Question Details

Dani, Home Buyer in Michigan

We are first time home buyers and are really interested in a certain house.

Asked by Dani, Michigan Tue May 6, 2008

We have submitted all the paper work for a loan and are waiting for the approval but the agent we are working with said to make a offer while we wait. He said we could put our offer in with a earnest deposit of $100 for now. Is this a good thing to do? Or should we just wait until we are sure we are approved?
We are going for a FHA loan and getting the down payment from Genesis. We were pre approved for more then the asking price. But i am still on the boarder about this.

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Answers

2
Dani,
Listen to your Agent or ask more question of him/her. Did he explain that you have so many days after you submit an offer on a home to obtain the approval letter from your lender? Each state is different so you need to ask your agent how many days to obtain your approval. If you do not get the approval you can legally back away from the offer and usually your earnest money would be returned to you. This locks in the house you selected. If you do not write up a Purchase Agreement, you risk losing the house of your choice. You are protected by law. Have your agent explain this to you. PLEASE!
0 votes Thank Flag Link Tue May 6, 2008
i am no pro (looking at buying my first house) but i would wait till you know what the house is going to cost you both monthly and at closing. if the sellers accept your offer then the deal is done - legaly and you are stuck with what ever the mortgage loan person has conjured up with. i would slow down and wait till you know what this house is going to cost you. it kinda sounds like your realtor wants pay day to come sooner rather than later and perhaps at your expense.
0 votes Thank Flag Link Tue May 6, 2008
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