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I am only approved for 85K how do I make an offer on my dream home at 99K?

My "dream home" is a 2 bedroom 1 bath/shower combo. Updated and a screened porch recently added. It is on 1.8 acres.

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April 11 2013 - El Dorado
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Answers (4)

Many things go into a preapproval.  The amount of taxes and insurance on a home can affect the payment, and therefore your approval amount.  Sometimes banks/mortgage companies can go higher than what your preapproval amount is for based on that information.  Another thing to consider is how long has the property been on the market?  If it was just put on the market, and is priced right compared to other homes, chances are the seller isn't going to negotiate that far down.  Your best bet is showing the bank/mortgage company which property you are interested in, and seeing if it is a possibility for you.
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May 14 2013
You can also pay the difference in cash at closing (if possible).
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April 15 2013
You can offer lower than the asking price and see if the seller is willing to negotiate.  Other terms of the agreement are often as important as the price.
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April 15 2013
That's not a huge difference.  Try talking to your lender to see if they can qualify you for a bit more.  Then, give your best offer to the seller with a nice note about how much you love their property, etc.  You never know what they might be willing to do.  Good luck!
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April 11 2013
 
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I am only approved for 85K how do I make an offer on my dream home at 99K?
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May 14 2013 | 4 answers
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