a buyer who is only pre-qualified.
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Old 06-10-2018, 09:31 AM
 
Location: Denver CO
19,069 posts, read 10,102,251 times
Reputation: 27932
Quote:
Originally Posted by charlygal View Post
I decide what's right for me and I believe I'll find the right seller. I'm not going to worry about what I can't control (i.e. number of other offers). Again, I don't care about the overreach of sellers.
And buyers overreach when they ignore the fact that sellers have a legitimate basis to care about the process. I personally don't care if there is zero money down aside from the risk to me on whether the transaction will actually close on time, and there won't be additional hurdles that I have to jump through that may cost me time and money. Buyers who make offers that don't have those risks are going to be more attractive, period.
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Old 06-10-2018, 10:20 AM
 
Location: Cary, NC
31,650 posts, read 55,416,037 times
Reputation: 30198
Quote:
Originally Posted by emm74 View Post
And buyers overreach when they ignore the fact that sellers have a legitimate basis to care about the process. I personally don't care if there is zero money down aside from the risk to me on whether the transaction will actually close on time, and there won't be additional hurdles that I have to jump through that may cost me time and money. Buyers who make offers that don't have those risks are going to be more attractive, period.

Cash deals and down payments are certainly not reliable predictors of an absence of drama and intrigue.

Last edited by MikeJaquish; 06-10-2018 at 10:34 AM..
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Old 06-10-2018, 10:34 AM
 
2,488 posts, read 1,733,797 times
Reputation: 4256
The zero% down is not the seller's issue. It's the lenders issue. Take the highest cash (or bank-supplied-cash) offer with the least contingencies.
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Old 06-10-2018, 12:33 PM
 
9,323 posts, read 7,329,814 times
Reputation: 22813
How often do deals with pre-approved buyers fall through?
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