U.S. CitiesCity-Data Forum Index
Happy Halloween!
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 05-06-2009, 03:39 PM
 
Location: Minnysoda
5,060 posts, read 4,423,751 times
Reputation: 2281
Default Cash offer only?

OK....SO I made an offer on a Fannie Mae repro, including earnest money and preapproval letter from Wells Fargo... now the listing agent says that F.M. only accepts a "cash" offer. What do they want a sack of money
Thanks
Todd
Reply With Quote Quick reply to this message

 
Old 05-06-2009, 03:42 PM
 
Location: South Metro Denver for 25 years
8,585 posts, read 18,727,491 times
Reputation: 4311
Maybe they know something about the property that wouldn't pass govt loan?
Reply With Quote Quick reply to this message
 
Old 05-06-2009, 03:55 PM
 
21,477 posts, read 35,351,953 times
Reputation: 10511
The REO stuff is all "cash only" right now. This does not mean "bring us greenbacks" (which I suspect you know) BUT it does mean -- no contingencies, no partial settlement/contract sales, and no exceptions.

There is almost NO "easy bridge loan money" or anything else, so that means that you have to have have CLOSED the sale of any property you may have wanted to sell to "move up" and this is quite a challenge -- short term renting for the "buyers now owners" or YOUR old house is key to flexibility.

Good Luck!
Reply With Quote Quick reply to this message
 
Old 05-06-2009, 04:24 PM
 
Location: Minnysoda
5,060 posts, read 4,423,751 times
Reputation: 2281
Quote:
Originally Posted by chet everett View Post
The REO stuff is all "cash only" right now. This does not mean "bring us greenbacks" (which I suspect you know) BUT it does mean -- no contingencies, no partial settlement/contract sales, and no exceptions.

There is almost NO "easy bridge loan money" or anything else, so that means that you have to have have CLOSED the sale of any property you may have wanted to sell to "move up" and this is quite a challenge -- short term renting for the "buyers now owners" or YOUR old house is key to flexibility.

Good Luck!
My offer included none of the contingency's you mention or any other for that matter. I do not have to sell another property to buy this one. The offer was lower then asking 85k to 99k other then that nothing wierd about.......
Reply With Quote Quick reply to this message
 
Old 05-06-2009, 04:36 PM
 
Location: Summerville, SC
1,149 posts, read 2,701,733 times
Reputation: 1076
The house we are under contract on is a REO from Freddie Mac. They had no problem with contingencies such as inspection and financing. We did not have the ssue of having it contingent on the sale of a house, however.

Edit - we did see a house that they want cash only for, but that is because the house has toxic mold - in which case, no bank would want to loan money for the house anyway.
Reply With Quote Quick reply to this message
 
Old 05-06-2009, 04:39 PM
 
21,477 posts, read 35,351,953 times
Reputation: 10511
I don't understand. If you offer said (in non contract speak) "I offer to pay $xx,xxx. and here is my earnest money & pre-approval letter" with out anything else like "I gotta sell my existing house first" or "I can only pay half now and the rest over X months" then in my mind that IS a cash offer.

However if this is more of an AUCTION and you must provide some precentage of the offer in the form of the cashier's check and then the balance in X days perhaps that is what they wanted to see.

Mistakes happen. If you do believe your offer is like the situation I described for the auction simply make sure there is nothing to distract them and resubmit it.
Reply With Quote Quick reply to this message
 
Old 05-06-2009, 05:19 PM
 
Location: Barrington
19,172 posts, read 13,621,948 times
Reputation: 6052
Quote:
Originally Posted by my54ford View Post
OK....SO I made an offer on a Fannie Mae repro, including earnest money and preapproval letter from Wells Fargo... now the listing agent says that F.M. only accepts a "cash" offer. What do they want a sack of money
Thanks
Todd
Did your offer contain a financing contingency?
Reply With Quote Quick reply to this message
 
Old 05-06-2009, 06:26 PM
 
Location: Minnysoda
5,060 posts, read 4,423,751 times
Reputation: 2281
Quote:
Originally Posted by chet everett View Post
I don't understand. If you offer said (in non contract speak) "I offer to pay $xx,xxx. and here is my earnest money & pre-approval letter" with out anything else like "I gotta sell my existing house first" or "I can only pay half now and the rest over X months" then in my mind that IS a cash offer.

However if this is more of an AUCTION and you must provide some precentage of the offer in the form of the cashier's check and then the balance in X days perhaps that is what they wanted to see.

Mistakes happen. If you do believe your offer is like the situation I described for the auction simply make sure there is nothing to distract them and resubmit it.
Nope, straight out I'll give you 85 k here's my earnest money 1k and a leter that says W.F. will finance. Regular sale no auction thing. As for Wells I have 20% down + closeing money. should be an easy deal but I do not trust the listing agent......
Reply With Quote Quick reply to this message
 
Old 05-06-2009, 06:28 PM
 
Location: Minnysoda
5,060 posts, read 4,423,751 times
Reputation: 2281
Quote:
Originally Posted by middle-aged mom View Post
Did your offer contain a financing contingency?
No. Wells Fargo preapproved loan , got the down and the closeing in saveings ..........
Reply With Quote Quick reply to this message
 
Old 05-06-2009, 07:16 PM
 
Location: Salem, OR
10,850 posts, read 18,116,894 times
Reputation: 6718
Then there is probably something about the house that makes it cash only such as a bad roof, mold, etc. I would have your agent talk with the listing agent to find out what the defect is.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

© 2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top