u/NeemieFlo

Someone please help me. My husband and I are so frustrated. We are trying to buy in a VERY competitive market in Connecticut. We are looking for houses that are $350k-$400k. We've seen quite a few already and have made 3 offers so far. Each time, we always beat out. Our down payment isn't special, it's like 7%. First house we wanted the winning offer waived inspection (and their over asking price was $1k less than ours). We offered $15k over asking. Second house the listing agent just said it was because of the "overall terms", so we're thinking maybe those buyers also waived some contingencies or something. That one we offered $30k over asking. The third one we offered $25k over with making the inspection pass/fail and we were beat out with a higher offer with that one.I am genuinely feeling so hopeless. WHAT IS THE TRICK! WE NEED A HOUSE SOON WHAT DO I DO TO MAKE THIS HAPPEN!!! I get money talks, but what's frustrating about this market is that we have the money to buy, but we DON'T have the money to go over asking by a million dollars. We are going over and it's just not enough.

Submitted our offer yesterday for 30k over on a $350k house, which personally I think is more than enough - it is a rather small house. I see today on the listing that they want highest and best by tomorrow. We are putting 10% down. Obviously it's up to the seller what they want, but my realtor asked me what I wanted to do about this highest and best by date? Is it with it to offer more? Should we stay steady? I don't want to waive any contingencies. We love the house (like I mean LOVE), but I do think what we offered is what we feel is worth it.

I just want to see if I have this even remotely right…

We were pre-approved for a loan amount with a 95% LTV ratio. Hypothetically, let’s say we offer $380k on a $350k house (30k over). The appraisal comes back at $350k. Because we were preapproved at a 95% LTV ratio, the max loan we could get would be $332.5k. We are putting $30k for a down payment. So that does shake out to be:

$380,000 (offer) - $30,000 (down payment) = $350,000

Home appraised for $350,000 - $332,500 = $17,500.00

So the gap would be $17,500 we’d cover in addition, correct?

If someone could let me know if this is even at all right or if I’m even at all in the right line of thinking? I’m actually terrible with math and am having a horrible time wrapping my brain around this. I feel like I’m back in school doing a word problem.

We have good income and a well funded emergency fund, just not as much saved for down payment. We would have no issues financing the loan or being approved by the bank because our credit scores are amazing and our finances are in order, but of course the seller doesn't know that and maybe we're jumping the gun too early. Would prefer to move sooner than later, but wanted to see if there was any real current experiences anyone has had purchasing a home with a lower down payment.

Just as the title says. We love everything about this house, but solar panels are leased. I don’t know the terms or anything yet. Was just wondering what our options are with a lease as the buyer. Can the sellers somehow get out of it? Should we negotiate lower price? Should we even touch this house with a 10ft pole?

We are first time homebuyers and were recently pre-approved for $425k with $21k down (we want to put 30k down though). We both have VERY excellent credit scores, both around 800 (it's like 803 or something). Like I said, never owned a home before. No debt. We received an interest rate of 6.6% and we've only gone to one lender so far. I just wanted to put this out for fun to see if this all seems normal? We've never done this before, so any advice would be great.

I don't know if I'm being unreasonable, but I feel like it's like pulling teeth to get our mortgage lender to do anything for us. We just started this whole process a few weeks ago. We reached out to a recommended real estate agent who pointed us in this lender's direction. We spoke with her almost immediately and she was so nice and accommodating. We filled out the pre-approval application and she said she'd be in touch. I had a couple questions the next day that she answered right away via text. Then about a week goes by and we hear nothing from her. I text her that Monday, she doesn't respond. On Wednesday I call her. She says she is in a meeting and can she call me in an hour. I say I can't talk at that time, but can a half hour later. She says she can't do the rest of the day and proceeds to give me too many details about her person life. We agree to talk the next day. The time comes and goes, so I call her 15 minutes after our scheduled talk time. She tells me she forgot she had a dentist appt! We FINALLY connect that day, which was this past Thursday, and she says she's going to send over the details of the pre-approval - which, she still hasn't!!!!!!! So all in all it has been exactly 14 days since we reached out her and we have not one single thing from her. Am I overreacting? I'm this close to finding a new lender - would you do the same? I don't want to be rude, ya know? I just want to start looking at houses!!!!!