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I posted an update in the Houston forum which is where I'm buying. I guess they received the pre-qualification letter from the other buyer and chose their better offer. I thought we had a really good chance since we have a large down payment, prequalified, flexible closing, no contigency to sell existing home, offer more than asking, etc. We would have been happy in this house but what I loved about it the most was the great backyard/lot. We'll keep looking for "the one".
I posted an update in the Houston forum which is where I'm buying. I guess they received the pre-qualification letter from the other buyer and chose their better offer. I thought we had a really good chance since we have a large down payment, prequalified, flexible closing, no contigency to sell existing home, offer more than asking, etc. We would have been happy in this house but what I loved about it the most was the great backyard/lot. We'll keep looking for "the one".
Down payment doesn't change the offer does it? I mean, they get the same amount at closing whether it's 20 percent down or 3.5 percent down. But I do know it shows it being a more serious offer with a greater chance of closing etc. It probably came down to the offer amount, it sounded like theirs was higher? Good luck and hope you find your home!
Down payment doesn't change the offer does it? I mean, they get the same amount at closing whether it's 20 percent down or 3.5 percent down. But I do know it shows it being a more serious offer with a greater chance of closing etc. It probably came down to the offer amount, it sounded like theirs was higher? Good luck and hope you find your home!
Yes, their offer was higher but I can't imagine it could be by *that* much since the sellers were supposedly torn between our offers.
Down payment doesn't change the offer does it? I mean, they get the same amount at closing whether it's 20 percent down or 3.5 percent down. But I do know it shows it being a more serious offer with a greater chance of closing etc. It probably came down to the offer amount, it sounded like theirs was higher? Good luck and hope you find your home!
A high down payment means the buyer is less likely to have issues with a bank valuation of the property. As part of a package it matters.
cash buyer > high down buyer > low down payment buyer
On a FSBO a few years back I took an offer that was 2nd highest because those buyers showed me they would not fall through and I thought they would be easiest to to deal with. they had a large down payment planned and put up plenty of earnest money too.
Down payment doesn't change the offer does it? I mean, they get the same amount at closing whether it's 20 percent down or 3.5 percent down. But I do know it shows it being a more serious offer with a greater chance of closing etc. It probably came down to the offer amount, it sounded like theirs was higher? Good luck and hope you find your home!
Mortgage-killing issues are more likely to happen with smaller down payment loans. All other things being equal, larger down payment loan is stronger.
I posted an update in the Houston forum which is where I'm buying. I guess they received the pre-qualification letter from the other buyer and chose their better offer. I thought we had a really good chance since we have a large down payment, prequalified, flexclosing, no contigency to sell existing home, offer more than asking, etc. We would have been happy in this house but what I loved about it the most was the great backyard/lot. We'll keep looking for "the one".
Sorry you lost out on the house but you did put in an excellent offer. I suspect the Sellers may have been hoping for a bidding war. People are funny. Could even be something as silly as the Sellers liking the other party better regardless of differences in the offers. Just figure it wasn't meant to be and and you will find an even better house and or price. Good luck!
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