Home Buying in Burlingame>Question Details

Brasil2, Home Buyer in Burlingame, CA

FHA X CONVENTIONAL LOAN

Asked by Brasil2, Burlingame, CA Sun Apr 18, 2010

I made a excelent offer for a house (FHA) but they accept a second one because was a conventional loan. The agent told me if the negotiationdoens't work we will be the second client in their list. Now the house status is Pending W/O Release. What that is mean? Should I wait for this house or move forward? Thank You

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2
Brasil2
The choice is yours, unfortunately it is harder and there are more stipulations/contingencies on an FHA loan than a conventional loan which is probably why they took the other offer. If you were madly in love with the home wait it out and see what happens, if you were not, keep looking... you will find someone that will accept your FHA financing, as it is a huge part of most markets today. I hope this helps best of luck. Always consult your own Realtor for the best advice, or a licensed lawyer for legal advice.
Best regards
0 votes Thank Flag Link Sun Apr 18, 2010
Move on if you need the $8K tax credit time is ticking down, I would not wait IF this home returns back to you then consider this home vs. another home you may have an executed contract on.

If status has been changed to Pending no reason to wait.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Apr 18, 2010
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