Why can I not get into a 95824 home with $40.000 down and a $100.000 pre approval to close in 14 days.

Asked by jwsgal55, Sacramento, CA Thu Nov 8, 2012

As soon as the property goes on the market, it is sold

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Jeff Marr’s answer
Jeff Marr, Mortgage Broker Or Lender, Roseville, CA
Sat Nov 10, 2012
jwsgal55 - are you saying your lender can close in 14 days? And if so, is this what you're writing in your contract to make your offer more competitive than the others?

I hope this isn't the case, since closing in this short of a period with financing is virtually impossible, and selling agents know this.....When selling agents are reviewing offers, they will discard the offers that don't make sense first!

I don't need to rehash what the agents have said about how hot the market is, this is an issue for nearly all buyers right now!

I work for a local, privately held mortgage bank, and we've refined our entire submission/underwriting/funding process where a 21 day close of escrow is possible. But since the lender doesn't have 100% control of the closing times (there's too many other reasons for delays to mention here), the typical, REAL closing turn time is between 35-40 days.

Let me know if I can be a resource for you!

And best of luck you to you!

Jeff Marr
0 votes
Ted Greene, Agent, Sacramento, CA
Fri Nov 9, 2012
As many of the agents here have expressed, the market is hot. Sellers are now looking for solid buyers---and when I say solid, I mean solid cash buyers. They may be too nervous about a loan considering how the market has been in the past. You may have to consider going above the asking price if you do take out a loan. Also ask your agent what your options may be, and if you haven't found an agent to represent you, make sure the one you do find represents you well.

Best of Luck,

Ted A. Greene
DRE# 01708406
JCL Realty, Inc.
0 votes
Kylee Roe, Agent, Sacramento, CA
Thu Nov 8, 2012
All these answers are great and correct! If you have 40K down, think about using a more common 10% down--conventional loan, offering well above asking price, and using your extra cash to promise you'll buy the home, even if your offer price is above appraised value. Example: Home is listed at 100K. You offer 120K. The appraisal comes in at 100K--not enough to match your offer of 120K. So, your loan is 90 K (you're putting down 10%, don't forget), and you add the other 30K to cover the difference between appraised value and contract price. It's aggressive, sounds crazy, and you're buying above value, but so are all the cash offerors. You have to compete. The market seems to be going up, so theoretically, your home should be worth more in the next six months.
Good luck!
0 votes
James Tan, Agent, elk grove, CA
Thu Nov 8, 2012
There is a lot of competition in that price range. Try making an offer at a HUD home or a homepath (FNMA reo's) or homesteps (Freddie Mac) foreclosed property. They give preference to owner occupant buyers, during the first few weeks.
0 votes
Daniel L Val…, Agent, Sacramento, CA
Thu Nov 8, 2012
There are alot of factors involved in choosing and offer. What you want to know is how to get to the front of the line and get yours accepted. Your agent has to know how to write and present your offer like a present. The more bows, ribbons and balloons your present has the more the seller will like your offer. A creative can dress up your offer, develop a repor with the selling agent and get you going. I'm here to help. Dan
0 votes
Jim Walker, Agent, Carmichael, CA
Thu Nov 8, 2012
There are many!

There is almost a full page: 23 listings $140,000 or less in Jw's Gal Price search for 95824.

btw, I am not the posters JW.
0 votes
Patric Carpe…, Agent, Sacramento, CA
Thu Nov 8, 2012
As Ron said, the market is hot. There is a lot of cash beating out solid buyers using financing. That price point ($100k) is a little low. You may need to set your sights a little higher and spend a little more or expand your search area. Putting 40% down on a house is not necessary -- you're getting the same rates/terms on financing as you would putting only 20% down. With mortgage rates at all-time low's, most financial advisers would likely tell you to put the excess downpayment funds into savings to cover unexpected repairs/improvements on your new digs. I regularly have listings in the lower end. Feel free to contact me. -Patric
0 votes
Keisha Mathe…, Agent, Elk Grove, CA
Thu Nov 8, 2012

It isn't anything you've done. Sounds like you've done everything right. The problem is a lack of inventory and an excessively large (and gorwing) pool of eligible buyers. Again, not your fault, just the market. Keep trying and be prepared to wait it out. May work out in your favor if you buy later (when there is more inventory available), may cost you less.

I have a YouTube Video that expresses why I belive inventory is so low.

Hope this info helps.

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
"The Short Sale Lady"
Century 21 Landmark Network
(916) 370-1803 cell/direct
(916) 405-3886 fax
lic#: 01439130
0 votes
Daniel L Val…, Agent, Sacramento, CA
Thu Nov 8, 2012
Lots of cash buyers in that price range. Sounds like you need a more aggressive agent!
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Nov 8, 2012
Are there that many $140,000 houses in Sacramento?
0 votes
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