The same thing is happening to me right now. We were the primary after going through a best and final scenario. Then the bank asks to be completely approved (not just pre-approved), which we found out requires an application fee ($350) with a bank so they can set aside those funds for us. Then after a few weeks of waiting for the bank and getting the requested approval another guy came in and bid higher. It was one of the people we outbid before. I know it's part of the game, but man it's frustrating. The banks are asking for some strange things lately. I don't know if that helps, but that's my situation. - Fri Jun 6 2008, 07:24
Thanks Carl. I asked this question again in an individual post. - Wed Apr 16 2008, 07:52
I have a question for anyone discussing market value. How do you know what market value is when things are selling so slow and prices drop daily? I am on my own search for property and people keep saying X building is way under market value. How can anyone know what market value is and actually believe it? - Wed Apr 16 2008, 07:23
I plan to occupy one of the units. This brings up another question: if I want to move out of the property after two years (but continue to own it), could the interest rate go up or could the bank call the loan? - Tue Oct 23 2007, 21:41
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