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Old 02-11-2009, 09:26 AM
 
5 posts, read 16,294 times
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Hey guys - I've been browsing this forum for a while, and just wanted to say thanks for all the information that you post - it really does help!
Anyways, I put in an offer for a house in West Orange. This was a house that my wife and I really liked, however the taxes was horrible (~18k). We found out that the house was Bank Owned, and that they went with the previous offer which was slightly lower than ours! I didnt really get an explanation, but I assumed that the bank just wanted to move on the first offer as soon as possible?
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Old 02-11-2009, 09:43 AM
 
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Bank looks at other factors, not just sales price. Maybe the other people could close quickly, were paying cash or had a 50% downpayment. Banks like to go with what they think is the "sure" thing even if they lose 5k or whatever on the deal.

18k taxes in W. Orange is a joke. Best of luck in your search.
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Old 02-11-2009, 09:45 AM
 
1,552 posts, read 4,633,112 times
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Sorry to hear that, but keep your chin up - there are plenty of fish in the sea :-)

Could have been any number of reasons:
- the other offer may have been around for a while, and if so it probably passed all the stages that it needed to pass at the bank; once it had, there was really no reason for the bank to start the process over again
- were you pre-approved and did you submit the paperwork with the offer?
- the other offer could have had a shorter closing date, fewer contingencies (e.g. maybe it was an all-cash purchase and no need to wait for financing)

Especially because it's a bank, you'll really never know because there is probably not one person who you can talk with that can explain it. My guess is that it was simply a timing issue.
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Old 02-11-2009, 09:52 AM
 
Location: NJ
12,283 posts, read 35,683,201 times
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Quote:
Originally Posted by UKOK View Post
Bank looks at other factors, not just sales price. Maybe the other people could close quickly, were paying cash or had a 50% downpayment. Banks like to go with what they think is the "sure" thing even if they lose 5k or whatever on the deal.

18k taxes in W. Orange is a joke. Best of luck in your search.
oh, it ain't no joke. i kwym though. I say Mansfield and Mt. Olive have high taxes, but they are a mere pittance compared to WO.
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Old 02-11-2009, 11:45 AM
 
5 posts, read 16,294 times
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Thanks for the responses. We had the prequal letter ready. At times, the whole house hunting situation feels frustrating. We've been looking since early to mid - 2008, and still have not been able to close on a house.

We've given solid offers, actually went through attorney review on a house, and still nowhere. We have faith though, and that God has a house somewhere for us.
Sorry for venting.
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Old 02-11-2009, 12:17 PM
 
1,552 posts, read 4,633,112 times
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Quote:
Originally Posted by cool555 View Post
We have faith though, and that God has a house somewhere for us.
Sorry for venting.
No need to apologize, it can be a frustrating process. Hang in there, God is getting ready to hand you a 25% discount worth hundreds of thousands of dollars by this time next year.
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