Credit Card Center Advertiser Disclosure†
01-25-2013 07:13 AM
I just need to vent a little and also see if anyone else is struggling with the same problem as myself. I currently rent a home north of Houston in a very in demand area. I am approved through NFCU for a VA loan up to 320K and have been looking for 4 months now. I have made offers on 3 different homes all for a little over asking price and every single one has been declined because investors are paying cash and can close much quicker. This has been very frustrating for my family and the last house this week was one we fell in love with. Homeowner asked for 265K and we offered 268K and not even considered.
My realtor is also telling me that because I am going VA that it is a hit against me from the start because of a new addendum that went into effect this year having to do with the appraisal.
Anyone else with the sane issues?
01-25-2013 07:28 AM
That is insane. I didn't know there was a market in the country where offers over list price were even being made. I understand the situation you're describing though. I've heard (even before the changes) that VA loans were tricky in the appraisal phase. Hope it clears up for you soon. There are some professionals who post here from the Texas area, so I imagine someone may be able to give you some real information.
Hang in there!
01-25-2013 07:39 AM
Thank you for the reply. The reason the area is in such demand is that Exxon is building their corporate headquarters here and is bringing in 10K of their workers by 2014. The Woodlands, where I live, and am trying to buy is very close to the new facility and has the best schools in the area.
01-25-2013 08:08 AM
I live in Houston, and yeah the Woodlands area is in high demand. You must be out there near Research Park, and the woodlands mall. Sounds like for you to even be considered I would offer 5% above asking price to even put you in the hunt. they are nice spacious homes out there. I don't knock your hustle. And yes there is a market out there for homes like this including HUD homes.
01-25-2013 09:57 AM
01-25-2013 11:15 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.