Chris Davis

Hi J, I hope you have a Safe fourth, as you see you might be writing alot of offers on Homes, but Banks have tighten on the Lending side. If you currently are buying as a primary residence you will have to qualify for your new purchase as well as the current home if you own. We used to offset the payment with a lease aggreement but that is going away. The Banks are looking for an offer that is usually 80% of the note the seller is holding on a short sale. As we know the DATA from most Cities the Decline is around 10 to 15%, so 80% is a good starting point. Also, on Foreclosure pretty much the same, as you probably had noticed all of the nice foreclosed properties have multiple offers. The Realtors and these Banks need to stop playing the game, as the inventory would move quickly. If Realtors are accepting Multiple offfers after a verbal acceptance from the Bank, they might as well auction the house RIGHT!. You need to jump in and unfortunately Real Estate is a risk, and you need to either buy or wait. But it has hit bottom in most areas. Besides it is an Investment and if your trying to flip, you will have issues with Buyers as most lenders have a flipping rule. So you can call if you have more questions. The buyer needs to have a cover letter from the Bank and a Conditional Loan Approval, currently the Buyer should be approved, as I'm no longer just doing a Conditional Approval, I'm submitting to Banks with out a property so I can show and send the full blown approval with the Offer If I need to if I have it in hand. Again I wish you the best if you need anything let me know. - Thu Jul 3 2008, 11:16

Hello J, As your question how to get your offer accepted, most REO properties, Countrywide or Wells Fargo, will have on the Multiple listing that specifically states that the buyer needs to get a conditonal loan approval from their lender. So keep that in mind, as you are paying cash, so they are going to want to see Funds that are liquid as you present your Conditional Loan approval letter, Provide a Statement from your CPA or Banker that demonstrates that you have the funds and contact their lender to get the loan approval letter. It will help but not guarantee you offer will get accpeted, how many offers have you written? Cdavis@statemortgage.net - Tue Jun 3 2008, 01:44

As a lender yes the 5% pool of money has dried up, as the lenders are asking for more money down. Most everyone is at 15 % down because of the declining market. I know that some of the REo lenders of hard money will allow 10% down but you have to purchase their properties. You can always buy as a primary residence, but you have to occupy for a year, if you want to put 5% down. cdavis@statemortgage.net - Tue Jun 3 2008, 02:11

Go to cdavisazloans.com and the left of my home page it will have Canadians going down south, it will list all of the tax information you would need. Good luck, I also am a lender and a preferred lender for the Scottsdale Haciendas, located in Scottsdale 3 miles from ASU and the Sales Price range from the 170's to the 230's give me a call I can direct you to an agent. - Tue Jun 3 2008, 02:04

the supply has continued to drop as we are closer to a 10 month supply, the REO's are getting multiple offers, so I would expect the bottom has come - Tue Jun 3 2008, 01:58

Again Nice Dog, as I hae an english Bulldog. Financing options is your preference as to choosing a lender. I'm a Broker and have many options to provide, but most people are all taking the low risk and financing with a 3o yr. fixed rate. The loan amount is going to be a big part of the picture, if your in the Jumbo Arena for loan amount you can expect to be higher than what you read in the Sunday Paper. If you fall below 417,000 you will have pricing that reflects your credit score, your down payment, and the lock period of your loan. Fees associated with the mortgage will be 8 lines, Origination, discount points, Underwriting fees, application fees, processing fees, tax service, doc prep, Broker fee, All the rest of the loan cost are vendor fee's so truly look at the fees that I listed, as you will compare just those. Need a Good faith cdavis@statemortgage.net - Tue Jun 3 2008, 01:55