FHA Properties in Homestead, Fl; Realtor avoids FHA?

Asked by Cindy Mckenzie, Princeton, FL Thu Jun 20, 2013

I do not have a realtor yet. But I did speak to one about a property he had listed. He mentioned he could help me look at some but once I told him I preferred a FHA loan property he told me nothing was available. That he could work with something under a conventional loan.

Why is this? Is this because there really isn't much in the market of FHA?

Pre-Approved by Regions for 200k.
Budget is 150k.
Area looking: Between SW 152 Street and SW 260 Street. -33177,33032
Miami Dade Utilities/Bills (Not City of Homestead)
Single Family, Preferably no association.
Min. Bedrooms 3, Bath 2.
Preferable year built 1993 or newer.

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Ann Ryan, Agent, Doral, FL
Fri Jun 21, 2013
Cindy, this is a very competitive market. With an FHA loan you're bringing a handgun to a machine gun fight. You're going to have a hard time getting chosen over other buyers when thee are so many folks running around offering cash deals.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Thu Jun 20, 2013
Many home buyers prefer to use FHA backed loans simply because the downpayment requirement is so low. Others MUST use FHA backed loans because they are very marginal buyers and have very few dollars saved. Clearly the former described buyer is better than the latter.
Generally speaking, purchase offers from buyers who are choosing FHA backed mortgages are assumed to be weak buyers. This means they do not have the capacity to adapt or flex to the situation as it unfolds, in the FHA fairy tale, meaning EVERY issue must be at a cost to the seller. And, when the seller has been beaten to a pulp and can't take it anymore, there will be a history of this activity in the FHA database, which means this issue lives long after the purchase offer has been kicked to the curb. The property becomes stygmatized in the FHA kingdom.
A real estate professional is loth to let this happen to their seller just because they wanted to give a weak buyer a shot, a chance at a nice home.
Your FHA backed mortgage purchase offer CAN be made competive for those who are not weak buyers. Your mission, if you choose to accept it, is to communicate you are not a weak buyer. FHA backed mortgages can, will and are accepted frequently for homes listed otherwise.
To further undermine your position is the reality you do not have a real estate professional representing you. This means you are not vetted. Listing agents do not want to waste their time on buyers you have not been vetted for the type of property they are buying and the financing to be used.
It is possible a 1993 or newer, 3/2, no association, home does not exist for $150K in the location you specified. That is what vetting is all about. In essence. are your objectives related to reality?
You placed the cart before the horse. If you are a serious buyer, you need to pick up the phone and chat with a Princeton Fl Realtor(r). If you are not serious, you will use that 'contact' button.
What will you do?

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes
Amy Mitchell, Agent, Fort Lauderdale, FL
Thu Jun 20, 2013
Hi Cindy! Sorry to hear about your experience. There are many FHA buyers out there and not so many homes that qualify for an FHA loans. Also, many of our short sale sellers and their Realtors prefer cash buyers, so that there are no loan delays or hiccups. There are even less regular sales (aka fair market sales) that are listed at reasonable prices.
If you haven't been in and out of many homes for sale yet, you may not be aware of the average condition of listings on the market. Many of them are missing kitchens, bathrooms, AC units, drywall and/or flooring. Other homes need new roofs or major electrical work due to vandalism. These kind of repairs keep you from obtaining a FHA loan. Most importantly, the property owners usually either can not or will not make these necessary repairs.
There are some ways around these items. I would be happy to discuss this with you in more detail by phone, if you like. I hope this gives you a better insight of the local market. I can also send you a list of homes available within the ranges you provided. Let me know if I can help.

Amy Mitchell,
Prudential Bishop Realty Assoc.
0 votes
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