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Hello! So I will try to make all of this easy to understand, and I'm just looking for others people's opinions on this situation.
Over 3 years ago we had a foreclosure. Our lender at the time was Flagstar bank, and they did not work with us on loss mitigation what so ever. In March of this year was 3 years. After looking at homes all summer and actually landing one, we found out they did not file claim for 9 months, putting our CAIVRS to clear in December. Since the new policy, we CAN get a FHA loan now, but we are looking for a RD Loan because the money we have saved that could be used for a down payment will go towards the loss we will take on the place we have now.
There is a house I have been watching since last year. It was bought and flipped and put back on the market in April. This house was bought almost a year ago for 93k, and when listed again it was for 198k. It's in a very desirable area (Caledonia, MI) and I think they thought it would sell quickly. Unfortunately, the contractor they had did not do a great job, AT ALL. The pictures online, the house looks wonderful, get into it and it's just "meh". My husband and I see past all that because we love the home, and live in the area and would like to stay in the area.
Since it's pretty close to December, there was lots of talk between my realtor and their's about our situation and what we would like to offer. Ours was the highest one they have ever gotten, but of course they know that nothing can be submitted to RD until that clear date for the CAIVRS. We can do everything else but that.
Just before we go to submit the actual offer, he contacts my realtor and tells her that they are dropping the price to 160k and will only accept our offer if it's contingent because of our closing time frame. We offered them 165k. To us, we felt they wanted to do this, so they could say to other buyers "we have a full price offer already" to try and get more out of it and then we lose out on the deal.
Does anyone else have any other perspective on this? Sorry it is kind of long, but I wanted to kind of give the backstory as well.
Talk to your lender to see if it's time to make the offer or if you still have to wait. You can always try to amend your close date, if the lender needs more time.
Talk to your lender to see if it's time to make the offer or if you still have to wait. You can always try to amend your close date, if the lender needs more time.
He gave us the go ahead to make the offer, he even talked to the seller's realtor to explain our situation. That we are totally financially good to go, just have to wait for CAIVRS.
I'm generally looking for anyone who may have some insight as to why the sellers who have had no good offers, did not accept ours, just based on a closing date.
Basically, you aren't qualified to buy. Make your offer, it will be accepted and the seller will wait for you, or he won't. Nothing anyone can do about it.
I'm generally looking for anyone who may have some insight as to why the sellers who have had no good offers, did not accept ours, just based on a closing date.
If I were the listing agent I would encourage them to either do a 48 hour clause (kickout clause) if another buyer came into play, or to wait until you were qualified to buy. You aren't qualified to buy a home yet and a seller would be putting themselves in a bad position by taking your offer and keeping the house off the market for so long.
If I were the listing agent I would encourage them to either do a 48 hour clause (kickout clause) if another buyer came into play, or to wait until you were qualified to buy. You aren't qualified to buy a home yet and a seller would be putting themselves in a bad position by taking your offer and keeping the house off the market for so long.
I get that. We DID also get ballsy and asked if we could rent it until closing as well. Told them they can keep the rent, none would have to go towards the house. This wasn't in stone though. We just thought since it's been sitting since April, some money is better than none, since our offer has been the best one.
Their agent told ours they were being risky regardless, dropping the price down or taking our offer. I get it, I do. And if we have to wait we have to wait, all we have is time.
If I were the listing agent I would encourage them to either do a 48 hour clause (kickout clause) if another buyer came into play, or to wait until you were qualified to buy. You aren't qualified to buy a home yet and a seller would be putting themselves in a bad position by taking your offer and keeping the house off the market for so long.
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This.
