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Home Buying in 90003 : Real Estate Advice

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  • Home Buying6
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Activity 5
Tue Oct 3, 2017
TH asked:
Hello. If one is in the process of purchasing a home and gets a cashier's check to cover the closing costs and a sizeable down payment, a week prior to closing, is this large transaction…
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Mon Aug 27, 2012
Thomas Bohlmann answered:
For REOs, your highest and Best offer is suggested.

The number of Offers is not really public information.

Banks dont always negotiate. They well tell their listing agent to request the "Highest and Best" from each prospective buyers agent.

To my understanding:

Owner Occupants with FHA loans come first
Owner Occupants with 10 to 20% plus down payment on conventional loans
Owner Occupants with cash purchase.
Investors offers.

Best of luck
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Mon Aug 27, 2012
Thomas Bohlmann answered:
Cash deal?

if you need to finance it that extra 2% may need to be brought to closing in cash.

Good Luck
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Tue Aug 14, 2012
Tom Hallen answered:
You can contact the Assessor's branch office in Culver City at (310) 665-5300. They should be able to give you this information by phone.

Tom Hallen
New Hope Realty, Inc
310-689-0703
www.tomhallen.com
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Sat Jun 20, 2009
Andy Bencosme answered:
There is no way to verify how many offers or what they prices they are offered are. That is typically held confidential between a seller and their agent. It is very possible that a home would sell for more than it is listed, especially homes at a reasonable price point.

The "exact price of the home" is not determined until after you close escrow. It is not like buying an item at a store. The price is a negotiated term between a buyer and a seller. It is just what the seller will accept from a buyer. There are other items that would determine whether a seller accepts as well, not just price. What type of down payment and loan is the buyer getting? How long is the escrow period? Does the buyer have to sell their own home before closing escrow? Does the buyer want the seller to pay for any closing costs or other expenses?

The best you can do is offer what you think the home is worth and know that at that price and terms, you will be happy with the home and that if it sells for $1 more you are ok with that. Of course, you need to discuss this with your agent to determine what those amounts and terms should be based on market data and your financial situation.
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