topic Re: Found a Home we love....funny story in Mortgage Loans

Found a Home we love....funny story

vabound — Tue, 09 Oct 2012 13:02:35 GMT

Yesterday we found a home that we really love. My husband had his eye on this home for a while and once we got our preapproval, we knew we wanted to see it. It is a 4bed/4bath single home with a fully finished basement and two car garage. It's is in a great community in PA and listed at $207.9k because it's in forclosure. The funny part of the story is that we went to see the home on Friday and couldn't get in because the lock box code was incorrect. My realtor got the updated info and took us yesterday and when we arrived, the for sale sign was thrown into the yard and the neighbors trash cans were placed in front of the house. Both homes on either side of the home we are interested in are for sale and listed at $258k and $235k. They must have seen us on Friday and realized that someone is interested in buying the forclosure. If that house sells for $207k or less, they will have to lower their asking prices....oh well...We are waiting to hear back from our loan officer because the taxes in this area are so high, we want to offer what we know we can afford. Fingers Crossed

Re: Found a Home we love....funny story

IOBA — Wed, 10 Oct 2012 17:49:52 GMT

Let us know what happens!

Re: Found a Home we love....funny story

indecison — Wed, 10 Oct 2012 21:47:00 GMT

Good luck to you and keep us posted!

Re: Found a Home we love....funny story

vabound — Thu, 11 Oct 2012 02:35:51 GMT

Thanks! our LO worked up the numbers so that we could keep our payments below $1400 a month. We are offering $115k with 6% sellers assist. Not sure how well this will go over with the sellers but it is in forclosure and I don't think there has been any other interest due to the high taxes. We did find out that if the home doesn't sell traditionally by 10/19 it is contracted to go up for auction. I doubt they will get a higher offer at an auction but who knows.....I guess we just wait at this point.

Re: Found a Home we love....funny story

Shogun — Thu, 11 Oct 2012 03:43:14 GMT

If you could get it for that price, then WOW! Good Luck!!!

Re: Found a Home we love....funny story

vabound — Fri, 12 Oct 2012 01:29:48 GMT

Update......our agent went to Fannie Mae website to place the offer and the site says the house went up for auction yesterday. so he calls the listing agent who told us that we had until the 19th to place an offer and he stands by that information. He says he is going to call the seller tomorrow to find out why there is this mix up and to let them know there is an offer on the table. The bidding ends on Sunday so I guess I will be on pins and needles until then.

Re: Found a Home we love....funny story

beb86 — Fri, 12 Oct 2012 01:36:41 GMT

listed at 207.9k and offered 115k @1400 per month??? or are you offering 215k? if not you would get a STEAL

Re: Found a Home we love....funny story

vabound — Fri, 12 Oct 2012 01:59:02 GMT

Yep $115k but only if we can actually present our offer. I am praying that we get a chance because it's probably more than what it would go for at auction.

Re: Found a Home we love....funny story

Epcot — Fri, 12 Oct 2012 02:19:37 GMT

Wow, definitely keep us posted!

Re: Found a Home we love....funny story

vabound — Fri, 12 Oct 2012 17:24:35 GMT

My realtor called this morning to tell us that the listing agent requested the first three pages of our offer. He wants to try to do the deal "a different way" not sure what that means and I used to be a realtor lol....Meanwhile the bidding has gone up by $10K which is still less than our offer and honestly I think the agent (different agent for auction) is placing those bids just to stir up interest. My husband finds it very interesting that there has been absolutely no interest in this property for a year and the day we write up our offer someone bids on it. We shall see how this goes.

Re: Found a Home we love....funny story

vabound — Sat, 13 Oct 2012 02:52:12 GMT

not sure how this will work out for us. The listing agent is working on getting our offer in front of Fannie Mae however he said that they have already turned down an offer of $185k so they will probably not be receptive to ours and allow the home to go through with the auction. The highest bid right now is $90k which is still lower than our offer and the auction ends sunday. In the meantime I think we will go to some open houses and go back to another home we were interested in.

Re: Found a Home we love....funny story

IOBA — Sun, 14 Oct 2012 15:07:14 GMT

It's Sunday...hopefully you will have great news tomorrow morning! :)

Re: Found a Home we love....funny story

Katherine1 — Tue, 16 Oct 2012 11:44:01 GMT

Hi,

I want to know, what happened at the end. Fingers crossed!

Re: Found a Home we love....funny story

scmami — Wed, 17 Oct 2012 02:55:13 GMT

I would love to know too!

Re: Found a Home we love....funny story

vabound — Wed, 24 Oct 2012 06:04:07 GMT

Just realized you guys were waiting.....as itturned out, Fannie Mae never saw our offer because the listing agent s contract expired. We watched that auction all weekend and the highest bid was $162k which Fannie Mae did not accept. we were willing to offer $172k but there was no way to get an offer on the table. They will continue to auction the house until it sells I guess. In the meantime we found another home for $185k with lower taxes in a great school district. We offered full asking price with 6%sellers assist today and our realtor said the listing agent was excited!!! We shall see.......