Home Buying in Camden>Question Details

Amy Hall, Home Buyer in Homer, LA

Maybe dumb questions?? but i really need help

Asked by Amy Hall, Homer, LA Mon Mar 23, 2009

Do you lose any money if you make an offer on a house and they don't take you up on it? I mean, ya know, doyou have to pay to make an offer? Does it lower your credit score to find out the amount you can get on a home loan? Are there deals for first time buyers?

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5
Amy, You might like to read through these as they have great information for first time buyers and lots of links to information.........http://www.hud.gov/buying/index.cfm
http://portal.hud.gov/portal/page?_pageid=73,1827624&_da…
http://www.fhaoutreach.gov/FHASelf/

Best of luck in your quest, Dunes
0 votes Thank Flag Link Thu Mar 26, 2009
No dumb questions Amy, especially the one you ask. Your credit score should not be affected if you do what you should to begin a search for a home. Any quality Realtor should guide you to first go the lending institution of your choice, I recommend you choose a local bank you are famalier with, and have them check out what you are qualified to purchase. If you have a strong credit score, it will gain you very good mortgage rates at this time from a local bank that is looking for good strong credit worthy borrowers. As far as loosing money, you don't make a down payment when you make an offer that you loose. You have a choice of whether or not to offer earnest money with an offer, and that money should only be deposited in the listing companies account if the offer is accepted. Then you should only loose it if you do not meet your obligations of your offer. If loan approval is not granted, if the seller fails to fulfill their obligations, or if an inspection is overwhelming, etc. you are entitled to getting your earnest money back. AND YES, there are deals for 1st time home buyers, You now would get a 10% credit, over 2 years time, up to $8,000 that you do not have to pay back if you meet their terms. Any mortgage loan officer worth their salt and your business can explain this to you when you go to get pre-qualified to buy a home. Good luck in you search and you can see me @:
0 votes Thank Flag Link Thu Mar 26, 2009
Amy
These are questions that your Realtor should be answering. Have you selected a Realtor to represent you? Normally the seller pays the sales commission, so from your perspective, the Realtor "works for free".

I recommend talking with a few REaltors, ask them questions, and find one that you think you can work with in a way that will help you get your answers. Some Realtors specialize in working with first time buyers.
Good luck.!
0 votes Thank Flag Link Mon Mar 23, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Hi Amy,

Per Bill - you will get your deposit back if they don't accept your offer. It is held in escrow for you. The initial deposit is usually $1000.

You can have multiple credit checks run inside a 14 day period - for the same purpose - and this counts as only one check. What isn't good is doing loads of checks for different purposes (credit card, car, mortgage, etc). That can drop your credit score.

There are definitely deals for first time home buyers. If you are eligible, and buy before Nov 30 2009 - there's $8000. There may be others you can use, depending on your circumstances.

If your credit needs some help, then work on getting it better fast. Don't rush off and cancel any cards - that actually hurts your credit. Make sure that you are never late for any payments: car, cards, etc.
0 votes Thank Flag Link Mon Mar 23, 2009
Amy,

There are no dumb questions............

If you present an offer and it is not accepted by the seller you are entitled to a full refund.

If you repeatedly have your credit score checked, it can negatively effect it.

The present incentives are for first time buyers or people that have not owned a home for at least 3 full years.

Congratulations on beginning the journey of becoming a home owner.

Good luck
0 votes Thank Flag Link Mon Mar 23, 2009
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