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realtors and offers and waiting......

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Established Member

realtors and offers and waiting......

Hi, thanks to the extremely helpful information on this board, I finally received preapproval for a USDA Direct 502 loan  for $ 135,900.00 at 3 % interest.

 

The bad news is that it expires on June 5th.  I realize I can renew it, but I was hoping I would get somewhere before then.  

 

I made my 4th offer on a home yesterday, it has now passed the 24 hr. mark and no response from the seller.  I am baffled, right after we looked at the 

house, my realtor got an email from the seller's realtor asking if we were interested in making an offer and he replied yes.  I happen to be friends with 

my realtor, decided to hire him after my USDA realtor was not very communicative and too much time was wasted not getting me anywhere.  My realtor

friend even forwarded me the seller's realtors emails, last night she emailed him that she was still trying to reach the seller after receiving the offer.  

 

I am frightened, for the first time in my life I have a mortgage preapproval and I cannot seem to find a seller interested in my offers.  I have a plan B, we 

saw a USDA approved home that I can make an offer on, but it is on a very difficult to locate road, costs a bit more than I think it should and has an aerobic

water system with a huge red warning light and a soaked backyard thanks to all the rain we have had recently.  Due to the first buyer not being funded, 

they also have an inspection in place ready to go.  

 

How long should I wait for the seller of the home I have an offer for before jumping ship and going for plan B?  The reason why I am so scared is because 

I live in a horribly expensive rented mobile home owned by a money hungry company that charges an arm and a leg for rent.  My rent is going up 20% 

June 1st and I want to get the heck out of here.  Time spent waiting and looking equals $ 1,113.00 a month rent for me and I have had it.  

 

Advice?  Thanks.

Message 1 of 10
9 REPLIES 9
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Valued Contributor

Re: realtors and offers and waiting......

I cannot provide specific advice on USDA, but I will offer a word of encouragement...

 

Do NOT purchase a home that you are not comfortable with buying...especially because you are anxious/eager to buy a home.  Things happen and plans change...if it means getting an extension with USDA, then so be it.  Getting the extension and finding a home that you WANT to live in and be happy is way better than settling for any home just because it happens to fit into your timeframe.  You will end up regretting your decision, and hating it every time you go to pay your mortgage.

 

I totally understand your frustrations and feelings of 'is this ever gonna happen'.  However, trust me, it's better to wait.  We were in the process of building a home and decided to pull out because we were not completely comfortable.  We ended up purchasing the home that is perfect for us and fits our needs to a 't'.  Even now, my friends joke with me about how it took them on a 4 year roller coaster ride called our home purchasing journey....becuase we refused to settle although we were desperate to get our kids into a better school district.

 

Good luck!!

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Message 2 of 10
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Valued Contributor

Re: realtors and offers and waiting......

With my offer it took about 48 hrs to get an answer. The seller didn't have much equity in the house, and had to go to the bank to figure out what he needed to get out of it to make it work. It was nerve wracking waiting for me, but we got it done. Depending on where you stand on the house, you can ask for an answer or withdraw your offer. It's also possible they may have a 2nd offer coming!?!?

My realtor is fantastic, in that he is very proactive, and knew I wanted the house but he worked to get me the best deal and conditions he could. He was constantly communicating to me and with the other realtor.

I've got some cards, got my house and got some scores with a 7 in front. Now what? Oh yea, live some of that life stuff.
Message 3 of 10
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Established Contributor

Re: realtors and offers and waiting......

Tigermomma said-

 

"1,113.00 a month rent"

 

For a trailer?????

Message 4 of 10
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Established Member

Re: realtors and offers and waiting......

Yes, just found out they accepted another offer.  

 

I don't have the luxury of looking around for my dreamhouse.  

 

I am a single female about to turn 52, I owe the IRS 3 years of back taxes 

and I have not prepaid this year.  Until I prepay this year, they will not look

at an offer in compromise for me.  

 

I turned to self employment out of desperation 5 years ago.  

I have not had steady employment since 1990 until I became self employed.

I claim all my income for taxes, all my taxes are filed, just not paid for.

I have been making monthly payments for years, but the fees and interest keeps adding up.

 

I have irregular income of about 30k a year, which is why I ended up being approved for a 

USDA Direct 502 loan.  Without it, I cannot buy a home.  

 

I pay over a thousand dollars a month just for my rent.  It is eating me alive financially.

The company that I pay rent to is a mega conglomerate that charges for everything and 

can literally throw you out on your ear for whatever reason they want and you are evicted 

by the 15th of the month.  No waiting period on their part and they do it all the time.  It 

is a mobile home park and they are packing them in like sardines here.  Investors are 

going crazy for mobile home parks, they are highly lucrative and full of desperate and poor renters.

 

I just asked my realtor to please make an offer on my second choice home that is ready to go

for a USDA.  I liked it and I'll take it if they take me.  I need a home and a safe haven that 

cannot throw me out at any moment after taking a small fortune from me every month and 

it doesn't matter to them at all.  I just cannot keep living like this, in constant fear and uncertainty 

for the princely sum of $ 1,113.00 a month.  

 

Sorry for the rant but I am terrified.

Message 5 of 10
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Senior Contributor

Re: realtors and offers and waiting......


@BamaGuy wrote:

Tigermomma said-

 

"1,113.00 a month rent"

 

For a trailer?????


Hey. ..don't knock it. Have you seen Taylor Swifts trailor?

Message 6 of 10
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Established Contributor

Re: realtors and offers and waiting......


@tigermomma wrote:

Yes, just found out they accepted another offer.  

