- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (10)
- Tamika Turner, "DFWNewHomeSpecialist"
- Contributions:45
I would question the agent who you & your spouse hired. Why would they show you a home that is $70K more than what you've been pre-approved for? I think your agent is looking out for themselves instead of you.
- Mike Hancock, "MoyeRealty"
- Contributions:83
I know how hard it can be to turn away from the home of your dreams, but do yourself a big favor...stop, stop seeing yourself live there and start seeing life while paying the bills. What good is a dream home if your are so stressed paying for it that you can't enjoy life. If may sound simple but if you try it you will know whether you need to move on to a home you can love and afford or whether to give it a shot.
By the way, if your realtor is the one who introduced you to this home and he knew your limit at that time then shame on him.
Best of luck to you.
By the way, if your realtor is the one who introduced you to this home and he knew your limit at that time then shame on him.
Best of luck to you.
Clarification of my Earlier Post:
It is Legal for a parent to gift or loan money to a child toward the purchase of a house, as long as there is Full Disclosure to the Lender.
Blkgryphon should consult with the Lender BEFORE Daddy gives any money, to avoid having a dis-allowed down payment Gift or undisclosed financial obligation.
A Loan from a Parent may be considered a Debt, which could affect the principal loan amountfrom the Mortgage Lender.
--------------------
Best wishes,
Fred
--------------------
It is Legal for a parent to gift or loan money to a child toward the purchase of a house, as long as there is Full Disclosure to the Lender.
Blkgryphon should consult with the Lender BEFORE Daddy gives any money, to avoid having a dis-allowed down payment Gift or undisclosed financial obligation.
A Loan from a Parent may be considered a Debt, which could affect the principal loan amountfrom the Mortgage Lender.
--------------------
Best wishes,
Fred
--------------------
- Jeff Konstant, "jkonstant"
- Contributions:1970
Nothing "simple minded" in common sense wetdawgs.
- wetdawgs
- Contributions:26830
P.S. We've bought a number of houses in the course of our curmudgeonly lives as we've moved for employment. Every time we have discovered that if we look at houses that cost more than we can afford, they are nicer than the ones we can afford. While that sounds simple minded, we've sure enjoyed eating more than beans and rice, we've never asked the tax payers to bail us out and it sure is nice to be old curmudgeons without a mortgage payment.
If Daddy's money is a loan, do NOT lie to the lender unless you wish to have your next home with bars on the window. Lying is called mortgage fraud, and is more than unethical no matter who told you so.
If Daddy's money is a loan, do NOT lie to the lender unless you wish to have your next home with bars on the window. Lying is called mortgage fraud, and is more than unethical no matter who told you so.
- Jeff Konstant, "jkonstant"
- Contributions:1970
So you asked your agent to feel out the situation and he was told confidential information? I wonder if your agent did the same thing. I hope everybody remembers this the next time they bad mouth dual agency and insist on having your own representation because they will protect your interests.This home is too expensive for you. I see homes every day that I would consider my "Dream Home". Since I cannot afford one of them I bought one I could easily afford. It's kind of like vacations, cars, food, clothing and most other things that cost a lot less. I buy what I can afford or I save until I can.
- Lady Chattel
- Contributions:3110
"BEFORE Daddy forks over the money. Be careful - if you call Daddy's Money a Loan, the Lender may treat it as a Debt, and lower your Approval Amount accordingly. Ask the Lender what is the best way to work with this".
For those of you who need a translation to this statement here it is.......
Fudge it any way you can so that you can make the deal go through, and in the end don't worry about it cause I will handle the short sale when you default and get a commish on your 2X all without you suspecting that I am the cheetard who convinced you to do anything to get into your dream home cause real estate is one of the best investments.
Let me guess how old you are blkgryphon.....under 30 years? .
For those of you who need a translation to this statement here it is.......
Fudge it any way you can so that you can make the deal go through, and in the end don't worry about it cause I will handle the short sale when you default and get a commish on your 2X all without you suspecting that I am the cheetard who convinced you to do anything to get into your dream home cause real estate is one of the best investments.
