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View Full Version : I have a mortgage question...pleeeeeeze



Elana
02-14-2003, 10:06 AM
I have a back up offer on a house that I really want. A woman who discovered the house before me, put an offer on it and it was accepted. I just found out today that she was approved from the mortgage company. My Realtor explained to me that next week the bank will send an appraiser out to appraise the actual value of the home. If it is appraised for less money than this woman\'s loan, then what happens? My Realtor seems to think that if the house is valued for less than her loan, she will lose the place because she can\'t come up with anymore cash. She is already financing 95% of the home. ANYONE???? I really need to know if I still have a shot at this place, or if I should just let this one go.

Blackwidow_Woman
02-14-2003, 10:49 AM
You still have a small shot at that house,, now for the other issues..her down payment can go up if the house is valued less than what there asking,, the bank can outright turn it down, or she will have a higher monthly payment, and then bank can want more money down.. you really should look at other places.. just incase this one falls thru and you cant have a shot at it.. always look at more than one house when buying as there are many stumbling blocks to each one.. always have the house you are very intrested in inspected and appraised, shop around for the best mortgage, lowest intrest rate, and best home owners insurance plan..Just because a offer was accepted dont always mean it will go thru.. /ubbthreads/images/icons/smile.gif

Whitehall
02-14-2003, 11:26 AM
The mortgage company likely only loan up to a percentage of the appraised value of the house. They will also have a requirement for a minimum downpayment from the particular buyer as a percentage of the load.

Say the house is appraised at $100,000 and the borrower is OK\'ed for a 5% down deal. She offers $100,000 to the seller (who accepts) and puts up $5,000 in cash for a downpayment and the loan is $95,000. Everything is OK and the deal conditions are meet.

Say that same house, where the same buyer and seller contract to change hands at $100,000, is appraised at $90,000. The mortgage company will loan 95% on the appraised value or only $85,500 (95% of $90K).

The buyer can:

1) put up the difference in cash ($14,500 instead of $5,000) - this might get her a reduced interest rate BTW since she has more equity in the deal
2) renegotiate the contracted price (not likely with you there)
3) find another mortgage companyn with a different appraiser.


If the buyer is max\'ed out on her cash, then you do indeed have a shot.



Now, tell me how you\'re going to work your favorite, recurring topic into this thread!

Elana
02-14-2003, 11:31 AM
Thanks BWW- She is a single school teacher and was approved for a rather high loan. Nobody thought she would be approved. /ubbthreads/images/icons/shocked.gif

Whitehall thank you very much. I am under the impression that she will not be able to come up with any additional cash.
I think you deserve a blowjob for your detailed answer. /ubbthreads/images/icons/laugh.gif

Please....I can always work it in /ubbthreads/images/icons/laugh.gif

Lucky- Thank you too for your PM\'s

Lucky
02-14-2003, 11:34 AM
Elana, you are so bad!
<you deserve a blowjob >

Didn\'t you know Whitehall is taken?

Elana
02-14-2003, 11:39 AM
I meant that you would give him a blow job /ubbthreads/images/icons/laugh.gif

Wolfe
02-14-2003, 11:41 AM
hey while your volunteering others i could ,ahh, n/m

Lucky
02-14-2003, 11:43 AM
I\'m already in trouble.

Whitehall
02-14-2003, 11:44 AM
Please ladies, no squabbling in the Harem! You\'ll all get your turn.

Thank you very much for your kind offer, Elana, even lip service is appreciated..

bivonic
02-14-2003, 11:54 AM
Elana -

Will you be my sugar momma? You seem to have all of those qualities I desire & you have money too /ubbthreads/images/icons/tongue.gif

Lucky
02-14-2003, 12:19 PM
Cheater.

Elana
02-14-2003, 12:29 PM
Bivonic- Supply us with some more sex stories and I\'ll consider it /ubbthreads/images/icons/smile.gif

Lucky
02-14-2003, 12:39 PM
Yeah, bivonic - give me something new to do to him tonight that WILL make him worry (and, something for Queeny to enjoy, of course). This should be a new thread, I\'m no hijacker.

**DONOTDELETE**
02-14-2003, 12:46 PM
Taken, is he?

Elana
02-17-2003, 01:28 PM
The deal fell through for the first buyer. She didn\'t even get to the appraisal part yet.

I am having my Realtor include in my contract that if I am not happy with the appraisal, I have 10 days to get out of the deal, so we shall see what happens. Thanks again for all of your help. /ubbthreads/images/icons/smile.gif

Elana
02-17-2003, 01:29 PM
Now that I have taken this back off course, I\'ll need someone (FTR) to get it back on track with penis talk.

**DONOTDELETE**
02-17-2003, 04:28 PM
Do you like the penises that have a curve, or do you like the penises that are straight?And what about proportion? Do you like the penises that are wider at the base and taper up, or do you like the ones that are the same size from the base to the head, but then the head is big?I\'ve been pondering these issues lately.

Wolfe
02-17-2003, 04:39 PM
is a 7\"L by 5 1/2 \"D good enough?

Whitehall
02-17-2003, 04:45 PM
Don\'t you mean 5 1/2 inch circumference? A diameter (\"D\") that large would be rather blunt.

Wolfe
02-17-2003, 04:51 PM
blunts?..damn been awhile sence i had a blunt. pass it over