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Done!
2011 Apr 8, 8:20am
not necessarily, find a broker get qualified on house, like you just did and lost. Now look for another place and be ready to jump on it. You waited a long time shopping for loans, on the last deal. That gave the seller ample time to receive other offers, meet other potential buyers, clicked with the buyer, because his Wife went to Vassar too. Just so many variables and time matters, as well being qualified on the previous deal. Your offers will have more weight going forward. I'd really step up the search now, while your offer still hot. Provided you have met the Broker and have forged a going forward relationship with. Or you're just pissing in the wind.
Just remember, you're trying to save tens of thousands on buying house right now, don't fuck it up, sweating a hundred here and a hundred there. There's a long list of people that are going to want some action in the buying process. There's nothing you can do, but pay them. So go out there and beat up seller, he's the one with the over priced house. The other people you may want to beat up along the way, stand between you closing that house or not.
That was what I learned and my experience anyway.
Dude, it is just the next day we present the offer, I had a broker working with me already. It is just my agent wants to show a stronger possibility that our loan should be no problem by going through the other two local loaners and that may have leaked the info. I am still not sure if it is because of that. But loan agent definitely will have upper hand if they are looking for deals for their real boss or friends...etc.
PockyClipsNow
2011 Apr 8, 9:59am
If its in the MLS then EVERYONE who would be remotely interested has already seen it or OR called someone to tell them about it.
This situation can only happen with pocket listings. Everyone is always hunting them down but the MLS ocassionaly will have a sweet deal (which will get bid up as in this case).
Paying cash would have resulted in the same situation - you would still have been outbid.
My wife found a very good deal (almost 10% off market price) and we asked our agent to present our offer the next day. We talked to 3 different local loan agents for pre-approval letter and we got out bid by a late offer.
You're doing it backwards. Get the pre-approval letter first then make the offer. I'm surprised the agent even worked with someone that didn't have a pre-approval in hand.
We talked to 3 different local loan agents for pre-approval letter and we got out bid by a late offer. I was the first and then followed by a all cash one, both of us offer a little lower than the listing price. Then the third day, we heard back from my agent that somebody offered a full price and took it.
(1) Why did you need to go to 3 lenders to get a pre-approval letter? You only need one lender to pre-approve you in order to submit the offer. If you want to continue shopping for a loan after offer is accepted, you are free to do that so long as you meet the contengency date.
(2) This property received at least 3 offers in three days. Seller and his agent positioned this home in the marketplace to attract multiple offers. Seller had every intention of reviewing offers until he found one he wanted to accept or negotiate. Don't blame your loss on using a local lender. Learn to recognize a deal, and if you find one, be willing to offer what it is worth to you. If it sells to somebody else for more than you thought it was worth, you didn't lose, you moved on.
I suspect that if you use your local loaner, there is a chance your best deal will be taken by other people.
Here is my story, I still can't confirm if it is true or not but still want to share my thought.
My wife found a very good deal (almost 10% off market price) and we asked our agent to present our offer the next day. We talked to 3 different local loan agents for pre-approval letter and we got out bid by a late offer. I was the first and then followed by a all cash one, both of us offer a little lower than the listing price. Then the third day, we heard back from my agent that somebody offered a full price and took it. I am just thinking is it possible the loan agents are connected to some investors and they will get incentive by notifying them there is a good deal and leak our bidding price. There is no way to beat this game unless you are paying full price all the time.