THe property listed says cash or conventional loan. We put in a offer with a conventional loan. It was denied saying cash offers only.

Asked by Schana, 85901 Mon Jul 18, 2011

Our offer was less then the asking price we were expecting a counter offer back. Instead they said the bank would only accept cash offers. Why then is it listed as conventional. They said they had to offer it conventional for discriminatory purposed. We asked to explain they then they said our pre qualifying form was weak. It was the standard form my Realtor asked our credit union to fill out. I really want this house. I have excellent credit, and have been with this credit union for years. They will loan us the money. What do I do?

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Jeffrey Masi…, Agent, Scottsdale, AZ
Mon Jul 18, 2011
Dear Schana:

Yes, the investors are coming back in an offering cash in the Phoenix metro. Homes sales and prices were up in June. As in your case, mutiple bids are coming in. The seller often will take a lower price on a cash offer over a financed offer. They close faster and are less likely to fall through with bank appraisal issues and approval issues.

Keep trying, you will get one.

Jeff Masich
HomeSmart Realty
Arizona Homes and Land
Web Reference:  http://ArizonaHomesLand.com
0 votes
Justin Ruzic…, Agent, Greenville, SC
Mon Jul 18, 2011
Since you are putting down 20% or somewhere there about for the property why not increase the chances the agent looks at your offer by putting down a large dollar amount in escrow with the offer. Show them you mean business. Have a shorter inspection period, have your lender write a better prequal that shows your lender has actually done some background research on you and underwriting. I hate working with those who are getting a loan, yet 40% of the homes i have sold were to someone getting a loan so I work with them, but when i do as the listing agent i would say I am somewhat snobbish but it is just because i have little faith in mortgage brokers or the firms they work for...I guess I am not the only one who thinks that way. The sad thing is that LENDERS think that way, what does that tell us?
here is a blog you might like:
http://blog.house-guy.com/2011/05/response-to-blog-about-100…

best of luck....

OH yeah this is a good blog too,
http://blog.house-guy.com/2011/04/two-realtors-sometimes-is-…

cheers!
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