Skip to main content

First time buyer and being naive. [KS]

Need some advice on this stuff I’m dealing with.

I got with a realtor and found a home I liked. Told her I’m a newbie, but I’ve been trying to get educated on the basics. We did a walk through, did the inspection(housemaster) and I took a trusted friend who has been working on homes forever. He let me know that it’s modular and they cut corners big time. He said if I buy it, the resell will likely be bad news.

I went ahead and signed off saying I’m taking it as is. Two days later, my lender called me and said the county is calling it manufactured/mobile and that my loan will be denied. I knew that it’s modular and took this as a sign to get out, because I was hesitating but signed off. Rookie mistake. The lender is also new to lending, which I did not know and found out today.

And then I get called again and I’m told I can get a conventional loan for modular but I told her I just want out. My realtor is telling me we might have to get an attorney involved because i signed off on taking it as is, but my closing isn’t until March and I haven’t been approved for a loan(yet).

I put down 1k earnest and did my 450 inspection. Can I back out and only lose this money? The lender even mentioned she would have to word her denial a certain way and I immediately got worried about this. I’m not trying to get sued.

I learned my lesson with offering too high and too quick and now I just want out, even though I’m fully prepared to pay for the home.

A google search is telling me I can back out before closing but I wanted to ask you all anyway.

submitted by /u/2001odduhsee
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/evxyxo/first_time_buyer_and_being_naive_ks/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more