topic Re: First time home buyer, bid submitted, multi offers in Mortgage Loans

First time home buyer, bid submitted, multi offers

Anonymous — Thu, 10 May 2018 20:33:08 GMT

so we have submitted the bid with 15k over asking price. The house is exactly what we are looking for and agent comps show our offer is in line. Now the bad news is there are 6 other offers and we submitted our best and final. waiting to hear back now. seller agent said they have reviewed offers with seller and should get back to us today.

Suppose we win the bid

Questions:

- is it now the right time to seek out other lender offers? as we only did one lender to get the preapproval

- how much time do we have to do the lender shopping after bid is accepted?

-how long is the period of inspection to apprasial?

Thanks

Re: First time home buyer, bid submitted, multi offers

ShanetheMortgageMan — Thu, 10 May 2018 20:52:39 GMT

When does your contract say you are closing (assuming the seller accepts your offer)?

Re: First time home buyer, bid submitted, multi offers

JVille — Thu, 10 May 2018 21:11:10 GMT

These are questions your agent should be helping you with. He/she will be able to answer each question based on how your offer is written. Going to a lender that is other than the one who has promised the Seller you are Golden is not “normally” acceptable unless there is a Huge Reason. Inspection periods can be 7 to 14 days based on what is normal for your community. Generally the inspection time frame is spelled out already in your offer.

You should know that many Realtors when reviewing Multiple Offers and deciding which to accept also weigh the lender reputation and strength of the PreQual letter which is why changing lenders from the one agreed to can create issues. Once again ask your Realtor.
Good Luck!

Re: First time home buyer, bid submitted, multi offers

Anonymous — Thu, 10 May 2018 21:22:59 GMT

2 months but we also specified we are flexible and can also do 30 days if need be

Re: First time home buyer, bid submitted, multi offers

Anonymous — Thu, 10 May 2018 21:24:03 GMT

we went with an online lender (cardinal fin) im kind of afraid other offers having local lenders and other bank that may stand out, but we are in pretty good shape credit wise high 780S very low DTI

Re: First time home buyer, bid submitted, multi offers

ShanetheMortgageMan — Thu, 10 May 2018 21:54:24 GMT

If they give you the 2 months then you have plenty of time to talk to other lenders and still be able to close on time. If it's 30 days then you have a short window, potentially just a few days. Usually contracts require you to have submitted a mortgage application within a certain amount of time (that doesn't mean just pre-approved, it means a full application for the property you are buying), so pay attention to that deadline too as it could mean you need to make a decision soon.

Re: First time home buyer, bid submitted, multi offers

ToughFistFight — Thu, 10 May 2018 23:33:49 GMT

Did you realize there are people wondering what happened to your other post?

Re: First time home buyer, bid submitted, multi offers

JVille — Thu, 10 May 2018 23:55:22 GMT

Is this the same house from the other thread or a completely different offer?

Re: First time home buyer, bid submitted, multi offers

Anonymous — Fri, 11 May 2018 01:48:12 GMT

LOL. sorry all.

It's been a heck of a week. Ill reply to the thread here since the original story is here.

Yes it's the same house

http://ficoforums.myfico.com/t5/Mortgage-Loans/Made-Bid-on-house-how-long-is-the-wait-sour-experience-so-far/m-p/5242090