Buyer offers $1,100,000 can't afford more. seller wants 1,170,000 . Buyer score 720 earns $250,000 a year 20% down. Mortgage options?

Asked by Jamesr, Chicago, IL Sat Apr 6, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

11
answer
, ,
Sat Apr 13, 2013
Hello James,

There are currently many different options that are available for your client in regards to mortgage financing. Whether the correct choice be a Fixed rate or an adjustable rate. We offer many options in regards to down payment flexibility, debt to income caps, and guidelines.

In this situation we would love the opportunity to speak with you or your client in regards to seeing what is able to be done.

Feel free to contact me at 847-775-2181 at any point seven days a week or you can email me at chris.diamond@thedrmc.com

Thanks,

Chris Diamond
Diamond Residential Mortgage Corporation
NMLS 771882
chris.diamond@thedrmc.com
847-775-2181
0 votes
Helen Mandel, , Chicago, IL
Mon Apr 8, 2013
I recomend David Radke at Standard bank. You can reach him at (312)806-9309.
He is great with this form of financing. He has been in the industry for 20 years and knows all available forms of financing exceptionally well.
0 votes
, ,
Mon Apr 8, 2013
Hello James
There are some great options for your client - and perhaps the right lender can help make this work.
The restriction could be based off of several factors including the debt ratios or the down payment -
I would be happy to take a look if your client is open to speaking. We can offer Jumbo programs for 30 yr, 15 yr, as well as 7,5 , and 3 year arms with 20% down
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes
Manuel Brown, Agent, Chicago, IL
Sun Apr 7, 2013
James,

I just ran into a similar situation but different. The sellers are in estate and the condo my buyer was willing to purchase the condo to live in and close in 30 days was very overpriced in comparison to other condos in the building that had been up to date. Bottom line we did our research of the entire building and my clients offer price was in line especially with the amount of work that was needed to bring it up to median price level everything else was selling for.

Sellers have emotional attachments that we must respect. But sometimes they will pass on a deal that is can close quickly and be done to end of having the property sit on the market for a long period of time. You never know in a few weeks the seller may have a change of heart.

If you need to additional mortgage help contact my favorite lender Mary Kay Laurent with Guaranteed Rate at 773-516-6859. She may have a creative idea for you. Your credit and income seem perfect.

Best of luck
0 votes
Carl Ben Wit…, Agent, Upper Montclair, NJ
Sat Apr 6, 2013
I find most sellers do not approach the sale of their property with the gravity that it serves. It represents the largest financial transaction in their life. Yet they too often say, "I am not going to give it away," as if someone is going to steal it from them. Rather they should be thankful an able buyer will remove the biggest elephant in their life from their shoulders. An attitude adjustment is in order. Imagine the relief a seller would feel when they pocket that net check at the closing table. 70K is about 6% of the 1,100K. How many buyers could possibly be expected in a few weeks time? Take out a calendar. Put the net figure on the day of the expected closing. Ask the seller to look at it. "On this date you will hold a check for XXXX.. The week after, what are you going to buy, where will you go, how will you enjoy that money? Now, if you don't agree now, forget that money, on that day. You will not buy, or go wherever it is you would like to go. Imagine. What a relief to have the money and not have to worry about it, right?
0 votes
Matt Laricy, Agent, Chicago, IL
Sat Apr 6, 2013
Seems like you need to negotiate this through! Your right there!
0 votes
JIM Michaels, Agent, Chicago, IL
Sat Apr 6, 2013
seller financing 2nd for 70k with premium
0 votes
Philip Sencer, Agent, Chicago, IL
Sat Apr 6, 2013
seems odd at that price point that 70K in price is a deal breaker. Sounds like the property just hit the market. If not, perhaps wait a bit and try a gain.
0 votes
Thank you.
Flag Tue Apr 23, 2013
Philip Sencer, Agent, Chicago, IL
Sat Apr 6, 2013
seems odd at that price point that 70K in price is a deal breaker. Sounds like the property just hit the market. If not, perhaps wait a bit and try a gain.
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Apr 6, 2013
Your true options will come from your local and trusted loan officer who knows your financials and your buyer broker who should know the properties value and insight to what the seller can and can not sell for.
0 votes
Dan Tabit, Agent, Issaquah, WA
Sat Apr 6, 2013
Jamesr,
Who says they can't afford more? It will really come down to what mortgage options you have. You are looking at a Jumbo loan in either case. If you are limited to $1,100k based on down payment, could your lender or the seller set up a second mortgage for the difference?
If you are limited due to debt ratio, can you pay off some other debts to free up room or select an ARM or other mortgage product that would allow you the flexibility you need?
If you need more down, could you borrow against a retirement account?
Just to be clear, I'm not recommending any of these options, I don't know enough about you, the home, the values etc to recommend. These are suggestions to explore with your lender and or Realtor.
0 votes
Thank you. Good suggestions to approach this problem.
Flag Tue Apr 23, 2013
Search Advice
Search
Ask our community a question

Email me when…

Learn more