Having problems buying a house... ide appreciate any help.

deluxfab

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Ive been trying to buy a house in riverside for 3 months now. i have put offers on over 60 houses and havent got one yet. i am doing a fha loan.i am pre-approved with every single bank so that when i submit offers i am approved through the bank that is selling the home. i stopped looking at houses about a month ago. now my agent(who has been doing this for 10+ years) puts offers on every house in my price range(200,000 max) and in the areas i like. from what she is telling me most of the houses are being sold to investors for cash and the listing agents for the banks are being shady(?) and only submitting offers from their clients? does anybody know if this is what is really happening? does any1 know any listing agents that can help me in riverside? i would appreciate any info you can give me because here in about 2 months i am going to have nowhere to live. i keep thinking about getting another agent but i feel bad because she has done ALOT of work, im not sure what to do. thanks. matt
 

woundedyak

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Unfortunately nobody wants to touch FHA loans. Reason being,too many people have cash in hand and the seller can close in days vs weeks/months. Try new construction. Good luck
 

TreyP

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Ive been trying to buy a house in riverside for 3 months now. i have put offers on over 60 houses and havent got one yet. i am doing a fha loan.i am pre-approved with every single bank so that when i submit offers i am approved through the bank that is selling the home. i stopped looking at houses about a month ago. now my agent(who has been doing this for 10+ years) puts offers on every house in my price range(200,000 max) and in the areas i like. from what she is telling me most of the houses are being sold to investors for cash and the listing agents for the banks are being shady(?) and only submitting offers from their clients? does anybody know if this is what is really happening? does any1 know any listing agents that can help me in riverside? i would appreciate any info you can give me because here in about 2 months i am going to have nowhere to live. i keep thinking about getting another agent but i feel bad because she has done ALOT of work, im not sure what to do. thanks. matt

Dump the agent, she doesn't a have a clue what she is doing or is going for the big payout.

Right now if you have approval and the down that works you should be able to walk into anything out there. The repro's are a little tougher as the bank that own them are hoping to recoop more from them.

Let your agent know if she doesn't get off her rear and get you what you want you will find someone that will.
 
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Steve Silva of the Silva Group has lots of repo listings, might be able to help you out. Ask for Laura 951/778-1201. I'll call her and let her know.

Also ask her about an older home on Orange, near the 60, with a wrap around porch, separate garage and two rental cottages in the rear. Asking around $230k.

Good luck! I left her a message. http://www.facebook.com/pages/Riverside-CA/Realty-Executives-Silva-Group/109094799007
 

cbrdoll

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My sister from Nebraska is living with me and is having the same problem...Gold balls credit and all...pretty much all short sales and foreclosures are this way....by the time she decides to put an offer on a home there is at least 20+ others at the same time you arent even guaranteed your depost back!....shes decided to go new in the Beamont area or Menifee area...brand new homes from high 100's to low 200's this is pretty much the only way to guarantee your getting a home...the ones in Menifee even come with solar... :)
good luck...
 

GHARACING

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IF you get a home with a fha loan, make sure you get that 8k dollar first time home buyer incentive, if you are a first time buyer.
 

WoodyW

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I have friends in the same boat.They are good to go loan wise, but all the cash offers are taking precedent over their bids on everything they bid on. They have lost many bids to lesser cash offers. Their agent (who was my agent) told me the same thing. It is happening quite a bit...at least in this area (IE).

Right now in Yucaipa they have a program where the city will give a buyer a grant of 3 1/2 percent of the cost of a foreclosed home in certain areas of town. That's a a good chunk for first timers.
 
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Sellers often didn't like bringing up their homes to FHA standards in the past, as well. Have those standards been relaxed? Can you qualify under any other mortgage programs?
 

Mumzy

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IF you get a home with a fha loan, make sure you get that 8k dollar first time home buyer incentive, if you are a first time buyer.

The lenders and brokers out here are still not sure how to work with the 8k. I saw a deal fall apart when the buyer wanted to use the 8k as a portion of the down, and both the seller and lender got nervous and refused. Thanks to a poorly written law, the banks are still not clear on how the 8k is dispersed, besides being a clear tax benefit at the end of the first year of ownership. I would recommend NOT using the 8K as a negotiating tool, but saving it for a nice tax refund the following spring.

If you are just bidding on foreclosure properties.....good luck! There are many who were smart enough to dump their portfolio a few years ago, and are sitting on cash to go shopping today.
 

JEFFRPM

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On a further note my wife does mortgage loans she was notified by fannie and freddy as of august 09 when you apply for a loan they pull your credit if that looks good then you sign a form the lender sends to the IRS to get your tax returns FROM the IRS this will add another month to the loan process she figures a gold standard borrower with everything in order and no issues whatsoever It will take 3 months to close a loan. No wonder the real estate agents are jerking the chains of non cash buyers.
 

deluxfab

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well im not using the 8k as a negotiating tool i have plent of cash in the bank. on some of the houses i am doing a 203k loan which means everything that is wrong with the house and wont allow it to pass the inspections for a fha load will be taken care of. but of course the banks arent familiar with that loan either and look right over it. i really dont want to move back to menifee but if things keep going the way they are i might have to just suck it up and make the long drive everyday for work.

im just really hoping somehow i can get hooked up with a listing agent that can take care of me. is there a way to find out which agent is selling the most homes? thats the agent i need! ha ha
 
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Did you try Laura's #? Don't let your agent string you along just because they're a "friend." You need performance.
 

deluxfab

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ya im going to call today or monday thanks
 

IvanDan

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I e-mailed you some properties to look at. I'm back in town now if you want to get going with this let me know.

Thanks!

DAN
 
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i would appreciate any info you can give me because here in about 2 months i am going to have nowhere to live. matt

Matt,

I believe you should prepare to obtain a rental, as, in a financed deal, it will be very difficult to close and take possession in less than seven weeks.

Good luck and keep us informed.
 

IvanDan

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Matt,

I believe you should prepare to obtain a rental, as, in a financed deal, it will be very difficult to close and take possession in less than seven weeks.

Good luck and keep us informed.

I think if we work hard we can definitely make this happen but it would take some dedication from both of us. I'm ready when he is! :D
 

tool46n2

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The problem with FHA is that the home has to be in "move in ready" condition, and you have to have 3.5 percent down. "move in ready" meaning no broken windows, holes in the walls, working doors, working heating(and air in some citys), and so on. Alot of houses I seen i Riverside would not qualifiy for FHA. Non FHA you need I think its 5.5 percent down, and you might need to do alot of work to the home before you could move in. I put about 40 to 50 bids myself in 1 year and got nothing till last week and now we are in escrow. The thing I noticed was the banks putting houses on the market for dirt cheap and therefore causing a bidding war. All I can say is dont give up!Hope this little bit of info helps.:)
 

3 Amigos Racing

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Get a new agent, look for an FHA 103 tyoe loan to boost the down payment and stay away from short sales, they go on forever.. Bank owned somewhat easier once you meet thier price..
 
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