Home Selling in 08902>Question Details

DKoz, Home Buyer in Newbury Park, CA

My in-laws are selling their home. They got an offer for 310,000 with FHA 3 1/2 percent down. What can they request in order to feel confident that?

Asked by DKoz, Newbury Park, CA Sun May 20, 2012

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I would be sure to get a large non-refundable deposit $15k to $30k. If they back out they are screwed.If I have $30k or more DP non refundable deposit and you back out no big deal.....But I am not a real estate pro.I would not give a long time on closing. If I have given a big non-refundable deposit I want to go ahead..
0 votes Thank Flag Link Sun May 20, 2012
This is the stupidest advise I have ever seen anyone give. This is not just discriminatory but most likely illegal. What makes an FHA loan holder worst than a regular mortgage? Matter of FHA approved loans are more likely to come through than a regular mortgage since they qualify most who can come up with 31/2% and are credit worthy. The kind of loan should not have any binding on whether or not you should accept an offer IMHO.
Flag Mon Mar 18, 2013
If CONFIDENCE is what they are after,
they should have gone with a Realtor to represent them.

Most Escrows are tenuous at best; too many things can go wrong.

There are many details in an OFFER, and it is probably too little/too late to go through everything.

Good luck and may God bless
0 votes Thank Flag Link Sun May 20, 2012
Hi Dkoz,
Your agent knows how to test the quality of an offer.

Having FHA does not make the potential buyer unqualified but conventional is preferred.

Don't ask for a prequalifying letter.Ask for a pre approval letter.
In this area pre approval letters are stronger and means that there credit has been reviewed.

Also call the lender or have your agent call and ask questions.

You can also ask for a pre approval that includes the buyers FICO.

I hope that helps.
Home selling is not something that you should go unassisted.

If you need local Realtor representation don't hesitate to call.

Taj Weldon
DRE 01816152
Web Reference: http://Www.tajcanhelp.com
Answered by: Taj Weldon 209-740-4176, Central Valley, CA on A moment ago - [x] delete
0 votes Thank Flag Link Sun May 20, 2012
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