No home offers accepted (Corona, Murrieta: rental, HOA, credit)

[alfaro951]

I'm just venting my frustration on this forum and I don't know maybe someone else is going through the same. My husband and I have been submitting offers on homes since Febuary, I don't know maybe 25 offers if not more, all well above listing price, sometimes as much as 25K and not because we want the home to appraise for less, but becasue we really want it and need their help with closing costs. No matter what we do, we can't get an offer accepted. I have a great Realtor, she is so patient, but now our patience is running thin. We have made offers pretty much from Corona to San Jacinto and South to Murrieta and nothing. It seems that everyone is out there buying...We always double check the taxes, special assessments, HOA and calculate our payment (so we won't have any hidden surprises) Are we just being cheap? We need a monthly payment of no more than $1,450, but the way things are going, I think we're going to be reneters much longer

[bhcompy]

i understand the frustration. we went through the same problems in temecula and after a few dozen offers, we had one accepted, but as luck would have it the week we opened escrow I lost my job, so back to square one

[BRinSM]

I've heard that there is serious demand in the low end of the market. My math has you looking for houses in the $225,000 range. I'm guessing you have no cash and plan on using the $8,000 tax credit as your down payment. Apparently you're not the only ones. It sounds like you need to get some more cash together then try again.

[cincyjacket]

I had the same problem. I ended up buying new construction. It was great. I highly recommend it. No haggling involved. The process moved fast and was painless. If you meet the price they are asking, it's a done deal as long as your financing goes through.

[alfaro951]

Thanks for the advice! We have enough down payment for an FHA loan, but it's true in today's market we need to save a good down payment in order for your offer to be taken seriously. I'll look into new construction see if there is something that we like/can afford. Sorry bhcompy for losing your job, I hope you find or have found one soon! Best of luck!!!

[bhcompy]

alfaro, we were utilizing FHA as well. it didnt seem to matter when the other offer was a loan, but against a full cash offer it was a failure. FHA loans are just as secure as a conforming loan at 20%, since the govt backs it. Just make sure you have a solid chunk for earnest cash, and you should succeed eventually

[flo2900]

Originally Posted by alfaro951

I'm just venting my frustration on this forum and I don't know maybe someone else is going through the same. My husband and I have been submitting offers on homes since Febuary, I don't know maybe 25 offers if not more, all well above listing price, sometimes as much as 25K and not because we want the home to appraise for less, but becasue we really want it and need their help with closing costs. No matter what we do, we can't get an offer accepted. I have a great Realtor, she is so patient, but now our patience is running thin. We have made offers pretty much from Corona to San Jacinto and South to Murrieta and nothing. It seems that everyone is out there buying...We always double check the taxes, special assessments, HOA and calculate our payment (so we won't have any hidden surprises) Are we just being cheap? We need a monthly payment of no more than $1,450, but the way things are going, I think we're going to be reneters much longer

Lots of investors offering cash!...That`s where it is!...FHA`s loans with 3.5% down are not competitive offers. Lots of ppl with cash in hand. Banks only offer 1.2-1.5% interest on the money. If those money invested in a rental it could yield an easy 8%.
That`s the reason you cannot get your offer accepted, something your agent would never disclose to you!

[firsttimeowner]

are you saying that the 8k is able to be included in the down payment? If so please show me proof. I thought it wasnt posible.

[bhcompy]

according to my broker, some states allow this by forwarding the money and expecting repayment when the tax return comes, but CA is not one of them. that said, he also has mentioned that the fed is trying to find a way to forward the money to people in any state

[leonard]

Originally Posted by alfaro951

I'm just venting my frustration on this forum and I don't know maybe someone else is going through the same. My husband and I have been submitting offers on homes since Febuary, I don't know maybe 25 offers if not more, all well above listing price, sometimes as much as 25K and not because we want the home to appraise for less, but becasue we really want it and need their help with closing costs. No matter what we do, we can't get an offer accepted. I have a great Realtor, she is so patient, but now our patience is running thin. We have made offers pretty much from Corona to San Jacinto and South to Murrieta and nothing. It seems that everyone is out there buying...We always double check the taxes, special assessments, HOA and calculate our payment (so we won't have any hidden surprises) Are we just being cheap? We need a monthly payment of no more than $1,450, but the way things are going, I think we're going to be reneters much longer

What price range are you looking at? How much house do you need? That will impact a loan as well. Not to mention if the house has Mello Roos or not, home owner association dues or not. I bought where there are no HOA's and no Mello Roos. It will make it easier for me to sell soon, as the money someone can pay each month will go towards the note/mortagage not Homeowner dues that do not help you build equity.