My wife and I had been married for six-months when we decided to look for our first home. We had a Realtor recommended to us and we started to look for homes with her. However, we worked with her for only 3 months.
For one reason or another she wasn’t showing us houses that we told her we were looking for. Either the price was more than we wanted to pay or it had none of the features and amenities that we told her we wanted. Our contract with her ended and we did not renew.
We waited until after the holidays and began the New Year with a different Realtor. He took time to show us what we wanted that was within our price range. It wasn’t long before we found a house we liked enough to make an offer on.
The homeowner submitted a counter-offer and threw in the washer and dryer. We came back with another offer and told her that we had our own washer & dryer (a wedding present from my parents).
She gave us another offer and said it was her final offer. Well, the price was more than what houses in that neighborhood were worth. My wife looked up comps in the neighborhood and she was asking a higher price. So we declined the offer and advised our Realtor that we would start the search again.
It was three days later when our Realtor called. The homeowner had lowered her price. It was more in line with what we wanted to pay for the house. So we accepted the offer and were all moved in two months later. Our first home.
According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…
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