if a deal have been accepted by the sellers… and the buyers are waiting to get financed… can i still go in and place a bigger bid… and have the seller accept mine as well? i mean like say i go 5k over what the other people are offering… can the seller cancel the other bid to accept mine and wait for me to get financed… i have no clue… just trying to get an idea here.
is there a selling agrement signed? or just offers being made? Most people get pre approved to see how much they can afford first then they go house shopping…
That is also the most logical way so you don;t get fucked and sign a sellers agreement (if you even can) with out financing. You can end up in court…
dunno is the other people signed the sellers agreement … no one said they did though. and if they did…does that mean the seller cant back out of it?
yeah that is basically a contract and can only back out if conditions in the sellers agreement are not met…
fook… well hope they didnt sell it and i hope that if they did the people cant get financed… weird thing is though that the realtor didnt even wanna show us the house yesterday… but she calls back today and wants to show it to us tomorrow… ummm :wtf:
It depends on what is on the other buyers agreement. When we bought our house, there was another buyer waiting. They had actually offered more money than we had but their buy was depending on their current home being sold. That means, they were unable to buy the house we live in until the home they were living in sold. So I offered $8,000 less but said I would buy it NOW… needless to say, we won. The realtor wouldn’t have showed you the home if it was a done deal. You should not know the other buyers offer… that is illegal… don’t tell anyone you know what it is… but also don’t offer more… the other persons may not be able to achieve financing. In that case you may get the home for less than the other buyer offered. It is also a good idea to find out if you could be approved for that amount of money in advance. It speeds things up after the offer is made.
doing that now
^^^^^ That probably means the other buyer is having problems with financing. Call a bank if you haven’t. We used Dollar Bank and I like them alot. Get “pre-approved” for an amount more than you are willing to offer, just incase you need to offer more. Then make your offer on a “right now” basis. You don’t know me so I don’t expect you to trust my word… but we live in a $180,000 home we bought for $125,000… so… always start on the low end… you never know what is going thru the sellers mind. They may need to unload it quick for some reason and are willing to take a lower price because of it. If you offer a lower price the worst that will happen is they will say no and you offer more.
yep…but the house has sat on the market for 6+ months now and the price so far has dropped form the original 85K - 59k… dont think they are gonna drop that much more… and it shouldnt be to hard to get financed for 60k well for most people atleast. know what i mean?
I know exactly what you mean… except that most folks who are looking at a home for 60K are either… not well off <-- usually means bad credit / or they are single or newly weds <-- no credit. Financing ahouse is a bitch. If the house has sat on the market for 6 months and has already dropped the price… they may still take less… Try it… you may be surprised. I would offer 40K or 45K … and see what happens.
*** none of that first part was meant to me mean to any persons who are looking for a home in that price range… please don’t be offended anyone.
Plus… why pay 59K if you could pay less…
mortage wont be in my name… will be in my fiances name… and i cant go on it… can you have co signers for shit like that?
You probably could but… who the heck is going to co-sign for that much money. A co-signer is responsible for the payment if your fiance doesn’t pay. More than likely you will just need a down payment. Where is the home located? You may be able to receive help from like Fanny Mae or something. HUD loans are something to look into also. They give you an “insurance” policy to guarantee payment… but they are hard to get out of later.
Why did you ask that? Did you want to be co-signer?
Here is another thing… 6 months on the market is not very long and a $21,000 price reduction is high… You should first get the home checked out by an inspector… don’t trust anyone but an inspector. Also, if the owner dropped that low… the home is probably paid in full… which means they don’t owe anything and can drop lower. Ask the realtor what the story is with the home… someone’s parent passed away… they need to sell to settle the estate… something like that. They have to tell you by law.
well heres the thing… i am in the process of filing bankruptcy… and my fiance is 1 year post bankruptcy… dad said hed be a co signer if we needed it… my fiance fel 60 points short of being approved… she had 2 medical bills in collection that she didnt know about… so im thinking of asking my dad if he will co sign for us…60k doesnt sound like a lot but we it is to us… to many bills and me not haveing a decent job doesnt really help. just killing time and making some money till i go back to college… she on the other hand has a good job that shes been at for over 2 years now… know where im coming from…
I know exactly where you are coming from. and 60K is alot of money to anyone. I would seriously start at 40k or 45k. You could get the co-signer then in 2 years … refinance for a better interest rate without the co-signer.
NEVER… NEVER… NEVER offer full price… always start lower. Wouldn’t $450 a month be easier than $600
dude we talked to that would be doing our mortage said 7-8 percent no momey down and we should be covered for 60k…so we worked that out and on a 30 year it came to like 400 - 460 or some shit… not much more than we are paying for rent now…so financially it wouldnt hurt us at all.
But if you got it for 45K… you could do 20 years for maybe less than you’re paying now.
Here try these…
They have a really good mortgage calculator… it should help you.
Just keep this in mind… in most cases… if you take a mortgage for the full 30 years… you will pay 3 times the value you financed. That means for a 60K loan… you will end up paying 180K…
yeah… even if this house doesnt work out… but im hoping it does… there are a ton of other houses… and the guy were doing mortgages through told us not many banks will loan lower than 50k… i dont see how that is but hes the one doing it.