 

I don't have the luxury of looking around for my dreamhouse.  

 

I am a single female about to turn 52, I owe the IRS 3 years of back taxes 

and I have not prepaid this year.  Until I prepay this year, they will not look

at an offer in compromise for me.  

 

I turned to self employment out of desperation 5 years ago.  

I have not had steady employment since 1990 until I became self employed.

I claim all my income for taxes, all my taxes are filed, just not paid for.

I have been making monthly payments for years, but the fees and interest keeps adding up.

 

I have irregular income of about 30k a year, which is why I ended up being approved for a 

USDA Direct 502 loan.  Without it, I cannot buy a home.  

 

I pay over a thousand dollars a month just for my rent.  It is eating me alive financially.

The company that I pay rent to is a mega conglomerate that charges for everything and 

can literally throw you out on your ear for whatever reason they want and you are evicted 

by the 15th of the month.  No waiting period on their part and they do it all the time.  It 

is a mobile home park and they are packing them in like sardines here.  Investors are 

going crazy for mobile home parks, they are highly lucrative and full of desperate and poor renters.

 

I just asked my realtor to please make an offer on my second choice home that is ready to go

for a USDA.  I liked it and I'll take it if they take me.  I need a home and a safe haven that 

cannot throw me out at any moment after taking a small fortune from me every month and 

it doesn't matter to them at all.  I just cannot keep living like this, in constant fear and uncertainty 

for the princely sum of $ 1,113.00 a month.  

 

Sorry for the rant but I am terrified.


Hang in there. There is a home out there that is meant for you, and it will come together. I completely understand where you are coming from. I needed a place that met my needs, not my dream/forever home. 

I wish you luck, and I'll keep my fingers crossed for you.

Message 7 of 10
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Established Member

Re: realtors and offers and waiting......

Yes, Bama Guy.  

 

Yes Communities owned Shiloh Pines Mobile Home Park in Tyler, Texas.  

 

Base rent for a lot is $ 349.00, single wide trailer is $ 609.00, trash fee is $ 15.00,

and they charge me $ 40.00 a month for my two dogs.  ( I have had my two dogs 

for 11 years so I did not just get them recently).

 

I had to find a place to rent last year, and had two dogs.  This was the only place 

I could find that would allow pets.  I tried to get a VA loan and the VA told me I had

to have a year of rental history to get approved.  I ended up getting approved for 

a USDA Direct 502 instead.  

 

There is a video called "Mobile Home University" and a website encouraging investors

to invest in mobile home parks.  They are very lucrative, the biggest expense for a mobile 

home park is water, and they have the renters pay for their own water bills.  Additionally, 

they have the basic lot rent, and they charge extra for the mobile home (trailer) on site so 

they really try to encourage people to "purchase" a mobile home because once it's in place,

it's difficult to move.  They market to people who cannot afford a regular home mortgage.

Mobile home investors are making fistfulls of dollars in return.  This park alone charges 

$ 349.00 a month for 299 lots~  That does not include the mobile home rent, or the

"mortgage" payments financed thru Yes Communities.  

 

I am grateful that they gave me a place to rent and accepted my pets.  I had to have a year

of rental history to get a mortgage.  Now it's time to find a home of my own that I have an 

easier time paying for.  Very grateful to the USDA and this board for the help and advice.

 

Message 8 of 10
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Established Contributor

Re: realtors and offers and waiting......

Tigermomma pointed out-

 

"I have irregular income of about 30k a year, which is why I ended up being approved for a 

USDA Direct 502 loan.  Without it, I cannot buy a home."  

 

M'am I admire what you're doing, and the resolve you have.  I know 1100 month rent on 30k income is not easy.   Good luck and keep us posted.

Message 9 of 10
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Established Member

Re: realtors and offers and waiting......

Thanks everyone.  Without this board, I would never have known about a USDA Direct loan

and would not be in the market for a home.  

 

It really helps that I have a wonderful realtor who happens to be a friend.  It makes the trust 

factor that much easier.  

 

I made another offer tonight, my 5th offer since April 15th!  Ironically, it was for the very first 

home I was trying to see but they had accepted an offer and went to contract before it ended 

up falling apart.  The good news is that when we viewed it, the owners were home and showed

me all the practical items that I wanted to know about.  New roof, new HVAC, aerobic septic that 

I have never seen before and a workshop behind the carport that can really come in handy.  The

back is a completely screened in and nicely enclosed huge patio area, and a small fenced area 

outside in the backyard that I think would be ideal for a chicken coop someday.  

 

Best part was there is a recent inspection I can use so I don't have to pay for another.  The home 

is USDA approved and somewhat private, which is what I was looking for.  Drawbacks are it is a 

bit difficult to find and it is far more practical than pretty.  But I appreciated how the homeowner seemed

to know alot about the house and had installed big ticket items to keep it updated.  As soon as I walked

toward it, I felt comfortable.  It seemed to agree with me gut wise.  Not my dream house, but hopefully I

can stand living there for awhile.  In a cul de sac and far from the maddening crowd.  Definitely not an

area that gets any foot traffic.  Definitely on the outskirts of an older country subdivision.  Surrounded 

by lots of pasture.  Unfortunately, not close to a grocery store but oh well, can't have everything.  

We were in phone contact with the seller's agent to notify her of the offer.  It all felt alot more certain 

than my previous attempts.  Probably because of it being a USDA home.

 

At this point, I am just grateful for an affordable mortgage and enough room for my stuff and a new 

roof over it all!

 

Message 10 of 10
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