You can make an offer if the home is in "back Up" offer status.
Once the home is in pending status the seller may no longer be accepting offers.
Much Success to you!!!!!
Kawain Payne, Realtor
Prudential California Realty
My name is Ali and I am Trulia’s Community Manager. I was a bit confused by your question in Trulia Voices, can you please provide a bit more information and I would be happy to try and help you- or find someone else who can.
Basically, it's not enough because the loan underwriter said it's not enough. If you are going to be asking someone to lend you a large amount of money to purchase a house, they should have the right to know and have you verify where that money came from.
Today the lenders are actually doing proper due diligence when giving loans. This is what wasn't being done and helped contribute getting us into this mess. Are they going overboard? Perhaps. However, I would rather lenders do things the right way rather than the easy way. Is it inconveniencing? Sure, but like I said, if you want their money to borrow, you have to play by their rules.
What you'll need is your parents bank statement to show the money coming out and then your bank statement to show the money going in.
For the sale, I'm a little confused. Did the sale not take place yet? If you signed over the title and have a bill of sale and have the money deposited in your account then there shouldn't be an issue. If the bill of sale is pending, I can see where the lender might have an issue as they want to make sure you are not dressing up a "future sale" when in actuality it is a gift. Am I missing something?
Anyways, good luck with your purchase and your loan process.... more
If you are on Trulia, you are off to a good start.
I suggest you search for agents in your area. Local agents are best in my opinion.
Read their blogs, or answers to questions. This will give you a feel for how they work.
You can always consult friends and family for referrals.
Much Success to You in Your Home Buying Quest!
Kawain Payne, Realtor
Prudential California Realty
I'm not any kind of expert, but I am in underwriting myself, buying a home, and from our experience, you should be just fine.
Checks/electronic deposits are trackable money. For your down/closing, if the amount of money that he has put into your account will be included, he may have to sign a letter explaining that it's his payroll and he is without an account to deposit it into (or what ever your situation is).
Since it sounds like you have enough funds of your own, they may just opt to back out his money.
His money remains in your account, but they take your balance, subtract his payroll mathematically and the money left is what they consider as yours when they calculate your available funds.
Either way, you should be ok and your mortgage person/underwriter should walk you through everything if it is an issue, along with what they need for documentation.
It's unexplained cash deposits that will hang things up if you were counting on any cash deposits towards your closing/down, or in our case a perceived cash deposit (our income tax refund, because we didn't have it electronically deposited and because our payroll is, it stood out)... more
Need more info to help. But here are some blogs about buying a home and mortgages.
Here is one on FHA mortgages...
best of luck...more info will help others and myself give you a better answer.... more
It depends on how much research the renter is willing to do regarding the current market. I think that the more research that is done it will become apparent that now is the time to buy if able to do so. Prices are low now and mortgage rates should increase in the near future. Buy Now!... more
MSHDA Loans are like any other loan except for their geared for lower income families. With everything that is going on in the economy here is no one doing loans for people with bad credit. Have you spoken with a lender? Do you know what your credit looks like? I would advise you to talk to a lender and get advice on how you can correct any errors on your credit report and start correcting your credit. If you start now you will be able to buy in the future.
Karen Paytas, GRI, CMS
Real Living Kee Realty
Honestly? A VA loan, while it is a good product, is largely viewed as a "Snail" in relative terms. For one, a conventional or FHA approval can easily be done in 30-40 days. There is about 0% chance of that happening with a VA. Two, on the VA appraisal, they place the order with VA, and it's not uncommon for it to be 2-3 weeks before they go to the home and then another 2-3 weeks to turn the appraisal in, as compared to 2-3 days for the other.
Since time is of the essence in many deals, that can be an issue. Also, while a VA is I believe 0% down, there is an up front VA fee you are responsible to contribute to, whereas conventional you are not.
I don't know all of the ins and outs of the deal, but maybe as around to another lender to see why -- or better yet -- have your LO better explain it to you.... more
The property does not currently show for sale in the MLS. Sheriff auction price was what you saw. The lender may or may not accept less. Depending upon condition of the property, financing may be available. Redemption period should be ending shortly and the home. If not redeemed the property may come back on the market soon
I suggest working with a local agent under a signed Buyers Agency Agreement. I can recommend some if you need help.... more
Heldmyw, I am not sure what you mean by a HUD Buyer's agent. Any licensed agent should easily be able to help you with this transaction. I can help you find an agent in your area if you would like. If so please go through my website www.GoMelinda.com and request that I help you to find an agent to put in a HUD offer for you!
I hope this information helps! Best Wishes to you!... more
If you are looking in Washteanw County, we have a distressed property page that is updated weekly at http://www.kathytoth.com/custompages_reports.php?key=b81162 if you want to sign up.
We also have a short sale site that atracts this type of seller to us at www.AnnArborShortSale.com.
The best suggestion is to hire a buyers agent you feel comfotable with who has done short sales. We currently have a great water front short sale on the Portage Chain of Lakes at http://www.kathytoth.com/custompages_propdetail.php?id=123614
This is listed at $245k and was listed last year over $300k.... more
This is the mark of an agent trying to "protect their seller" The work around is for a buyer to include in their offer that all offers must be presented by their buyers agent. Specific language will vary by company.
Some buyers agents will only FAX the offer to the listing agent and not present the offer. Make sure you ask and verify your agent will present your offer. That way they can present evidence why your offer is asking for concessions or why your offered price is lower than their asking price.... more