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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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can i get good house vibes?
DH saw a house today that he loved. i am going to see it this afternoon and then we will probably make an offer. 
UPDATE 4/23:
okay can someone tell me if this is normal????
i saw the house and loved it. but DH and love another one too. REA says to put in offers for both homes so we do.
REA calls us back (this is NOT our normal REA, she is out of town until Sunday) and tells us that the homeowners for house #1 want to know what we are putting down as a DP, what our credit scores are, and how much we got pre-approved for.
okay i TOTALLY get wanting to see a pre-approval letter before accepting an offer, even tentatively. but why do they want to know our credit scores? and why does it matter how much we are putting down.
for the record, we are putting down 3.5% because we are getting and FHA loan and the REA made it sounds like that was a bad thing, and it is making the current homeowners more cautious.
am i missing something important here?
Message edited 4/23/2009 10:21:48 PM.
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Posted 4/23/09 1:47 PM  |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: can i get good house vibes?
  good luck.
I hope you love it too!!!!
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| Posted 4/23/09 1:48 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: can i get good house vibes?
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| Posted 4/23/09 1:57 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: can i get good house vibes?
My fingers are crossed for you!!!!!! 
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| Posted 4/23/09 2:02 PM |
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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Re: can i get good house vibes?
good luck!
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| Posted 4/23/09 2:06 PM |
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yelley
Fortunate
Member since 11/07 3037 total posts
Name:
Danielle
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Re: can i get good house vibes?
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| Posted 4/23/09 2:07 PM |
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Megs4
LIF Adult
Member since 11/08 1619 total posts
Name:
Megan
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Re: can i get good house vibes?
Good luck!!
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| Posted 4/23/09 2:12 PM |
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mcd01
Life is good : )
Member since 3/09 1932 total posts
Name:
Melissa
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Re: can i get good house vibes?
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| Posted 4/23/09 2:21 PM |
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greenfreak
.
Member since 9/06 11483 total posts
Name:
greenfreak
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Re: can i get good house vibes?
Where is it, did you decide on a town? You don't have to say if you don't want to jinx it. 
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| Posted 4/23/09 2:36 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: can i get good house vibes?
lots of luck! hope you love it too. house dust
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| Posted 4/23/09 2:37 PM |
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Re: can i get good house vibes?
Good luck!!!
(don't worry, that's house dust.  )
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| Posted 4/23/09 3:11 PM |
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Re: can i get good house vibes?
I hope it went well!!!!!
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| Posted 4/23/09 7:16 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: can i get good house vibes?
Good luck!!
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| Posted 4/23/09 7:33 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: can i get good house vibes?
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| Posted 4/23/09 8:24 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: can i get good house vibes?
AND???
did you love it as much as DH?
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| Posted 4/23/09 8:29 PM |
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Re: can i get good house vibes?
My fingers are crossed! Good luck!!
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| Posted 4/23/09 9:00 PM |
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ProfeAMD
LIF Zygote
Member since 4/09 24 total posts
Name:
Andrea
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Re: can i get good house vibes?
good luck!!! hope you love it!!!
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| Posted 4/23/09 9:19 PM |
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chrisnjoe8108
He's 1!
Member since 8/08 5649 total posts
Name:
Chris
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Re: can i get good house vibes?
Good Luck!
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| Posted 4/23/09 9:27 PM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: can i get good house vibes?
update in OP
Message edited 4/23/2009 10:21:27 PM.
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| Posted 4/23/09 10:20 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: can i get good house vibes?
I can see them asking that information in a seller's market...but unless they have another bid, it seems strange (except for the preapproval)
maybe they have another bid? or they are just nervous that it won't go through?
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| Posted 4/23/09 11:50 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: can i get good house vibes?
Sellers are being "protected" by their realtors to make sure that they don't get into contract with a buyer that will not get a mortgage.
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| Posted 4/24/09 7:16 AM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: can i get good house vibes?
We had to provide that also... kind of
My RE/Broker provided: DP info, Credit Score and a letter of pre-approval for the amount we wanted to mortgage (according to the bid). Once we negotiated up a bit, the broker sent another letter with that pre-approval.
I wouldn't send the full amount you are pre-approved for (ex. you are preapproved for $500k but want to mortgage $300k), KWIM. It would give them too much power. But a simple letter stating that Mr & Mrs. ___ are approved in the amount of _______ with a down payment of ______. Their credit scores are ____ and _____.
In this market, the banks are giving even the best of buyers a hard look before giving out mortgages, so a seller really wants to know this is a 'serious' deal.
HTH
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| Posted 4/24/09 7:40 AM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: can i get good house vibes?
Posted by Erica
I can see them asking that information in a seller's market...but unless they have another bid, it seems strange (except for the preapproval)
maybe they have another bid? or they are just nervous that it won't go through?
I agree with this. If they have competing offers, I think in this market they would go with the people putting the most $$ down.
Since you're putting only 3.5% down, the odds say you are less likely to get approved for a mortgage than say someone putting 15-20% down. You are also most likely to walk away since you are not putting that much down.
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| Posted 4/24/09 7:40 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: can i get good house vibes?
It's none of their buisness what your credit scores are if you have been approved.
You can send your approval letter, but hopefully you made it lower than what you can really be approved for. The sellers want to know this because let's say you are approved for 350k, and the house is going for 330k, but you want to offer 310k, the sellers will probably try to get the sale price closer to 330k, bc they know you are approved for it.
(This is why I had them put on our approval letter that we were approved for 30k LESS than what we really were).
You can tell them what you are planning to put down (this is also put down on the official bid letter you sign-so they should already know this), either way, sellers are going to get their money, I don't know why this should make a difference.
Message edited 4/24/2009 9:17:52 AM.
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| Posted 4/24/09 9:14 AM |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: can i get good house vibes?
Posted by Karen
Posted by Erica
I can see them asking that information in a seller's market...but unless they have another bid, it seems strange (except for the preapproval)
maybe they have another bid? or they are just nervous that it won't go through?
I agree with this. If they have competing offers, I think in this market they would go with the people putting the most $$ down.
Since you're putting only 3.5% down, the odds say you are less likely to get approved for a mortgage than say someone putting 15-20% down. You are also most likely to walk away since you are not putting that much down.
see this doesn't make sense to me - if we already got pre-approved, that means we qualified for the mortgage. it's not like the seller is getting our DP, the bank is. so it should not matter what we are putting down.
i totally understand why they might be cautious, but a pre-approval letter on letterhead should really be all they need to accept an offer.
and janine i agree with you, we are only putting down the amount we offered.
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| Posted 4/24/09 9:32 AM |
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