How To Make An Offer On A House?

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Old 03-22-2013, 10:01 PM
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How to make an offer on a house?

So we got Pre approved for an FHA mortgage loan, looked at some houses, found one we love so much nothing can compare, and want it. It's a little more than our preapproval so I refinanced the car to lower out monthly debt by $100. Now the mortgage loan officer says we are fine to make an offer. So I keep asking the realtor if we can make an offer and he finally said no because we need something in writing from the bank. All this time I've been jumping through hoops and getting stuff done so we can get this house before someone else does and now there's something else!? Neither of them told me about this form of paper work we need to be aloud to make an offer. We already have a Pre approval (it doesn't give a specific loan amount) does anyone know what else we need now? Why would the loan officer tell me to go ahead and make an offer when she knows I need something else?!
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  #2  
Old 03-22-2013, 10:24 PM

RE: How to make an offer on a house?

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That's all u need is the preapproval letter with the loan amount to make the offer. Once ur offer is accepted u have to:

1- send in ur deposit in the form of a cashier check.
2- sign the purchase agreement
3- take the purchase agreement to loan officer to process the loan application. ( here is where u find out all the costs for down payment, closing costs, interest rate if u havnt yet, pro rated taxes and home owner insurance if u chose to have it included in the monthly payment, and most important ur monthly payment.
4- the bank will send an appraiser to appraise the house once it's appraised for the offer amount then u r good to go just a matter of waiting for closing and getting ur keys. If it doesn't appraise at the offer value u have to pay the difference ex. Ur offer is $100,000 it appraises at $95,000 u have to pay $5000 plus down payment so if ur down payment is 10% of $100,000 u would have to pay $15,000 at closing.

We are going through this process now still waiting for the appraiser report it's been two weeks.

Now the only reason that I can think of that ur realtor doesn't want u to make an offer is if the seller is not accepting FHA loan it could be a cash only or conventional loan sale.

Good luck it's hectic I have been looking for a house for almost 1 1/2 years, be careful that ur credit is not pulled too much because ur score gets reduced at each time it's pulled. Mortgage pulls are a hard hit so it can bring ur score down almost 20 Pts each time. Happened to hubby we had to stop looking for 5 months to bring his credit back up. I hope the info is helpful
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Old 03-22-2013, 10:25 PM

RE: How to make an offer on a house?

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If you have your pre approval letter from the lender, that is all you need. But it would have the amount you are pre approved for on it I believe. HTH
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Old 03-22-2013, 10:27 PM

RE: How to make an offer on a house?

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Quote:
Originally Posted by aidensmama
If you have your pre approval letter from the lender, that is all you need. But it would have the amount you are pre approved for on it I believe. HTH
Yes it has to have the amount on it.
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Old 03-23-2013, 04:30 AM

RE: How to make an offer on a house?

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The letter should specify exactly how much they have approved your loan for (ex: $200,000). I only asked my mortgage company to put the figure I intended to finance, even though I could qualify for more. That way the seller would not expect me to go higher, and I would not be tempted to pay more than I could really afford/want to pay.
When we put our offer in, we offered less than their asking price (which is obviously the thing you should do). I was in a state of panic, as I really wanted the home. DH refused to go higher when they came back with a counter amount. I thought for sure we would get shot down, but the realtor called back and the seller's accepted - and this for a short-sale.
You MUST be prepared to walk away from every house in order to pay a good price. Be smart about it. Think with your head and not your heart. There will always be another home!! It is a buyer's market, don't forget that! I don't care how many tears you shed, or how nice the yard is, or whatever. I 'fell in love' with three homes. Each time thought "this is the home I need to get". I was wrong. The house I could afford is the house I needed to get. We waited for the best price on the best house, and got a great deal. Be smart!
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Old 03-23-2013, 06:50 AM

RE: How to make an offer on a house?

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Also some people/places dont require that preapproval letter yet , that is probably why the loan officer said you were good to go. By me most listings state what kind of preapproval (if any) you need to make an offer.
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Old 03-23-2013, 12:19 PM

RE: How to make an offer on a house?

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Quote:
Originally Posted by dianak9938 View Post
So we got Pre approved for an FHA mortgage loan, looked at some houses, found one we love so much nothing can compare, and want it. It's a little more than our preapproval so I refinanced the car to lower out monthly debt by $100. Now the mortgage loan officer says we are fine to make an offer. So I keep asking the realtor if we can make an offer and he finally said no because we need something in writing from the bank. All this time I've been jumping through hoops and getting stuff done so we can get this house before someone else does and now there's something else!? Neither of them told me about this form of paper work we need to be aloud to make an offer. We already have a Pre approval (it doesn't give a specific loan amount) does anyone know what else we need now? Why would the loan officer tell me to go ahead and make an offer when she knows I need something else?!
The home buying process is full of a lot of steps along the way, and lots of 'hoops' to jump through! Have you considered taking a 'First Time Home Buyer's Class'. It will familiarize you with the process, and the many steps and decisions that you will face.
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Old 03-23-2013, 03:07 PM

RE: How to make an offer on a house?

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Maybe this house, the Sellers want More than a preapproval. There is a difference between between being pre approved and being qualified. I was preapproved for my home but then once we went through underwriting, i found out my income to debt ratio was too high( this new home is my 2nd home and planned not to sell current home until we moved in since the new house needs total remodeling -so I am carrying 2 mortgages) and i had to pay off my car in order to bring my monthly financial obligations down. This was on paper only. I know my monthly payments and I can afford to make all payments, but on paper I didn't. Luckly I had $$ in my son's savings to borrow from. This was all cause I needed PMI insurance. PMI requirements are more strict.

The bank gives someone a pre-approval based on what you tell them your income, and i think your credit score, etc is. There is no verification on pre-approval.

So maybe for your house the sellers wanted more than pre-approval. maybe they had past offers that, at the end financing fell through.

Good luck and hope it works out.

My SO wanted to do an addition to our current house but the addition would of cost more than current house was worth so we decided to prowl the real estate market and found the 2nd home. 1st one we actually looked at.. We maybe looked at 7-8 houses but drove by about 30 but we knew that if the yard was not the size we were looking for, no need to see the inside..

We looked maybe like 2 months - just because a few days after we found the house someone put a contract on it but it fell through. It was on the market for like 3 years so we thought we would be good. The house has beautiful layout and bones but are doing gut job to studs and redoing everything since cosmetically - its a mess.. We are so excited...
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Old 03-23-2013, 03:12 PM

RE: How to make an offer on a house?

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Remember, you can always offer less than the asking price, and let the seller counter.
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Old 03-23-2013, 07:39 PM

RE: How to make an offer on a house?

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There are two different preapprovals, the quick one and the long one that uses all your check stubs, tax returns, bank accounts, etc. It takes a few days, you need bunches of documentation, and you should get a firm preapproval, with rates, that's good for a certain period of time (locked in), I.e. 30 days, 45 days, etc.

If you go through the latter, you'll be better off in the offer & negotiation process because they'll know you can stand behind your offers, and the bank will approve YOU for that money (although the bank will still need to approve the HOUSE and you+ that house, including taxes, hoa if applicable, etc). If you just get the first one, it means very little because there's so much that can prevent your financing once they really start going through it (like pp's debt ratio).

Maybe what they're looking for is the more thorough qualification.
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