This weeks puzzle.—
I wrote an offer on a Fanny Mae Forclosure for my client. It is indicated by the Checked Box in the California Association of Realtors Contract I used, that it is to be an FHA loan with 3.5% down as specified in the the contract (obvious to most) . The contract is specific. Earnest money deposit, offered price, loan amount, balance of the purchase price (not costs of obtaining loans and other costs) in the amount of __$__ to be deposited with the Escrow Holder within sufficient time to close escrow. and then offered price again.— So the seller— Fannie Mae— writes in the counter offer a higher price than my buyer offered which is typical if the seller does not like the offered price. — But then— probably not being too good at math or not knowing how real estate contracts actually are to be written, or may just have had a bad day at the typewriter.—Typed in and filled in the blanks in their own Pre-Printed form— and kept the buyers loan amount the same yet the price was higher.— So it was substantially more than the 3.5% down loan program the buyer is doing.—Duh— So besides the fact I feel for the listing agent (who’s a nice person, good Realtor and good communicator) that is working with a seller who appears they had a bad day when trying to counter this offer by typing in the buyers loan amount—which is just bizarre anyway (because it says, and I quote “the purchaser shall apply for a loan in the amount of $$$ (I am not telling). —-I think you get my point anyway—Their generic counter offers also have no place to indicate there will be another counter offer in case the buyer does not agree with the terms.—It seems pretty obvious they do not counter. —Fine—as my client said, let them keep it.— I have never in my real estate career seen any seller tell the buyer what their loan amount is to be.—Purchase price yes—but buyers loan amount??? —So, as Steven Tyler said in a song I like—”Get a Grip”. —
Buy Buy Now.