Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 10 years ago

CASH offer ..vs. FHA offer vs. ..CONVENTIONAL?

hey guys ! please help me out.. i just put a all down CASH offer on a bank owened house..sold AS IS

the bank was asking 199,800$

we offered 199,900$ CASH OFFER..

there we two FHA offers for about 230k ( but bcuz this house is sold as is.. if its FHA offer the bank has to instal the heater and AC, also break down the garage because they turned it into an illegal room)

then there were two CONVENTIONAL OFFERS

- 20 % down.. bidding 220k -- buying as IS

- 30% down .. bidding 210k - buying as is

DO I HAVE A CHANCE TO GET THIS HOUSE CONSIDERING THE OTHER OFFERS? please give me all your intake, thank you

Update:

does the FICO scare also matter?

5 Answers

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  • Anonymous
    10 years ago
    Best Answer

    Unless they have excellant credit you are the highest and BEST offer. This is your house, you are hassle free and can close immediately. They are not and the bank is risking them not getting approved. They will not take that risk for a couple bucks.

    This is your house.

  • 3 years ago

    i'm a CA approved actual belongings broking provider and that i focus on buying and advertising short sales. right this is the deal. The itemizing agent is incorrect, the different grant isn't "sparkling". The grant that gets submitted to the financial enterprise will must be observed by using a HUD-one million that exhibits how lots the investor (that national amenities) will internet in the event that they settle for the grant (so they are all "sparkling"). Your purely difficulty with FHA is the time you should close. detect a FHA broking provider/lender who can close in 21 days, no longer 40 5 and then ask for 30 days to close. different than that, you being FHA has no actual impact on the grant. additionally, reckoning on the investor (financial enterprise of vast apple or wellsfargo) that national is servicing, they'll enable the three% for ultimate fee. what's occurring suitable now could be that I guess national closed the document and the itemizing agent resubmitted the fast sale equipment of the different grant and are looking forward to it to get assigned to a negotiator. If it relatively is actual, then you are dropping a while because of the fact the itemizing agent is shifting forward with that grant. the subsequent time you desire your grant to adhere, attempt to be the 1st purchase grant the financial enterprise sees and bribe the owner and/or the itemizing agent to apply purely your purchase grant. in case you do a seek on my call, you will see the thank you to purchase a quick sales very much less costly. finally, it somewhat is effortless that we brokers seek advice from a minimum of one yet another on a quick sale as to no longer waste all and sundry's time. i think of the itemizing agent replaced into attempting to deter the hot grant as he's already invested 3 weeks with the different grant. good success

  • ?
    Lv 7
    10 years ago

    No the 220k will get the house. they are offering the most money. Cash or Mortgage is the same to the seller. At closing they get paid

  • 10 years ago

    It will go to the highest bidder, assuming they are able to obtain a mortgage for the offered amount.

    The seller doesn't care what form the money is in, loan or cash.

    Source(s): Realtor
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  • AJ
    Lv 5
    10 years ago

    220k is likely to win unless the house is in such a sorry shape that the appraisal will come short of that figure.

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