topic Re: Making an offer in Mortgage Loans

Making an offer

teton — Thu, 18 Jun 2009 20:42:26 GMT

I have been waiting to be preapproved before looking for a home so I know what price range to look in. However, the development where I am interested in buying is close to being sold out. I had gone out to look at these units before the holidays and was told all the end units were sold. However, they just listed two end units with a lot of upgrades. I'm wondering if these are deals that fell through. They are priced lower than these end units were before the holidays.

If I put in an offer, I assume I can make it contingent on getting financed. How long do they usually allow to get financing? Would I have to put up earnest money? Do they take the property off the market while the contingency is in place?

This would be a FHA loan, if it makes a difference.

Re: Making an offer

Anonymous — Thu, 18 Jun 2009 21:08:33 GMT

All offers are written on a financing contingency (even when you have the letter in hand from the bank saying you are approved). They would want earnest money. You can ask they take it off the market.

You can dictate whatever terms you want and they would then counter...at that time you can decide what to do next.

You can get pre-approved with letter in hand within 3 days........This essentially makes you a cash buyer.

Good Luck!

Re: Making an offer

ralbusta — Fri, 19 Jun 2009 00:55:06 GMT

I took all my stubs, statements, etc. to my local bank and was pre-approved for a FHA loan and left with a letter in hand 45 mins later.