Profile picture for user0553465

Submitting an offer...

I currently own my own home and am in the process of refiancing my first mortgage.  We live in this home.  I want to put an offer in on another home but dont want to mess up the refi that is currently going on.  This second home would become our primary residence.  I dont want to miss the opportunity to make an offer on this home.  Everyone I talk to says to wait until the refi goes through.  Does anyone know of a way that I can inform the seller of the second home that I will purchase at full asking price if they give me the week I need to finalize the refi?  Is there a contract or something I can submit??  Thank you!
  • June 20 2012 - Redlands
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Answers (4)

Profile picture for Gabilan Properties
Are you planning on telling the bank you are refinancing with that you are no longer going to be living in that property?

Do you realize they will ask you to sign an occupancy agreement stating your intentions?

Do you understand there is more risk to the bank for non owner occupied properties?

Do you understand that if you lie to the bank you are committing fraud?

Do you like the color orange and don't mind eating your meals in large halls?

Think about it!
  • June 20 2012
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Profile picture for sunnyview
I would probably wait until the refi goes through. You also might want to read your mortgage paperwork upfront to make sure that you will meet the any owner occupancy clause in the contract.
  • June 20 2012
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Profile picture for wetdawgs
If you are signing a document saying you are intending to use the home for your primary residence and aren't planning to do so, it is called fraud.    Why not be upfront with your lender and move forward without committing fraud.

  • June 20 2012
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Profile picture for Ofe Polack
Wetdawgs has a way with words....he tells it as it is!   Be careful, read your documents well so that you will have no regrets later on.
  • June 20 2012
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