OK, so there is this home i really like, it has some issues that need to be fixed. it os for sale for ,000.i spoke with my realtor today, and she said there are two cash offers on this home. she said the bank prefers cash only. i made an offer of 4,000 and ,000 earnest money(thats all my lender would allow) i am getting my loan through NACA. (naca.com) do i have a chance of getting the offer approved? i really want this home, and i am scared of the people who put in cash offers will get approved. i also know that the other people put in cash offers less then the asking price. i put in a non cash offer for more then the asking price! who do you think will win? i really want this house!! what can i do to win it? i am in chicago if that helps, thnaks!!
***it IS for sale for ,000 sorry
yes i am pre approved for 115,000 and the company that im working with (NACA) will only allow 1k for earnest money
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I hope you wrote the offer contigent upon an inspection. If not, get ready to pay dearly.
I never heard of a lender controlling your earnest money offer – that’s your call, not the lender’s. Hopefully, you are preapproved for a loan. Without that, the banks will not take your offer seriously.
Well, if the bank wants a cash offer and two people are offering cash….odds are they will take it. The bank can get rid of the property quickly without any hassles from inspections or appraisers.
NACA does not have the best reputation in the banking world. Many banks don’t want to deal with them. On their web site they have this:
While NACA has agreements with many lenders to make your mortgage affordable, the below executives refused. Click on the lender/servicer below to see how they live and how to contact them directly. Then there are pictures of the lenders/servicers.
In my experience I would say you have a very small chance at success. If you had made the offer from a pre-approval at the bank that did the foreclosure it might be a different story. So Sorry.
Best wishes and good luck in your house hunt.