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Alyssa, Home Buyer in Massachusetts

My husband and I got a pre-approval for 100% financing through a VA loan, and are making an offer on a short

Asked by Alyssa, Massachusetts Tue Jan 20, 2009

sale house that already has two offers on it. The selling agent told us that if we really want the house we should put our best foot forward, meaning make an offer of what we are willing to pay, how much down, and a deposit. We were not planning on putting any money down because we have 100% financing, will this hurt our chances of getting the house? Also, we are making a full priced offer of 200,000 what would be a good ernest money deposit- and would not giving one also hurt?

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Alyssa, remember that the listing agent is supposed to get the most money out of you..it's her job and she wouldn' t be performing her duties if she did any different. It doesn't make her a bad person trying to convince you to make the best possible offer. She represents the seller. If you have an agent, you've probably talked about writing an escalation clause to protect your interest in the property and your investment in it. Good luck.
0 votes Thank Flag Link Tue Jan 20, 2009
Your earnest money is negotiated executed contract agreed between buyer/seller. The amount will apply towards your closing costs. 100% loan wont hurt your chances securing winning bid unknow what other offers are and sales offer contract. Many factors inconsideration for seller accpet which offer.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 20, 2009
Adam is right on! Also, the listing agent will be telling everyone the same, bring highest and best, you may want to think of going a couple thousand higher then ask price, but talk with your agent. In our area earnest money is not due until bank provides written approval of your offer. This may be different in each area but thought I would let you know.
Best of luck,
Nancy
http://www.nancydrealtor.net
0 votes Thank Flag Link Tue Jan 20, 2009
Alyssa,

Why are you taking advice from the selling agent? Where is your agent? She/he can run comps for you and help you decide how low of an offer may work.
0 votes Thank Flag Link Tue Jan 20, 2009
Make sure you have all your loan docs and a solid pre approval. Also best to include a copy of you credit report with the offer. Expect to wait a very long time to get and answer from the bank. If they already received offers it will be shorter but it could take 8 weeks to get an answer and it may be no. Earnest money with the offer shouldn't be more than $1000
Web Reference: http://www.nextlevelre.com
0 votes Thank Flag Link Tue Jan 20, 2009
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