Home Buying & Real Estate Thread

[sneakaprince]

When I bought, my offer was chosen by the sellers because I had proof of funds, mortgage approval letter, and down payment relative to the other offers. One other offer was the same as mine, but I believe it was an FHA loan. So the seller's chose mine instead.

I've had a friend sell a house to a VA loan and they had to jump through multiple hoops just to meet the minimum requirements. They were required to fix certain things (cracks in the porch steps, etc.) before it would even go through, and in the end he said he should've just went with the other non-VA offer which was less money, but he wouldn't have had to fix all that dumb ****.

My realtor explained to me that there is definitely a tier system for offers. Cash > 20%+ down Conventional > 5-20% Conventional > FHA / VA loan

Could've all been bull****, but he was also a realtor for like 40+ years. I don't think anyone in here is saying that a seller would instantly back out of an offer if they saw the 0% down program loan, more so that if they had multiple offers... the 0% down is one of the least likely offers to be chosen, if everything else remains the same (ie the sale price is the same $400k; between a Cash Offer vs. 20% down vs. 0% down vs. VA/FHA).

There is 1000% a tier system when sorting through offers.

Lol now y'all show up. Y'all had me out here on a ledge Friday and Saturday when I knew keko jones and HankHill didn't know what the hell they were talking about.

That's life tho.

Still love you keko jones u a Naija man too if I remember bro. I just wanted to educate it's never hate.

 

[lazyj10]

Don't forget the letter writing too....my wife wrote ours. Helped secure the house for us because we had aspects tied to the community versus the folks using flyhomes coming from the South Bay on a similar offer.

 

[keko jones]

Lol now y'all show up. Y'all had me out here on a ledge Friday and Saturday when I knew keko jones and HankHill didn't know what the hell they were talking about.

That's life tho.

Still love you keko jones u a Naija man too if I remember bro. I just wanted to educate it's never hate.

Seems like you don't know what you're saying. Please stop mentioning me. You're so lost .....

How many properties you own? Of course there are different tiers of offers!!! Duh ...

Again, one last time ... the issue here is you trying to equate 0% down to FHA/VA. The issue here is you saying that a 0% loan would get laughed at and a seller would walk away for a lesser asking price with 20% based solely on the 0% down, everything else being the same.

If a person comes full ask, no contingencies, all cash and quick closing. I dont give a **** if you put 20% and 10k over asking .... obviously thats a top tier offer.... or do you take the 20% down and 10k over asking? like this is common knowledge bro... lmao.

You're against FHA/VA loans and you are equating BoA 0% down to that.

But it is what is it.

Is not hate, but again .... stop acting like the housing market in its current pandemic state is the norm.

I wonder there wherw dude lives at that an offer of with anything less than 20% doesnt get looked at.

Proof of funds, type of loan, pre-approval / all cash, contingencies are the main factors ... if all offers are like this, then you start looking at money down for obvious reasons (appraisal, work needed, money to cover unexpected issues).

 

[sneakaprince]

Seems like you don't know what you're saying. Please stop mentioning me. You're so lost .....

How many properties you own? Of course there are different tiers of offers!!! Duh ...

Again, one last time ... the issue here is you trying to equate 0% down to FHA/VA. The issue here is you saying that a 0% loan would get laughed at and a seller would walk away for a lesser asking price with 20% based solely on the 0% down, everything else being the same.

If a person comes full ask, no contingencies, all cash and quick closing. I dont give a **** if you out 20% or not .... obviously thats a top tier .... like this is common knowledge ... lmao.

You're against FHA/VA loans and you are equating BoA 0% down to that.

But it is what is it.

Is not hate, but again .... stop acting like the housing market in its current pandemic state is the norm.

Everybody else seems to get but you but we lost. Aight cap you got it. I can't explain what you don't wanna learn. I provided the examples, several people have chimed in. I've restated that this is a new product with no data all we can do is compare to similar products on the market.


Stay lost fam.

