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chrisjones
17 Posts |
 Posted - 08/22/2008 : 4:37:55 PM
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| I had a borrower make an offer on a house and the seller just came back and rejected the offer and the reasoning was because we were using the Nehemiah DPA to cover the down payment and closing costs. Is there any other options available to do the loan? is there any way to go 100% financing? |
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waynepbright
3660 Posts |
Posted - 08/22/2008 : 7:12:20 PM
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Is the borrower in a Rural Development by chance? If so, go for an RD loan to 100% |
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Mandyvilla
3405 Posts |
Posted - 08/22/2008 : 10:19:44 PM
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| I hope the seller's agent has educated that seller. Come October 1, the pool of purchasers is going to be down quite a bit......and then his value will drop further. |
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homebroker@sbcgl
3435 Posts |
Posted - 08/22/2008 : 10:32:17 PM
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Yes in a declining buyers market the seller decides to get picky, not to smart!
quote:
Originally posted by Mandyvilla
I hope the seller's agent has educated that seller. Come October 1, the pool of purchasers is going to be down quite a bit......and then his value will drop further.
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tktmsa
131 Posts |
Posted - 08/25/2008 : 11:48:15 AM
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Shoulda used Quickdown. We'd do it for $395 instead of the $500 Nehe usually goes for. Also, the closing cost should have been done independently from the DPA - we find sellers are more comfortable that way. quote:
Originally posted by chrisjones
I had a borrower make an offer on a house and the seller just came back and rejected the offer and the reasoning was because we were using the Nehemiah DPA to cover the down payment and closing costs. Is there any other options available to do the loan? is there any way to go 100% financing?
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