|
You must be a logged in user to report a bad post!
| Posted By |
Message |
jenheartsrob
LIF Adult
Member since 5/06 1861 total posts
Name:
|
sadness
There was a house we really really liked last week, but it was a little high priced, so it was OK to pass it up. I'm searching today and lo and behold they lowered the price $150K! But, they added the stipulation that they need cash offers only.
Immediately called the realtor b/c at the new price it was a STEAL.... we are preapproved and will only have 3 day underwriting with DH's company deal, so we thought there might be a chance it would be quick enough for them if they needed the $$ fast. I spent the whole day super excited. DH talked to realtor tonight and price got lowered b/c there are outstanding CO's on the house and no bank will approve without a long delay so it has to be cash only.
So sad. :(
|
Posted 3/13/10 8:35 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: sadness
What about a rehab loan? Fha 203k should work
All the houses I sell need cash or rehab loans
|
| Posted 3/13/10 8:41 PM |
| |
|
jenheartsrob
LIF Adult
Member since 5/06 1861 total posts
Name:
|
Re: sadness
Beth, how does that Rehab Loan work? Is it fast?
The realtor told DH that they need to get out fast b/c they have a new place and were told that no bank would approve them with the outstanding CO's. The owner is in construction and did all the work himself - an extension in the back, etc.. I assume she means that he never got the proper permits for those?
Is it me, or does 150k seems like a really steep drop for just not having gotten the right paperwork when the work was done? Or is that the perk that someone's getting just to save the hassle of months of waiting on CO's to come through if they happen to have 400k lying around lol
Message edited 3/13/2010 8:48:20 PM.
|
| Posted 3/13/10 8:46 PM |
| |
|
JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
|
Re: sadness
there could also be things that they know will not pass inspection, so they might not get the COs for the work. I would just keep looking. GL! 
|
| Posted 3/13/10 9:47 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: sadness
no- rehab loans are not fast
they take about 60-90 days depending on the scope of the work needed
I can give you someones number that does them- he is the best
|
| Posted 3/15/10 12:30 PM |
| |
|
mandasue
LIF Adolescent
Member since 3/09 772 total posts
Name:
Amanda
|
Re: sadness
Posted by JldDolphin
there could also be things that they know will not pass inspection, so they might not get the COs for the work. I would just keep looking. GL!
this is my thought exactly.....we looked at a house, sounds like a very similar situation and my agent told me to forget it and run away quick.....u never know all the reasons they didnt get a co and if they cut corners you dont want that to become your problem
|
| Posted 3/15/10 1:31 PM |
| |
|
jenheartsrob
LIF Adult
Member since 5/06 1861 total posts
Name:
|
Re: sadness
thanks girls.... we had another miserable day of searching yesterday.... lol this stinks!
|
| Posted 3/15/10 5:02 PM |
| |
|
Potentially Related Topics:
Currently 1013103 users on the LIFamilies.com Chat
|
