Home Buying in Cincinnati>Question Details

, Home Buyer in Cincinnati, OH

Additional help with Chase Bank offers

Asked by , Cincinnati, OH Wed Oct 29, 2008

WelI I put two offers in on the house and they(Chase Bank) supposedly rejected both of them. However, the listing agent won't fax a copy of the rejection letter, is there anythingthing else I can do? Also I asked them for closing costs? I even went over asking? Any help is appreciated, I really want that house.

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Hello Inared:

I understand your frustrations with the banks. I have had clients in the same boat. Unfortunately, the banks will do what they want to do. They do not usually sign anything when that the offer has been rejected. They work on a verbal until they accept the offer and it is signed at that time. Even the counter offers are usually handled verbally followed by the listing agent sending an email. Just make sure that you have an updated pre appoval letter/proof of funds if cash offer, with a copy of earnest money when your offer is sent. Banks will not look at the offer if that is not with it. Also, some banks expect a certain amount for your earnest money. That will be stated in MLS and your agent should see this and let you know. Hope this helps and good luck!

Sheri Mapes the Cincy House Expert
0 votes Thank Flag Link Thu Oct 30, 2008
Inared did your agent do comps on the home that you are making an offer on? Lenders are willing to deal as long as it makes sense. Take a look at the area and the needed repairs on the home and make your offer from there.

As for closing costs they will include them but they figure them into the overall price that you are offering.

The lender may take less than the listed price of the home depending on how it is presented. I had a buyer this spring that purchased a home that was listed at 202,000 for 165,000 after we detailed the repairs the home needed along with estimates from local contractors.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Thu Oct 30, 2008

Did you attach a preapproval letter? Most banks require that. Did you include earnest money and how much? Please let me know so I can help you solve these problems.

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
mobile or text 937-205-4741
office 937-573-0082
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Realty, Mortgage, Title, Relocation
0 votes Thank Flag Link Wed Oct 29, 2008
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