Home Buying in Minnesota>Question Details

Melissa Jones, Home Buyer in Minnesota

we offered 150,000 with 30,000 down and for us to pay the closing cost. on a home going for 159,900, short sale. we have an fha loan, whats our chanc?

Asked by Melissa Jones, Minnesota Sun Aug 22, 2010

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There is no way to know if they will accept any offer. I have seen offers for only $1500.00 less than asking price be turned down. In most cases they wont be eligible for FHA financing because repairs required. I am not sure why you would want to go FHA with that down payment. It actually cost you more money with the Upfront mortgage insurance and the required monthly MI.

hope this helps

Dawn Phillips
0 votes Thank Flag Link Sun Aug 22, 2010
Melissa
Your Realtor should have been able to give you the odds. Not enough info. Just because it is priced at 159,900 has no value, what is the market value of the property. That is a better guage to see where you stand.

Good Luck!!!

Kindest Regards,
Dianne Hicks
HomeSmart Real Estate

Good Luck
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Sun Aug 22, 2010
I am not sure why you are going FHA with 20% down, unless your credit scores are low enough that the difference in rate is out-weighed by the up-front MIp and the monthly MIP payment. Whether your offer is accepted depends more on what the market value is than anything else. However, if the person who is negotiating with the bank on the shortsale doesn't know what they are doing, it could be a problem for you no matter what. Do you have any idea how much is owed on the house?
0 votes Thank Flag Link Sun Aug 22, 2010
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