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#16 |
Veteran
Join Date: Aug 2001
Location: Bend Oregon
Casino cash: $10007596
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Then they are coming in with 3.5% down and borrowing 95% of the appraised value..
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"In the time of chimpanzees I was a munkey" |
Posts: 3,140
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#17 |
Prestige Worldwide
Join Date: Jan 2009
Location: Spring Hill, KS
Casino cash: $2560526
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****.
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Adopt-A-Chief: John Dorsey
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Posts: 18,419
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#18 | |
Say hello to my little friend
Join Date: Aug 2000
Location: Larryville
Casino cash: $9598422
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Quote:
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Posts: 47,314
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#19 |
Veteran
Join Date: Aug 2001
Location: Bend Oregon
Casino cash: $10007596
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Check your contract...When ever I have a buyer using FHA I make it a contingency....good luck!!
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"In the time of chimpanzees I was a munkey" |
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#20 |
Prestige Worldwide
Join Date: Jan 2009
Location: Spring Hill, KS
Casino cash: $2560526
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Make what a contingency?
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Adopt-A-Chief: John Dorsey
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Posts: 18,419
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#21 |
Arrowhead Trail of Tears
Join Date: Oct 2012
Location: KansasCity
Casino cash: $1940441
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Congrats, now flee that failing state and buy something nice in a non bankrupt area lolz
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Posts: 29,200
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#22 |
Bono & Grbac wasn't enough
Join Date: Oct 2000
Location: Sioux City, IA
Casino cash: $12543829
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It is what it is. Right now we have a ton of out of town construction workers that will be here for approximately 3-5 years. They don't want to live in 5th wheels with our climate so they look to renting and even buying which is driving the prices just plain nuts at the moment. Good ol supply and demand.
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#23 |
It was not a fair catch
Join Date: Aug 2012
Location: Correcting papers
Casino cash: $2382630
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The market drives the value.
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Posts: 36,808
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#24 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
Casino cash: $1341900
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We bought a house for higher than it's appraised value. We simply covered the $5k difference because we wanted the house and we had a conventional loan even though we were first time home buyers. Not sure if an FHA loan changes anything, but it's likely they won't have the funds to bridge the gap between the appraised value and the market value....unless I am missing something?
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Posts: 45,750
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#25 | |
Arrowhead Trail of Tears
Join Date: Oct 2012
Location: KansasCity
Casino cash: $1940441
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Quote:
Also people only need 3% down whereas a conventional loan requires 20 I believe. Also,FHA loan users have to pay PMI points for the life of the loan now. It used to only be 60 months minimum and 20% equity in the appraised / purchased value. PMI is the scam they use to allow others to put 3% down. It supposedly helps when people default. I only put down 10% so I got hit with PMI but I'm already past the equity requirement which is when I found out about the 60month minimum. I'm not a real estate broker or involved in the biz but I've bought 3 houses and sold 2 so there is that. Hopefully things work out for you and you can sell in all honesty. Best of luck, where you going to move to? |
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Posts: 29,200
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#26 |
Prestige Worldwide
Join Date: Jan 2009
Location: Spring Hill, KS
Casino cash: $2560526
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Thanks!
We are moving about 2 miles down the road (hopefully). Our kids will be 1 block from their school and have more neighborhood amenities.
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#27 | |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
Casino cash: $1341900
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Posts: 45,750
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#28 | |
Arrowhead Trail of Tears
Join Date: Oct 2012
Location: KansasCity
Casino cash: $1940441
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Quote:
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Posts: 29,200
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#29 |
"Think BOOM!"
Join Date: Nov 2003
Location: 33.675° N 106.475° W
Casino cash: $9809900
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I had this happen once. We offered about $15,000 more than the appraisal value. I told the seller I was going to walk and he dropped the price by $10,000 and I ate the $5,000. We wanted the home so...
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#30 |
Mod Team
Join Date: Sep 2011
Location: Valley of the hot as ****
Casino cash: $1341900
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Eerily similar to our situation. Our offer was initially $15k more until the house appraised for less than our offer. We returned an offer for $5k more than the appraisal value and stated if was our final offer. They accepted.
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Posts: 45,750
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