NEW Real Estate Question

[FarmboyBill]

In hoping the arguers will stay on the origional op, I still have questions needing answers. I tried to get hold of DEQ. They were supposed to call me back. Will try again tomorrow

Ive heard, as several suggested that when I make my bid, I make it contingent on my ability to obtain a loan from the bank on the place, which they might refuse for whatever reason, that I will have to put up a earnest money. maybe a thousand. What do you know about that?

[jwal10]

You make it contingent, if it does not work out you get your earnest money back....James

[wannabechef]

Is it an auction home? If so I'm doubtful that would work, private sale yes.

[Brighton]

Originally Posted by jwal10

You make it contingent, if it does not work out you get your earnest money back....James

Not always!

[Conhntr]

You really need a realtor!

[wannabechef]

Not sure if first rights of refusal will work on your situation but you may check...

[FarmboyBill]

Has anyone gone and taken a look at the house? Id like to have openions of your thoughts after seeing it.

Ive GOT A Realitor. She tried but couldn't find anything about the septic. I called my SIL who works at the largest abstract title place in Tulsa. She said they were swamped, and gave me the ph#s of the DOQ both in Tulsa and OKC. IF nothing shows up with either of them, ill try her again and just have to wait for her to be able to get to me.

I was told IF they accepted the offer with the contingency of being able to obtain a loan for whatever, or, I mean NOT being able to, that I would get my earnest money back. IF I choose to back out for any other reason, other than finding out something about the place that I wasn't told about, I cant.

[Brighton]

I would love to look at the property, however, found nothing searching the address you posted in the other thread, do you have the MLS #?

[jwal10]

IF, IF they won't make it contingent I would walk away. Both finding the septic and on getting the loan. IF they say no to either, before any paperwork is written up, walk....James

[Conhntr]

Generally the inspection contigency is an easy way out. Allhouses have something wrong with them. However you should not make an offer looking for a way out. Of you like the house and want to buy it put in an offer. IF there is something horrible with it; sewage drains into the well etc THEN you exercise your inspection cotigency to walk

[FarmboyBill]

Its at 33977 S. 4230Rd Inola Okla, MLS 1314785 Another one that has popped up is at 19330 E 430 Rd, Claremore, Okla, MLS, 1319354. Im not much interested in it tho. At least for as long as this one is up for sale.

[Vosey]

Originally Posted by FarmboyBill

Has anyone gone and taken a look at the house? Id like to have openions of your thoughts after seeing it.

Ive GOT A Realitor. She tried but couldn't find anything about the septic. I called my SIL who works at the largest abstract title place in Tulsa. She said they were swamped, and gave me the ph#s of the DOQ both in Tulsa and OKC. IF nothing shows up with either of them, ill try her again and just have to wait for her to be able to get to me.

I was told IF they accepted the offer with the contingency of being able to obtain a loan for whatever, or, I mean NOT being able to, that I would get my earnest money back. IF I choose to back out for any other reason, other than finding out something about the place that I wasn't told about, I cant.

That's how the earnest money is supposed to work, it means you are serious about the property and aren't going to walk away for frivolous reasons. Often there is a timeline during which you can back out for above reasons and get the earnest money back, don't miss that deadline! Your realtor should make sure that you are aware of the timelines.

[Vosey]

Just found it on Zillow, this is a Fannie Mae Homepath property. There is a whole Homepath mortgage program that we took advantage of when buying our place last year. No appraisal needed and only 3% down and how much inspection you do is up to you. Our mortgage broker had to find a lender who did Homepath mortgages. Our lender did want more than 3% down, but we doing that already. Their website has a list of banks and lender who do the mortgages.

Homepath foreclosures run on a tight schedule, once you make an offer and they accept it or counter they will want to close fast. Lots of deadlines. Have your realtor look into the Homepath program, she needs to be familiar with their forms, etc.

http://www.homepath.com/listing?listingid=39340915

The house looks in much better shape than the last one! But not as much character, you'll need to paint unless you love lavender

[FarmboyBill]

Homepath. Havnt heard of it.
(Our lender did want more than 3%, but we doing that already). WHT DOES THAT MEAN, We doing that already?
Its got 10 acres, flat as a dollar. No trees except behind the barn 32 62 and in some places along the permeter fence.

[Wolf mom]

Bill, you can put just about ANYTHING in an offer. Remember it's just an offer. It is NOT a contract until accepted and dated by both parties. You should be reasonable though as you want to negotiate - not have the offer rejected.

If you want your earnest money back - put it in the offer. "Earnest money shall be returned to buyer if ....".what ever you want to say like: buyer does not qualify for FHA 30 year fixed loan of 2.5 % interest rate or less.

The buyer does not get the earnest money - ( unless so specified in the contract) it goes into an escrow account & is disbursed at close.

Remember, what ever you put in an offer is negotiable.

If you only put 3% down, you have to pay PMI (mortgage insurance) that is added to your payment. Check on how much that costs you per month. If you do pay PMI, it can be removed when your property has increased in value by 20%. Your bank may require an appraisal to get it removed. (another cost). A lot of people forget to get it removed - If you put 20% down, you do not have to pay PMI.


Please read what I wrote in your last thread.

[FarmboyBill]

V I notice in the listing you posted it said nothing about the septic, but some about nearly everything else.
What is considered a FULL bathroom? It has one bathroom with sink, stool and tub. It has another room with a Jacuzzi in it, and another room with a oversize shower in it. YET, in the listing I saw where it said the house had 2 bathrooms. There is only one sink and stool in the house.

[FarmboyBill]

W Mom I finally found your posting, and read it. I know that the earnest money is, when the note is signed put against the price of the house, so that IF it sold for 60, id bed owing 59 if the earnest was a grand.

IS a G note a common amount for earnest money?

[frogmammy]

Does anyone think this might be missing the ac unit?

Mon...PS...sometimes $500 for earnest money

[Vosey]

Originally Posted by FarmboyBill

Homepath. Havnt heard of it.
(Our lender did want more than 3%, but we doing that already). WHT DOES THAT MEAN, We doing that already?
Its got 10 acres, flat as a dollar. No trees except behind the barn 32 62 and in some places along the permeter fence.

Just a typo FBB, "We were doing that already", my brain goes faster than my fingers most of the time.

If you already have a lender then don't bother with the Homepath Mortgage, but if the deal gets hung up on appraisals or inspections then it's worth it. Fannie Mae does say that their foreclosures have working electrical, heat, water. One would think that would include septic too. We were able to get money off as the main heat source (pellet stove) was not working. But I believe other than that they are As Is sales.

[FarmboyBill]

Mammy, Ive mentioned that the heater/AC was boosted, that my DD has one that she will give me if I fix it up,