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Mike West
"Real Estate Educator"
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Hi I'm Mike West, a REALTOR in the Inland Empire. In a changed market, I'm aiming to educate consumers as much as possible and take advantage of all the
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Mike West answered:
Good afternoon Claudia,
Well maybe I can shed a little light on the situation: First off, it may and may not be the REALTOR® that you're using. When you say you have bid on over 20 homes, who communicated the fact that your bids weren't being entertained? And how close to list price were your bids? Most people aren't having a problem working FHA financing through, so I doubt that it's related to that. Now I believe that what you're talking about is the Nehemiah program that provides the borrower with down-payment assistance. This was officially supposed to be done with on Oct. 1st, but I've been told by lenders that I work with that it's gone already. Another thing to consider is: were you bidding on short sales or REOs/Repos/Foreclosures? On short sales you wouldn't hear back immediately if your bid had been accepted, they would just submit to the bank and wait for the bank's acceptance. Some lenders weren't accepting the 100% financing and that could have been an issue, but many were. If you could provide a little more information, those of us here could probably help in answering the question a little better. If you have any other questions, comments , concerns or I can help at all:
Mike West, REALTOR®
Carmichael West Realty
Riverside, CA 92519
Ph:(951) 830-5962
Fx:(951) 685-7678 http://www.therealestatefrontlines.com
Thank You,
Mike
Well maybe I can shed a little light on the situation: First off, it may and may not be the REALTOR® that you're using. When you say you have bid on over 20 homes, who communicated the fact that your bids weren't being entertained? And how close to list price were your bids? Most people aren't having a problem working FHA financing through, so I doubt that it's related to that. Now I believe that what you're talking about is the Nehemiah program that provides the borrower with down-payment assistance. This was officially supposed to be done with on Oct. 1st, but I've been told by lenders that I work with that it's gone already. Another thing to consider is: were you bidding on short sales or REOs/Repos/Foreclosures? On short sales you wouldn't hear back immediately if your bid had been accepted, they would just submit to the bank and wait for the bank's acceptance. Some lenders weren't accepting the 100% financing and that could have been an issue, but many were. If you could provide a little more information, those of us here could probably help in answering the question a little better. If you have any other questions, comments , concerns or I can help at all:
Mike West, REALTOR®
Carmichael West Realty
Riverside, CA 92519
Ph:(951) 830-5962
Fx:(951) 685-7678 http://www.therealestatefrontlines.com
Thank You,
Mike
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