Carolina,

Your situation is typical for the current market. REO lisings are priced below market value in the Inland Empire and you need to have your agent pull recent comps before deciding on your offer amount. Also, always place your highest and best offer even if it's 10-20% above the asking price if the comps warrant it. Do not place an offer thinking that the bank is desperate because they will receive multiple offers. I've seen as many as 50 offers on one property. You also need to act within the first few days of a listing or the odds are it will be too late. As for your credit. Your lender should be providing a copy of your fico's to any listing that requires a cross qualification so that they are not running your credit multiple times by different lenders. I hope this helps and good luck.

Just a quick reply for you. Your price range will be difficult for FHA approved housing. You may want to ask your loan officer about 203K loan, you may be able to find a small fixer and add the cost of renovating into the loan up to your approved amount and the appraised value of the home following those repairs. Anything below 200K is attracting the investors who are coming in with cash in a lot of cases and fast closings...your loan will require 30-45 days processing. See the delima? Homes with pools are something most investors avoid, so look for those...and anything needing a lot of work, you will need to wear your rose colored glasses and watch a lot of HGTV to get the idea...but you can make a house with good bones into a good home to live in...staying in your budget will take hard work and you need to act immediately when your agent finds possible properties, they will be flying off the shelf in those price ranges. Good luck to you!!

Dani http://www.DIALdani.com for all your real estate needs. Prompt, Professional Service with Integrity

The credit bureau understands that more than 1 bank may run your credit withing a 3 month period in order for you to choose the best competitive rate and will not deduct points every single time, BUT always be very careful when having someone run your credit dont do it if its not absolutely necessary.
Right now its the buyers market and homes in Fontana in that range are very hot, first time homebuyers and all cash investers are buying these homes up. I have been looking for 3 months now to purchase a home but I was only approved for 70,000 and if I had the range you were looking for I would have already had a beautiful home in Hesperia/ Apple Valley which is where I am searching. Its not that much furthur from Fontana and it is worth the drive if you havnt been out there. Good Luck Hope you find something soon!

Hi Carolina,
As you know from looking at homes, there are so many buyers for each home and the best homes go fast and usually above asking price. There are many ways to make your offer look better and stand out to a seller, and a lot of these ways have nothing to do with the sales price. Your REALTOR(R) should be able to coach you on this strategy and help you write the strongest offer you can. This will increase your chances of getting a YES next time! Good luck and wishing you all the best...

Buying a home can be a difficult and stressful process. You need to be patient, there is a learning cure. If your agent is working hard for you give him a chance, if not give him the boot. You have to do what is best for you. And be sure do get that house before DEC 1st and get the tax credit.