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Marilyn

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Home Buyer

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Marilyn's Questions (2)

Marilyn's Answers (2)

Are FHA loans always better interest rates over conventional rates?

Asked Sun May 25 2008, 15:28 by Marilyn - All locations - Home Buying - No answers
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What is acrage going for in Fort Gratiot, Michigan?

Asked Sat May 24 2008, 07:36 by Marilyn - Michigan - Home Buying - 1 answer
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I made an offer on a house here in south bay in a short sale and we offered 27500 less than the asking price

Asked Tue May 20 2008, 21:34 by Jj - All locations - Home Buying - 6 answers

Marilyn answered:

As a person who recently purchased in Mich. under a short sale.........make your offer the best one you've got. You prob. will not hear back from the bank- ever- if they do not like the offer, such as with my first low-ball bid. I was frustrated and went back with my final and best. It was then responded to a day later- amazing, huh? After researching, it appears the bank sets the short sale listing price at or about the amount they will be willing to accept- anything shy of that is a dice roll. Good luck, and even if they did not answer your first offer- re-submit your best and final, now. Good Luck - Wed May 21 2008, 06:12

what is normal in michigan,southeast to ask for as far as contingencies,most common?

Asked Sun May 18 2008, 10:10 by Chad - 48161 - Foreclosure - 3 answers

Marilyn answered:

I had placed a low ball bid on a short sale. It was about 30% lower than listed. I never even heard a word. I started getting a little worried, assuming that it needed to be sold or it would go into forclosure, and I didn't want to go through that. I ended up giving them 10 grand less than asking, with a 3% closing cost kickback at signing. It was responded to the next day. I want you to make sure you have an active realtor who is very persistent w/ the bank to push it. That is the key to any bid,. From this exp., solely, I feel low balls usually don't get accepted or even considered. People who are selling currently are forced to put it up realistically, or else they would wait. - Sun May 18 2008, 10:17

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