Asked by Tanya, Oakland, CA • Mon Mar 23, 2009
My partner and I are first time homebuyers and have been working with a realtor/broker for about 2 months now. We are trying to take advantage of the slumping market and have mostly looked at foreclosed homes. Since starting our search we have put offers on several homes, each one falling through for one reason or another (out bid by investors, seller looking for better offer etc). We have now found a home that we REALLY want and is listed at well below what we have been pre-approved for (we are using an FHA government loan). We made an offer for a bit above the asking price thinking this would secure the deal. Now, our realtor is telling us that the homes property taxes are really high (based on the homes previous value) and it's putting us right up against our pre-approval amount. Can someone explain how this is possible? Shouldn't we be compared to the cost of a home valued at current market prices....not the market of 2 years ago? Should we have the property appraised?
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