Buying a house

[westside24]

but they arent financing me.... they just own the home... I have 3 options lined up, NOIC, Huntington, or 5/3th banks. the bank owning the home doesnt need to finance me. how can they prove my credit score if they dont have my social security number?

thats a good theory P! that sounds feasible.

[LiftGirl]

No way would I give out that kind of personal information to a home seller, even if that seller is a bank.

[YesImAndys]

The forclosure is with the bank....The bank HAS to know you are GOOD FOR THE MONEY...Foreclosures work MUCH MUCH DIFFERENTLY than a REGULAR loan......

[westside24]

well see. ok that makes sense kimberly, but heres where im confused... I got my realtor and like liftgirl, and not only her but many many people saying what she and my realtor are saying, then I got a few of people agreeing with what you are saying... im so confused! I might just give up

[YesImAndys]

Originally Posted by westside24

im so confused! I might just give up

OH HELL, Don't give up...It sounds like the house is A GREAT DEAL and it sounds like YOU are the TOP "BIDDER"....A pre approval is just that..a pre-approval...it is NOT a guarantee...Before the bank "takes that home off the market", so to speak, they have to MAKE SURE YOU GET APPROVED, not just pre-approved...Now, another reason the bank is asking this of you, is MOST LIKELY because they have MULTIPLE OFFERS on the table right now and they are tossing FOR SURE buyers to one side of the desk and BULLS*** offers in the trash can.......Am I making any more sense to you yet??? Also, don't rely on your Realtor KNOWING FOR A FACT you HAVE the house...The bank WILL NOT INFORM YOUR REALTOR whether there is 1 offer or 100 offers.....The bank has to take EVERY PRECAUTION in their choice of "buyer"....The information they get about you in TOTALLY CONFIDENTIAL...No ifs, ands or buts...The bank must show THEIR investors that THEY have taken EVERY PRECAUTION in thier chosing a RELIABLE BUYER...The bank has an "upper man" they have to answer to as well........Now do you get it????????? Sorry, your Realtor is WRONG in this matter....

Westy, listen up!

If that home is one that you really have your heart set on, then endure and march forward. Don't give up.

Pretend it is a pretty lady that you have the hots for and are chasing, refusing to take no for an answer.

[westside24]

Originally Posted by YesImAndys

....

That makes perfect sense kim. yes there are about 100 offers too, since ive made my 1st offer way back 2 months ago. You and everyone else have been a real big help to me honestly. thank you kim and everyone else.

[westside24]

Originally Posted by pierini

Pretend it is a pretty lady that you have the hots for and are chasing, refusing to take no for an answer.

ha. im not gonna give up on this home, I was just thinking more like, ill give up looking for anything else, because unfortunately all I can deal with is foreclosures and its very time consuming and depressing and I dont like feeling this way and having to endure this in order to get a house.

I will keep marching forward with this house though, although there is really nothing I can do but sit and wait.

[YesImAndys]

Originally Posted by westside24

That makes perfect sense kim. yes there are about 100 offers too, since ive made my 1st offer way back 2 months ago. You and everyone else have been a real big help to me honestly. thank you kim and everyone else.

Anytime my friend, anytime........Glad to help you out....

[westside24]

Kimberly! P! and every one else... I got accepted on an offer! F Yea!

damn that feels good. Wanted 57, I offered 50 with 6% back, they accepted with 50 and 3% back, so I countered with 51,500 and 6% back, and they accepted and decided to throw in the 1 year home warranty which we DID not ask for and a free pest inspection... they also will give a 1000 dollar bonus to my realtor if we close on time? that dont make sense, but its good for him... I was accepted thursday, signed the contract by both parties saturday morning... I have my inspections friday then I have to set up appraisal < which I have to pay for myself since I did not pay a app fee... Just if you are wondering I have an FHA 203K... OHFA and ameridream as well to pay for down payment.... so Im pretty much 99% financed, just because I have to pay the appraisal.

We set the closing originally on august 31st, but the bank/owner set it for sept 19th my bday, because they do not have the title yet... it was bought at a sheriffs sale... whatever that means... In any case Its mandatory for me to have title insurance due to the fact im FHA and my lender just requires it.



Thought you guys would like the update.

Westy, I am happy for you. Recently, my 28 year old son was able to purchase a home because the "real estate crisis" and value decline made it affordable for him. He paid $105,000 for a home that sold for $270,000 in 2005. Heck, I'd live in that home. He got one heck of a deal.

Be aware that President Bush recently signed some new tax legislation and in it is a new home buyers credit of up to 10% of the purchase price to a maximum of $7,500. This will be a refundable credit so you'll get a big fat tax refund when you file your tax return in early 2008.

There is a catch however, you repay the credit back over the next 15 years by way of an increase in the taxes you pay in those future years. So it really amounts to an interest free loan which is great nonetheless.

You'll be surprised at how large your federal tax refund is when you file your tax return. Don't spend it foolishly though as it is an opportunity for you to use that refund to pay off higher interest rate debt you have.

I'm very happy for you.

[westside24]

yup i am aware of that, my realtor told me all about it... I will just pay off my damn truck! haha

On second thought I could get a bigger stereo system for my truck, some bigger rims, more tattoos, candy, pop, lifetime supply of hot pockets, and new clothes every week... just kidding.

[LiftGirl]

Congratulations! I am really happy for you!

[westside24]

thank you. just wish I didnt have to live there and do it all by myself.

[YesImAndys]

Originally Posted by westside24

Kimberly! P! and every one else... I got accepted on an offer! F Yea!

damn that feels good. Wanted 57, I offered 50 with 6% back, they accepted with 50 and 3% back, so I countered with 51,500 and 6% back, and they accepted and decided to throw in the 1 year home warranty which we DID not ask for and a free pest inspection... they also will give a 1000 dollar bonus to my realtor if we close on time? that dont make sense, but its good for him... I was accepted thursday, signed the contract by both parties saturday morning... I have my inspections friday then I have to set up appraisal < which I have to pay for myself since I did not pay a app fee... Just if you are wondering I have an FHA 203K... OHFA and ameridream as well to pay for down payment.... so Im pretty much 99% financed, just because I have to pay the appraisal.

We set the closing originally on august 31st, but the bank/owner set it for sept 19th my bday, because they do not have the title yet... it was bought at a sheriffs sale... whatever that means... In any case Its mandatory for me to have title insurance due to the fact im FHA and my lender just requires it.



Thought you guys would like the update.

ABSOLUTELY AWESOME.....I'm VERY VERY proud of you and SOOOO happy....

Glad you listened to SOME THINGS....hehehe.....

And REALLY glad you listened to me when I told you to GIVE YOUR SS# to the damn bank....DUH.....Ain't gonna get a loan til ya do.....Especially for a home....Glad your Realtor turned out to be a GOOD one too babe...Again, CONGRATULATIONS TO YOU........