Home Buying in Michigan>Question Details

B Smith, Home Buyer in Michigan

MLS Question....

Asked by B Smith, Michigan Tue Feb 17, 2009

We have been looking at bank owned properties. We recently made an offer on one we were interested in. The MLS listed Cash, Conv, and FHA as purchasing options. Our offer was with an FHA mortgage and the Brokers office came back and said the bank will not accept any FHA offers. Is this legal? Why would the MLS list FHA as option if it infact is not? The broker did not present our offer.

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I am guessing what the agent meant was that the house is in such dreadful shape, that it will never appraise up to FHA standards. Somehow these mortgage brokers are now realizing that homes with no kitchens, leaky roofs, layers of mold and other items bank owned homes typically have - just are not good lending investments. How silly.
0 votes Thank Flag Link Tue Feb 17, 2009
Unfortunately, the MLS data listing should not have included FHA as a finance choice unless it was an acceptable option. Most likely, this was an error on the part of the broker entering the information to the MLS.
0 votes Thank Flag Link Tue Feb 17, 2009
The seller can decide at any time what kinds of offers it will take. That might have changed during the listing as the seller learned new information.

Sorry your offer did not work out.
0 votes Thank Flag Link Tue Feb 17, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
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