Posts tagged ‘Bank Owned Home’

December 13, 2010

SWING and a miss…

by brandt

The pitch was high and tight, and we swung low.  Looks like we’re on the hunt again.

House #7 – Rochester appears to be off the table.  We got a response back from Fannie Mae saying they rejected our offer.  While that’s a sharp jab to the chin, it’s not a devastating knockout.  Our agent then said that it was a long shot to get Fannie to accept on the first offer, especially since we were offering way under the listing price.

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December 7, 2010

House #7 – Rochester Part 2

by brandt

Part 1 is here.

OK, so I said it was a Homepath house, right?  And you remember what it meant to be a Homepath house, right?

You forgot?

Oh dear…

OK, a Homepath house is a house that is foreclosed on and the Government (most notably, Fannie Mae) is selling the house with loads of incentives to get someone into it.

First, they offer lower down payment and lower sale prices than other homes.  Conventional loans typically want 20% down, FHA loans require 3.5% down, but Homepath homes usually are OK with as low as 3% down.  Less cash to put down on a house, more cash in pocket.  Second, they are great for people who have less-than-great credit (which isn’t an issue for us).  Third, NO PRIVATE MORTGAGE INSURANCE!  Talk to any homeowner who has to pay PMI, and it is one of the worst parts about home ownership.  Fourth, no appraisal fees (which can be upwards of $300-$500)…again, more cash in pocket.  Fifth, because of the real estate economy, they’re also willing to chip in 3.5% towards closing costs – which is what we’ve been asking every time we’ve made an offer on a house.

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December 2, 2010

Brandt’s Craziness and Other Issues

by brandt

Short version – I’m picky because I’m over analytical with life.

A few nights ago, one of my friends sent me about our housing situation.  During the ADD nature of our text conversations (between mutually agreeing that Detroit Lions suck, the University of Michigan needs to fire Rich Rodriguez, and Brock Lesnar will hold the UFC Heavyweight Title again), he asked an interesting question about our little situation with the houses.

“So…now what?”

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November 30, 2010

Home Runs and Heartbreak

by brandt

I received a very interesting email on Wednesday from my agent on Friday.  See, once we found out that we lost House #1 back in September, we were curiously interested for what it went for.  According to our agent, they could have offered more for the house than we did, they could have had a bigger down payment, they could have had a conventional loan vs. our FHA loan, they could have asked for less in concessions, or they might have had a longer credit history than 2 first-time home buyers.  Whatever the case, we looked at it as someone getting a house for more than we were willing to pay, and moved on with our lives.

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October 18, 2010

Manic Monday

by brandt

Uh oh.

Bank of America might be in some big trouble.

Brandt might be in some big trouble.

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