Please register to participate in our discussions with 2 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.
However, I can't imagine the above posters response, "avoid FHA buyers".
I work with plenty of buyers that are using FHA loans and I have NEVER had issues with FHA loans. Even today, with lenders requiring TONS of paperwork from my buyers, FHA paperwork is no more or no less.
Many buyers today ARE getting FHA loans so I would not recommend that you refuse to take offers from them!!!
Of course if the only offer you have is FHA, then you don't have much choice. I should know, I just sold my house to an FHA buyer. We were in contract for four months, twice had the closing date postponed and we needed 3 termite inspections (despite having no termites).
I would have taken less money to go with a more qualified buyer...
Of course if the only offer you have is FHA, then you don't have much choice. I should know, I just sold my house to an FHA buyer. We were in contract for four months, twice had the closing date postponed and we needed 3 termite inspections (despite having no termites).
I would have taken less money to go with a more qualified buyer...
Seems like Mike and I hit that one at the same time. Gee. Kinda scary to think that there is anyone else out there that thinks like me!
In this day and age of the buyers market, most sellers will take ANY buyer and be happy that they have an offer that wasn't so low ball that it actually turned into a contract!
However, the key is that the buyer's agent has done their homework and that the buyer IS qualified to buy the house.
I can honestly say that I have not had any difficulties with FHA loans, even in this crazy lending market.
I'm not sure WHY your buyer would have needed that many termite reports. And I can honestly say that in the last year, I have only had ONE delayed closing and it was not due to an FHA loan. It was due to my buyers having to have parents co sign their loan and the parents kept refusing to send the necessary paperwork.
Sorry to hear it was such a hassle for you. There has to be more to this story!!! I'm not sure city data gives you that much space to tell it all!!!
Vicki
Last edited by VickiR; 09-02-2009 at 12:58 PM..
Reason: I read the blog...I can't say it is 100% accurate but isn't a blog just an opinion???
Of course if the only offer you have is FHA, then you don't have much choice. I should know, I just sold my house to an FHA buyer. We were in contract for four months, twice had the closing date postponed and we needed 3 termite inspections (despite having no termites).
I would have taken less money to go with a more qualified buyer...
Nice Blog link. I'm an ActiveRain guy myself.
The quoted language in the FHA addendum is duplicative of the NCAR/NC BAR Standard Offer to Purchase and Contract appraisal contingency, which protects a buyer from having to buy a home that does not appraise for the purchase price.
It is that simple.
Doesn't appraise? Buyer can walk and have EMD returned. Seems fair all around to me.
What should a buyer do, buy a home that won't appraise, even if they cannot get the loan? And just forfeit the EMD because the home didn't appraise?
FHA loans close, particularly when the buyer is properly qualified. They are a huge segment of funding in the current market.
That blog does not well serve our OP here on CD.
Do you all agree that I should lower the price of the house to my lowest number instead of offering closing costs? What do I do if I get an offer and they ask for closing costs, yet I am already maxed out? Do you think there will be many showings this holiday (Labor Day) weekend?
Do you all agree that I should lower the price of the house to my lowest number instead of offering closing costs? What do I do if I get an offer and they ask for closing costs, yet I am already maxed out? Do you think there will be many showings this holiday (Labor Day) weekend?
Regardless of what you decide offer on the market, the Buyer will structure their own offer how they wish to present it to you, regardless of what your listing says.
So? Do not sell for less than you want to, regardless of price, closing costs, etc.
Lower price will get you more showings than closing costs.
And showings is the goal that will get you to offer.
Labor Day weekend? I'll be out, but lots of people will not.
You only need "One," right?
Do you all agree that I should lower the price of the house to my lowest number instead of offering closing costs? What do I do if I get an offer and they ask for closing costs, yet I am already maxed out? Do you think there will be many showings this holiday (Labor Day) weekend?
If your house is priced correctly, it will sell.
If you have to lower your price to get the house sold, your original price wasn't right for the market and for the buyers that are in the market.
If you lower your price, you'll get more showings and hopefully, an offer.
However, there aren't too many buyers that will offer FULL PRICE unless you have multiple offers so please be prepared to negotiate.
I do think there will be buyers out this weekend. Seems to me that I usually get an extra showing of my listings on holidays.
Vicki
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.
Please register to participate in our discussions with 2 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.