Let me guess how old you are blkgryphon.....under 30 years? .
- real estate mike
- Contributions:2001
well said wetdawgs, Why would you even bother to look at house this far above what you can afford; except just to admire it? I see houses everyweek I'd love to own but guess what; nodody cares. As a buyer who needs a mortgage, you know what your max is and that's that. Actually I might advise you to buy slightly below your max so you can enjoy life more. Ponder this; is there a house in the same neighborhood, similar floorplan, without all the extras the one you fell in love with has(don't buy on emotion big mistake). Try a similar one you can afford and save towards updating later. Just my opinion. best of luck.
"Feel out the situation" and "verbal offers" do not have the power of a Written Offer with a Pre-Approval Letter and a Significant Deposit.
Get a Pre-Approval Letter from your Lender stating your Maximum Loan Amount; get a Proof of Funds Letter to go with it.
Check with your Lender for "Gift Rules" BEFORE Daddy forks over the money. Be careful - if you call Daddy's Money a Loan, the Lender may treat it as a Debt, and lower your Approval Amount accordingly. Ask the Lender what is the best way to work with this.
Have your Agent write up your Best Offer. Have him present the Offer with the clear understanding that it cannot be counter-offered.
You never know until you ask. If they accept your offer, Dream come True. If they decline, then you know that you gave it your best shot.
---------------------
Best wishes,
Fred
----------------------
Get a Pre-Approval Letter from your Lender stating your Maximum Loan Amount; get a Proof of Funds Letter to go with it.
Check with your Lender for "Gift Rules" BEFORE Daddy forks over the money. Be careful - if you call Daddy's Money a Loan, the Lender may treat it as a Debt, and lower your Approval Amount accordingly. Ask the Lender what is the best way to work with this.
Have your Agent write up your Best Offer. Have him present the Offer with the clear understanding that it cannot be counter-offered.
You never know until you ask. If they accept your offer, Dream come True. If they decline, then you know that you gave it your best shot.
---------------------
Best wishes,
Fred
----------------------
- wetdawgs
- Contributions:26830
Okay, let's understand:
You don't have the necessary down payment, and if you can get it it would be as a loan.
IF you had the down payment you'd max at $370,000. Every penny would go towards your house, and you'd be happy to eat beans and rice for the next 10 years.
If your down payment is a loan, you will not be eligible for the maximum of $370 k because the down payment loan would have to be taken into consideration.
You want to make an offer at less than <85% for a house that has been on the market two months.
Yup, it is indeed a dream. I wouldn't waste my time and don't waste your agent's time looking at houses so far about your maximum. Why is this? tax payers have a huge bill for people who've been stretching themselves too thin, and some learning needs to go on for every individual consumer.
You don't have the necessary down payment, and if you can get it it would be as a loan.
IF you had the down payment you'd max at $370,000. Every penny would go towards your house, and you'd be happy to eat beans and rice for the next 10 years.
If your down payment is a loan, you will not be eligible for the maximum of $370 k because the down payment loan would have to be taken into consideration.
You want to make an offer at less than <85% for a house that has been on the market two months.
Yup, it is indeed a dream. I wouldn't waste my time and don't waste your agent's time looking at houses so far about your maximum. Why is this? tax payers have a huge bill for people who've been stretching themselves too thin, and some learning needs to go on for every individual consumer.
How to get the house of our dreams?
We have found a house we REALLY like in the exact neighborhood we want to be in. The house is in beautiful condition and decor -- we would not have to do anything to update it. Problem is, they are asking $439,000, and we would be maxing out at $370,000 (IF we could even come up with the 20% down for that...have to ask daddy for a loan on a big chunk for the downpayment...). We asked out agent to feel out the situation -- he knows the listing agent very well -- she used to work for him. When he floated the idea of our possible offer by her, she said, "They're motivated, but not desperate...I think their bottom line is around $400,000". She also told him that the house has been on the market for a bit over 2 months, and they have had no offers so far. Our agent encouraged us to make the offer, saying you never know. Any suggestions that might make this happen?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.