 

[sneakaprince]

By the way I own 12 units currently. I've done 6 deals in the last 12 months. I'm not the biggest or smallest real estate guy on this board but yeah I know a bit.

Search my name in this thread. My come up been documented.

 

[Vincent Van Goat]

Don't forget the letter writing too....my wife wrote ours. Helped secure the house for us because we had aspects tied to the community versus the folks using flyhomes coming from the South Bay on a similar offer.

I wrote one lmao thinking it wouldn’t make any difference at all since there were like 10 offers. I had a conventional loan with only 5% down

Somehow I still got it and agent in passing mentioned the sellers did read my letter and took it to heart

I had mentioned being a local and spending much of my time exercising exactly in that area

This was 2 years ago btw when **** was really real lol

 

[keko jones]

Everybody else seems to get but you but we lost. Aight cap you got it. I can't explain what you don't wanna learn. I provided the examples, several people have chimed in. I've restated that this is a new product with no data all we can do is compare to similar products on the market.


Stay lost fam.

How you gonna say I'm lost when I have a ton of family and friend in real estate and I own 7 properties and sold countless others. Lmao.....

Come on fam. Imma stay lost, I told you. Imma keep doing what I have been doing ... you keep doing you. Congrats on your 12 units. Nothing but appreciate the hussle.

Stop spreading misinformation. 0% is not mutually exlusive to FHA/VA ....

PS you said you was done, but came back to throw shots .. bravo. Still lost though!

 

[sneakaprince]

How you gonna say I'm lost when I have a ton of family and friend in real estate and I own 7 properties and sold countless others. Lmao.....

Come on fam. Imma stay lost, I told you. Imma keep doing what I have been doing ...

Hey bro not for nothing I owned 10 units before I knew about the tier. I learn new **** daily. Never close yourself off to learning.

This easily could've been a situation where the community put you on game. Instead you so stuck in your ways, you won't even consider another method of evaluating a deal when all we are trying to do is explain why in this market a 0% down payment offer might get looked over.

Like I told you I'm happy for you and all your accomplishments my g. **** hopefully you can teach me something one day. Right now though yeah you wrong and you lost.

 

[keko jones]

I wrote one lmao thinking it wouldn’t make any difference at all since there were like 10 offers. I had a conventional loan with only 5% down

Somehow I still got it and agent in passing mentioned the sellers did read my letter and took it to heart

I had mentioned being a local and spending much of my time exercising exactly in that area

This was 2 years ago btw when **** was really real lol

My single military mother friend wrote one and it happened to be the flipper was a vet and it worked. Funny enough using a VA loan with 0% down.

This was pre pandemic but the guy did have other offers. Even took out the knob and tube wire before he let inspectors come in.

Now, I be hard press to see a letter work unless the offer is just as competitive as the next.

 

[keko jones]

Hey bro not for nothing I owned 10 units before I knew about the tier. I learn new **** daily. Never close yourself off to learning.

This easily could've been a situation where the community put you on game. Instead you so stuck in your ways, you won't even consider another method of evaluating a deal when all we are trying to do is explain why in this market a 0% down payment offer might get looked over.

Like I told you I'm happy for you and all your accomplishments my g. **** hopefully you can teach me something one day. Right now though yeah you wrong and you lost.

Congrats my dude.

Whatelse you want me to say.

If you didn't know there where tiers to offers before your 10 unit, then you're slow.

We aren't talking about this anymore. The fact you're so adamant that Im wrong and you're right shows exactly who I'm dealing with.

You're saying a seller will not even look at an offer with 0% down. No other variables. You also said a seller will take lessr money for the same type of loan if that offer has 20% down.

To all that I call BS ....... and that's where I leave it. You're right .... Im wrong .... happy? Lmao.

 

[had pants]

 

[mplsdunk]

Just got a quote on the garage 65k. Idk if it’s worth it in my house tbh. I could spend that money elsewhere.

