Negotiating in the house process

602? jeez...... you are lucky you're getting ANY response for mortgage.

FWIW when we sold and bought simultaneously 2 years ago, our realtor told us to offer 20% less than asking - and we were offered 20% less then our asking for our condo. Where did we wind up? Almost exactly halfway in both cases.

is the house in short sale? If so, even if the seller agrees to the price, that doesnt mean the bank will. Also, depending on which bank owns the mortgage, good luck getting an answer on your bid anytime soon. Had a friend have a short-sale offer accepted by the seller, was over 3 months and the bank was still looking into it. Have you checked on roughly how much the current owner owes? If the seller is waiting a week, it sounds like a short-sale. There is no reason they would sit on the offer for that long without giving you some answer. Be willing to lose that house in an instance like that if you low ball. You may get it, but odds are, if the house is how good you say it is, there will be multiple bidders. But you never know and you could be the only one.

If you like the house that much, no real need to negotiate unless there is something major that needs repair. $10k over the life of the loan does not add that much to the monthly payment. Run the numbers and ask yourself, are you willing to lose the house over roughly $70 a month (assuming you are off by 10k).

602 is a bad credit score, that is why its hard. You will have harder terms and a worse rate. That score tells the bank/lender that you are a risk at paying that loan back.

602 credit score? Wow, your credit is horrible. I'm surprised anyone will lend to you at all, but it makes sense that they would want >30% down. Ho can you complain about how hard it is to get a mortgage? You should be thanking BOA for giving you anything since you are a major credit risk.

From my experience two years ago, houses will usually sell what ever the market is unless you are willing to pay all cash. I've seen properties sold for much less when cash is involved.

Your realtor should know if your what your housing market is like and bid accordingly. Where I am located, good luck low balling. You have to go above and beyond to just even get a sniff. My sister have lost every bid so far and she has gone as much as $10-15K above what they are asking. She's about to give up.

As others have stated, just because the seller agrees to it doesn't mean the bank will.

Not a short sale bank actually owns property.

BOFA not requiring any down I want to put 50k down

Have 110k cash ( provable in there account) 140k in stocks, and about 40k in assets

getting a 15 yr loan at 2.75 thru bofa.

Tried to get home loan thru bank that owns house since realtor said it might sway there chances and save them money got denied since I dont make enough money (80k a yr)? Really?


Have 4 collection accounts back in 2008 when I lost job and let all cards go to collections. Now have been using all cash so no history since 2008.

If its bank owned then it has already been through foreclosure. I would up the bid unless you are willing to let that house slide for $13k. If you are ok with that, then stick to your bid and negotiate if they counter.

I think BOFA is lying to you, that rate with 0 down (doesnt exist anymore) is not plausible unless you are paying out the yin yang for points. I just refied my house to a 15-year, 800 credit score, more than 20% equity, and I got a 2.99 (less than two weeks ago, and rates have gone up since then) and that was with some free points paid by the lender. Did they send you a good faith estimate (GFE)? That should tell you how much the loan will cost you.

Next get a credit card and use it for something during the month and pay it off in full each month. That will at least help you build credit.

Quote from discostu58 : If its bank owned then it has already been through foreclosure. I would up the bid unless you are willing to let that house slide for $13k. If you are ok with that, then stick to your bid and negotiate if they counter. I think BOFA is lying to you, that rate with 0 down (doesnt exist anymore) is not plausible unless you are paying out the yin yang for points. I just refied my house to a 15-year, 800 credit score, more than 20% equity, and I got a 2.99 (less than two weeks ago, and rates have gone up since then) and that was with some free points paid by the lender. Did they send you a good faith estimate (GFE)? That should tell you how much the loan will cost you. Next get a credit card and use it for something during the month and pay it off in full each month. That will at least help you build credit.

They want me to sign up for autopay or auto draft whatever its called for my main checking account which is fine.

I'm going to wait for 1 counter offer from them and accept, I think the house will be worth 150 in 2 years.

2 story fancy brick 1 den 1 dining 1 gameroom 1 media room 2 living 1 office 3 bedroom 3 full baths 2 car garage and a 1 acre lot.

Just to let you know, they will probably only counter/accept the highest bidder. So if you aren't the highest bidder, you will just hear they accepted another offer and that's it. I lost a house a few years ago over a couple thousand and looking back, I should have just offered more. But if you are confident you are the only or there are very few bidders, then keep your offer as is. If you feel like you would be kicking yourself if the house goes to another bidder at $130, then up your bid. But if you feel that is too much for the house, then do not up your bid.

Still think they are pulling your chain, but hopefuly they are not, good luck and keep us posted.

Quote from discostu58 : Just to let you know, they will probably only counter/accept the highest bidder. So if you aren't the highest bidder, you will just hear they accepted another offer and that's it. I lost a house a few years ago over a couple thousand and looking back, I should have just offered more. But if you are confident you are the only or there are very few bidders, then keep your offer as is. If you feel like you would be kicking yourself if the house goes to another bidder at $130, then up your bid. But if you feel that is too much for the house, then do not up your bid. Still think they are pulling your chain, but hopefuly they are not, good luck and keep us posted.

Agent says they have no other offers and will consider all offers this sunday so if i'm the only offer they will have to counter so that's defiantly what i'm hoping for. Also if someone else does post an offer the bank lets the top 2 offer agents know the competing offers for them to bid against one another according to there rules.

So I will find out before the end of next week one way or another.

Interesting REO rules. Hometown type of bank? When dealing with larger banks I find they just get an appraisal and let it sit at that. Unless they have too many assets they need to dump, I find they don't come off the price much. If you can deal directly with whoever is managing the account at the bank and convince them that (as it has already been through foreclosure and auction) no one is interested and how they really don't want such an under performing asset cluttering up the books, you may get more leeway.

Good luck!

Quote from PRINTABLECOUPON : so if i'm the only offer they will have to counter so that's defiantly what i'm hoping for.

No they don't have to counter. Banks are slow and illogical in these times, what the do seems to make the least amount of sense.

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