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Old 05-06-2009, 03:39 PM
Status: "throwin Meme" (set 10 days ago)
 
Location: Minnysoda
5,448 posts, read 5,133,093 times
Reputation: 2711

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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
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Old 05-06-2009, 03:42 PM
Status: "Chocolate covered strawberries from a happy buyer. TY!" (set 8 days ago)
 
Location: South Metro Denver for 26 years
8,980 posts, read 21,075,665 times
Reputation: 4817
Maybe they know something about the property that wouldn't pass govt loan?
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Old 05-06-2009, 03:55 PM
 
23,004 posts, read 43,204,162 times
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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!
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Old 05-06-2009, 04:24 PM
Status: "throwin Meme" (set 10 days ago)
 
Location: Minnysoda
5,448 posts, read 5,133,093 times
Reputation: 2711
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.......
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Old 05-06-2009, 04:36 PM
 
Location: Summerville, SC
1,149 posts, read 2,964,815 times
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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.
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Old 05-06-2009, 04:39 PM
 
23,004 posts, read 43,204,162 times
Reputation: 11847
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.
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Old 05-06-2009, 05:19 PM
 
Location: Barrington
23,461 posts, read 16,914,375 times
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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?
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Old 05-06-2009, 06:26 PM
Status: "throwin Meme" (set 10 days ago)
 
Location: Minnysoda
5,448 posts, read 5,133,093 times
Reputation: 2711
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......
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Old 05-06-2009, 06:28 PM
Status: "throwin Meme" (set 10 days ago)
 
Location: Minnysoda
5,448 posts, read 5,133,093 times
Reputation: 2711
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 ..........
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Old 05-06-2009, 07:16 PM
 
Location: Salem, OR
11,711 posts, read 21,410,622 times
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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.
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