...that I must tell u all that the house is a no-go! The homeowners are not willing to give any cash back at closing. Cash, which would be ours, above and beyond the asking price of the house and in which we would be making payments on.
See, the deal was, the lender we are going through has a 50k minimum loan amount. On top of that, they will only go 80/20 on the loan. This means, we have to finance the 50k plus an additional 12k(20% of the 50k) in order for the loan to work. They were asking 49,900, then upped it to 52,999. Either way, we would be getting back about 5-8k after closing costs and such. WE would have put in a full price offer...giving hte home owners the full asking price, plus we would pay closing. Now, if any of you have either sold or bought a house recently, you know, that seldom is the full asking price paid with the buyers paying closing too. Usually its finaggled so that the sellers are paying closing costs or whatever. Anyway, they are dumb! They house has been on the market one year in July, with only one failed purchase agreement put in on it. The purchase amt was for 40k, which is what they were asking at that time.
Now, I want your honest opinions here! IF you were selling a house for lets say, 50k, it had been on the market for a year and only one offer on it, and you received an offer willing to pay FULL asking price and closing costs, would you turn it down, simply because the buyers have to borrow a minimum amount, which happens to be more than your asking price?
I wonder if the buyers realize that nobody is going to pay full price for the house and in no way are they going to sell that house and walk away with a full 52,999 in their pocket!!!! In the meantime, they are paying a electricity/utility/water bills, property taxes and paying to maintain the property...mowing, trimming, etc. Oh well!
I can't say "their loss" too casually, as it is my loss in a sense too. I really wanted this house! If i wasn't so pissed off at thier greed (they said that they would only do it if THEY could keep all the money...lmfao), i would cry! I wish there were a way we could get approved for a measely 30k, bc we would put in a rediculously low offer, just because! LOL
Anyway, back to house hunting! Yippee! Im ready to give it up and just see if we can get financing through a different mobile home park in the area....in a decent school district! UGH!
1 comment:
Perhaps some emotional attachment to the house? Who knows. My parents bought their home on land contract. They wouldn't let my parents do anything to the house until it was paid in full, 20 years later. he he, their house payment was $100 a month. Isn't that silly?
Was the $50 k approved? Perhaps the owners will have a change of heart? I'm always hopeful!
I am so sorry it didn't go through. :(
Take care.
Post a Comment