Posts Tagged “qualified”

Dec 02 2010

FHA Home Qualified but the bank says no?

Posted by Usual in Bank approved short sales, tags: , , ,

We have confirmed that the house we won a bid on is FHA approved, but the seller (the bank in this case, as this is a short-sale approved property) has dictated that we cannot use an FHA loan to finance it. Is this even legal? It feels like the bank is discriminating.

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May 15 2010

As far as selling a bank-owned REO property, do the banks generally accept only the HIGHEST qualified offer?

Posted by Usual in Bank Owned REO, tags: , , , , , , , , ,

Regardless each bidder’s financial condition (down payment amount/ excellent credit score/ contengencies…)?
For example:
Bank’s target price is $350K. Two offers received from two possible buyers.

Buyer A: Offer $352K, 5% down, credit score good 750.

Buyer B: Offer $350K, 20% down, credit score Excellent 803.

Which one would be in favor of by the bank?

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