Get deposit back if we can not get financing ?
Q: We’ve made an offer on a house that was accepted. We’ve put a deposit down on the home. If sor some reason, we cannot get the financing, will we be getting this deposit back? The agent has preapproved us for the loan, but it seems like the rules keep changing quickly, plus it’s an investment property, plus we’re self-employed.
A: Your contract (if like most I see) should have a mortgage contingency clause. If you cannot obtain financing, can prove it with a denial letter from your bank, then your deposit would be returned to you in full.
Does counteroffer need to be in writing
Q: we have made an offer on a house, the bank (who owns the house) has countered, but will not put it in writing. We would like the counter-offer to be in writing, do we have the right to request this, or is the verbal offer legal?
A: Verbal contracts are in no way binding. Insist that you have something in writing.
Buying a home together
Q: My boyfriend and I are selling our homes and buying a home together. Is there any benefit to using one agent(group) to handle all transactions, or are we better off using different agents to handle each listing?
A: It would be better to pick & use one agent. This will make the whole process (with multiple transactions) a whole lot easier for you. As the saying goes -’too many cooks…….’
Buying an investment property
Q: I own a home w/ a $83k loan, approx. $35K equity. I want to buy an investment property for $130k that my girlfriend will rent from me. With ounly $4000 as a down payment, can I do this?
A: With that small amount as a down payment, I doubt you can finance it, especially as an investor. There are some alternatives. Contact your lender & see what programs they have available for you to achieve this goal. I am sure there is a way.
Bad credit
Q: We are wanting to buy a house but my husband and I dont have very good credit. Are we out of luck? What are our options?
A: Your 1st step would be to contact a lender (or 2) & get pre approved for a mortgage. FHA has some very attractive options from which to choose. If you & your credit rating are not able, at this time, get financed, ask if a ‘co-signer’ would help (say a relative). After that, if still no luck, get into a credit repair program & get involved with a plan to get back on track with a goal in site of when you can get financed & purchase. You will be glad you did. Until then, you would probably have to rent or rent with an option.
Bank owned home for sale
Q: If a bank owned property is advertised for sale @ $67.500 and there is an offer for that amount by a potential buyer, is the bank legally bound to sell it?
A: Not unless you have an accepted agreement ( with all the owners signatures) in your hand. Usually ( especially in today’s market), it the ‘highest & best’ offer that gets accepted. Sometimes, over the asking price! More & more banks are getting into a low initial price being offered for sale to create an ‘auction type’ environment ( I recently had 17 offers on such a property) that strategy gets the best & quickest price possible. The listing, in a MLS system Realtors use to advertise / promote properties, is only that - an advertisement to sell at certain ‘price & terms’. A listing agreement is only an agreement ot pay a commission if those ‘price & terms’ are met EXACTELY!.
One variance, would make it NOT ‘price & terms’. So, to answer your question, NO, they are not obligated to take your offer or be legally bound to sell to you - unless you met all the criteria above.