It’s not a long term house for me so I’m gonna skip it. I already have a 2 car garage with hardy siding so it looks mint.

 

[s0lefunk]

Closed on the HELOC and see the credit line in my banking app. Didn’t do an initial disbursement so its a 0 balance. Will that help my credit utilization and score? Any personal experiences with that?

 

[keko jones]

Just got a quote on the garage 65k. Idk if it’s worth it in my house tbh. I could spend that money elsewhere.

It’s not a long term house for me so I’m gonna skip it. I already have a 2 car garage with hardy siding so it looks mint.

Was that from the ground up? How big (2 car)? Where are you located ...

 

[mplsdunk]

Was that from the ground up? How big (2 car)? Where are you located ...

Yeah, 3 car in St. Paul.

I wasn’t shocked by the price at all. It’s just not worth it to me when I’m going to build a whole new house eventually.

I’d rather put it to a remodel and cop a shed.

 

[keko jones]

It's definitely on the pricer side and ROI is not as good as other things.

 

[Comparison Ford]

Just had my girlfriend's parents make a proposition to us that if we were to get married they would finally retire, sell their house, and give us $150K towards a down payment on a big house with a cottage attached so that they could live in it part of the year and snowbird for the other part.

Her dad is a contractor and builds houses, so he's also given us the option of buying a plot of land that he would build our house on as our wedding gift.

Gonna take some thinking, but this is all very exciting stuff to me.

 

[mplsdunk]

Yeah that’s kind of what I figured. Like to keep it real most people in my area drive a baby Prius and don’t even need it.

 

[mplsdunk]

That’s super nice of them.

 

[solewoman]

Just had my girlfriend's parents make a proposition to us that if we were to get married they would finally retire, sell their house, and give us $150K towards a down payment on a big house with a cottage attached so that they could live in it part of the year and snowbird for the other part.

Her dad is a contractor and builds houses, so he's also given us the option of buying a plot of land that he would build our house on as our wedding gift.

Gonna take some thinking, but this is all very exciting stuff to me.

Definitely would go with the second option. You are blessed man!

 

[B Sox]

Just had my girlfriend's parents make a proposition to us that if we were to get married they would finally retire, sell their house, and give us $150K towards a down payment on a big house with a cottage attached so that they could live in it part of the year and snowbird for the other part.

Her dad is a contractor and builds houses, so he's also given us the option of buying a plot of land that he would build our house on as our wedding gift.

Gonna take some thinking, but this is all very exciting stuff to me.

Plan on having kids? Very helpful to have those grandparents around. Especially if they have their own space.

Regardless, that’s an awesome predicament to be in.

 

[moderndarwin]

Just had my girlfriend's parents make a proposition to us that if we were to get married they would finally retire, sell their house, and give us $150K towards a down payment on a big house with a cottage attached so that they could live in it part of the year and snowbird for the other part.

Her dad is a contractor and builds houses, so he's also given us the option of buying a plot of land that he would build our house on as our wedding gift.

Gonna take some thinking, but this is all very exciting stuff to me.

that’s amazing. Depending on what area you are in maybe get the best of both worlds and buy a fixer upper on a solid size plot of land and work together with the pops in law to get it built up the way you guys want. And the nicer that in law unit is the better - having them that close by but not in the same house is such a big win.

 

[mplsdunk]

Even if he doesn’t have a They could just let out his . Or make them dinner. As long as they are chill…

 

[solewoman]

Just had my girlfriend's parents make a proposition to us that if we were to get married they would finally retire, sell their house, and give us $150K towards a down payment on a big house with a cottage attached so that they could live in it part of the year and snowbird for the other part.

Her dad is a contractor and builds houses, so he's also given us the option of buying a plot of land that he would build our house on as our wedding gift.

Gonna take some thinking, but this is all very exciting stuff to me.

But wait were you planning to marry her..or is this his attempt to coerce you to do so?

 

[Vincent Van Goat]

First thing I thought of in that story