Mortgage Blog

I heard two stories last week about purchases.

The first one is from one buyer. She told me last week
that she made an all cash offer for a property of 690k,
but was surprised to find out that the property was sold
for 685k with a loan. The story behind this is that
another buyer offered for 740k, and the bank accepted
the offer; while working on the loan, the appraisal
value is only 685k, the buyer agent negotiated with
the bank to get the property for 685k. Is not great
for the other buyer? I think that agent is great.

The 2nd story is from another buyer. He told me that
he will take a look at one property this weekend.
For some reason, that property failed escrow twice
and just back to market again.

I don't know why the transaction failed. But It did
remind me about another transaction I just completed(
I mentioned in previous blog before). If the borrower
purchased the property as primary, the DTI will be too high.
So he could not qualify. So I suggested him to purchase it
as a rental(5000 sqft house). And he got the house with
such a good deal. The smooth tarnsaction is very important
for him.

I know there will be more buyers next spring. I hope
you guys all can get good deals with a smooth transaction.