Sorry everyone, but I am so upset. Your a captive audience Three weeks ago we found a house that my husband & I both agreed on. ( an accomplishemt in itself) It needed major work about $25k in materials alone. To make her payments the owner had rented it out to several young guys that have turned it in to a Frat house. The realtor said the owner was desperate make an offer. This realtor called me every other day begging for us to put an offer on the table. That the house was close to foreclosure. Last Sat she called three times. If anyone has read any of my other threads you know I have had major CR problems so getting a loan was hard. After literally bombarding lenders to do the deal. Yesterday I got approval, with only having to have 5% down, seller pays closing costs. Decent interest rate. There would have been a lot of equity in the house after renovaction. So I call the realtor today to make the offer. She says she had to run, but she would fax it to me this afternoon. It looked good. It's been the only offer since it was put on the market three months ago. Well, tonight she calls up & says the owner had her boyfriend refiance it for her. Now she can take longer & get the appraisal price. So if I wanted to offer that she would sell it to me. I told her to have the owner enjoy the house cause she would have it for a long time. Then she says well if she comes to her senses do you want me to call you. I was so mad I told her the woman didn't have any senses. Well, thanks for letting me vent. I thought all of you out there that have just closed on your mortgage. On your wonderful new homes would now look back over any trouble you may of had & think now it wasn't so bad Becky
Becky, So sorry to hear it didn't work out for you. But..... you've got a loan. I bet there are other good deals out there. breeze
I am with Breeze, it's a shame you cant get this house for so cheap...but you got a loan and I would call the mortgage officer and turn the approval into a "pre-approved" amount so you can shop for a house you can afford, and more importantly ONE YOU WANT! that is not in need of so much repair. It is amazing the amount of houses that appear once you are pre-approved for an immediate loan. I think you will find the right house now that you have the cash. Keep hunting! Good luck. -Dave
Becky, I'm sorry that you didn't get the house. My hubby and I put an offer out for a home three weeks ago and we were beat out by a couple who offered more for the house than what the seller was asking. We couldn't beat it so we told them they could take it. Where I live (in Northern Virginia), housing prices today are surreal. There are no houses for sale and the ones that are are extraordinarily high. Hubby and I have been looking for a year with no luck. Maybe one day are tables will turn. Don't worry though everything will work out and you will find a house you like even better. Dani
Thanks everyone. The real rotten part about this is that the loan was solely based on this deal because if the equity that was all ready in it & what we would have put in it by fixing it. So back to score one. Meeting with a credit repair service that is offered free of charge from my husbands work. The place were at now the lease is up end of Oct. They will not renew. I sure hope we can pull something off by then. Prices around here sky rocketed as the interest rates lowered. Finally the prices are starting to lower cause getting a loan around here even with good credit is hard. People that really do want to sell can't unless prices go down. What a game. Becky
Loans are never based on equity except during a refinance. Lenders calculate the loan to value based on the lower of the purchase price or the appraised value. It sounds like they probably ran the figures based on purchase price. You should be able to find another house no problem. Good luck and happy house hunting. CF
