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There's some really sensitive folks on this forum if I'm being "mean."
Go read your post 83 and the post it was replying to. No possible justification for your tone.
Quote:
Of course a buyer should not be maxed out on their loan for a strong offer. Banks will lend a lot more than people can truly afford (mortgage crisis anyone?) We are sliding back into that habit again. In my experience realtors often encourage aspirational purchasing instead of realistic purchasing. But that's another thread. You should see some of the places we have been shown. Far far above what was reasonable to spend.
That's the thing. You won't know the difference. That's why this idea of yours that the size of the down payment means something in terms of qualifications is so misguided. It doesn't always.... it just really depends on the rest of the big picture.
The Department of Veterans Affairs is a cabinet level federal agency. The above is just whitewash.
My husband worked as an attorney for the fed for many years so please don't try and pretend that the Veterans Administration is not a federal entity and by extension that VA loans are not federal lending vehicles.
What I wrote was correct and specific.
VA loans are given by private lenders. You make your VA loan payment to "Joe's Bank" if that's who issued the loan.
They are Federally Backed loans, but that only matters if they are foreclosed on later. The Feds pay back Joe's Bank. You won't be doing that. They don't actually do it very often either.... https://www.military.com/money/va-lo...sure-rate.html
Go read your post 83 and the post it was replying to. No possible justification for your tone.
That's the thing. You won't know the difference. That's why this idea of yours that the size of the down payment means something in terms of qualifications is so misguided. It doesn't always.... it just really depends on the rest of the big picture.
I know the difference if the offer falls through.
I know the difference if my agent talks to the buyers agent and gets a sense that the buyer is struggling.
I know the difference if there's requests for closing costs on top of no money down on top of a long list of things that the buyer wants thrown in for free.
You can only go with your gut. It's hard to justify such an important transaction on the basis of guilt about not being "nice" and picking the offer based on wanting to help someone out be it a vet or first time buyer, or anyone who wrote a heart rending letter.
VA loans are given by private lenders. You make your VA loan payment to "Joe's Bank" if that's who issued the loan.
They are Federally Backed loans, but that only matters if they are foreclosed on later. The Feds pay back Joe's Bank. You won't be doing that. They don't actually do it very often either.... https://www.military.com/money/va-lo...sure-rate.html
Again, I don't care about VA loans. I care about buyers with zero down. You continue to conflate this with VA loans which tells me that in your experience, VA buyers are often zero down buyers.
You continue to try and bang the drum for this type of loan and nitpick points which have no bearing on the discussion. Realize that though you might have success with this type of loan, not all sellers are going to get excited over a zero down offer. Whether it's a veteran or your grandma, I feel no compunction to hand over keys because I respond to some emotional profile. All I care about is that my terms are met in the most efficient way possible.
So yes, echoing my previous mean post I'm not impressed with the buyer who has to save their down payment in order to actually maintain the house or worse, get to closing. I need reassurance up front that you have all the funds you need. Zero down doesn't reassure me.
You are a realtor, right? Let's say you ran into a seller like me and you had a client who had a zero down offer. I reject it, my agent calls and says that I thought it was a weak offer. You would move on correct? So why not just move on from this topic? We don't agree. I'm allowed to have whatever criteria I want within the law when I sell. I'm not violating the law by not accepting an offer which doesn't appear to have the funds to close. If a buyer really wanted the property, you would probably advise them to improve the offer or provide proof that they could get to closing. Or you would warn them away from my ogre-like mean terribleness. Either way I have nothing to lose. I didn't like your first offer and a better one might come. Or the sensitive buyer can go elsewhere. I'm happy.
You can only go with your gut. It's hard to justify such an important transaction on the basis of guilt about not being "nice" and picking the offer based on wanting to help someone out be it a vet or first time buyer, or anyone who wrote a heart rending letter.
Right... And I've talked about looking at the big picture, not about just trusting your gut (which is often wrong) or being nice when making that decision. There is a lot that can be known, when trying to choose between two buyers.
Being nice was only in reference to talking about another poster here. And that doesn't cost anything.
Last edited by Diana Holbrook; 08-05-2019 at 05:39 PM..
Again, I don't care about VA loans. I care about buyers with zero down. You continue to conflate this with VA loans which tells me that in your experience, VA buyers are often zero down buyers.
You continue to try and bang the drum for this type of loan and nitpick points which have no bearing on the discussion. Realize that though you might have success with this type of loan, not all sellers are going to get excited over a zero down offer. Whether it's a veteran or your grandma, I feel no compunction to hand over keys because I respond to some emotional profile. All I care about is that my terms are met in the most efficient way possible.
So yes, echoing my previous mean post I'm not impressed with the buyer who has to save their down payment in order to actually maintain the house or worse, get to closing. I need reassurance up front that you have all the funds you need. Zero down doesn't reassure me.
You are a realtor, right? Let's say you ran into a seller like me and you had a client who had a zero down offer. I reject it, my agent calls and says that I thought it was a weak offer. You would move on correct? So why not just move on from this topic? We don't agree. I'm allowed to have whatever criteria I want within the law when I sell. I'm not violating the law by not accepting an offer which doesn't appear to have the funds to close. If a buyer really wanted the property, you would probably advise them to improve the offer or provide proof that they could get to closing. Or you would warn them away from my ogre-like mean terribleness. Either way I have nothing to lose. I didn't like your first offer and a better one might come. Or the sensitive buyer can go elsewhere. I'm happy.
Again, this is what works for me. Has worked for over a decade. People have different strategies. You can advise your clients however you want (though i suspect that you would continue to play whatever game.a seller wants to keep a deal alive) and I will continue to work through the methods that have yielded significant returns and financial well being.
No just sincerely asking what you would do when you encounter a seller who has ideas about what constitutes a strong offer that differ from yours. No comment?
Everything you describe is a regular part of maintaining wn older home. Systems/roof replacement happens. Painting and landscaping is often necessary. My argument, that you should be able to to do all of what you described and STILL have money for a down payment because that's what people who can actually afford a home have, still stands. Brag all you want about doing normal home owner stuff but I am not impressed. Sorry. And why was your credit score 600?.You certainly would not have been able to get a decent loan with that score. Somethin about this story doesn't make sense.
Not that it is any of your business but my score was low because my husband was not good with money, then he became terminally ill and died in 2010 effectively reducing my monthly income by half until his military benefits kicked in. When I got the loan it was 7 years after his death and my credit score was 680. From you numerous postings on here I can see that your opinion of people who put zero money down is not going to change and frankly my dear I don't give a damn at this point. You're prejudiced and stubborn and I have no intention of engaging you further.
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