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Old 07-16-2013, 06:23 PM   #1
Slug
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Can't seem to buy a house looking for advice

The wife and I have saved up like crazy in order to get a conventional 80/20 loan. We've put in 39 offers in the last 6 months and have had 39 rejections. We are even offering over the appraisal amount but can't seem to get anything going. Any advice from recent home buyers out there would be greatly appreciated. Thanks.
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Old 07-16-2013, 06:37 PM   #2
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Re: Can't seem to buy a house looking for advice

that sounds insane. whats the rejection reason besides being outbid?
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Old 07-17-2013, 08:33 AM   #3
SDDiver5
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Re: Can't seem to buy a house looking for advice

Are you using a realtor?
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Old 07-17-2013, 02:26 PM   #4
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Re: Can't seem to buy a house looking for advice

I have been looking to buy a house since October of last year. I don't quite have the same financial power that you have for the 80/20 loan, but I have more than the 3.5% required for FHA and I have had similar results

I put in roughly 10 offers. My favorite rejection came when I put in for a town home in Del Mar. I offered a generous amount above the asking price and my realtor said after talking with the selling agent that I had a good chance. Well I got a call later that night and my agent said the sellers had accepted an offer that was all cash from a realtor working on the behalf of a gentleman in China that never laid eyes on the house. Not even a chance to counter.

Things are tough, and I admire your tenacity. I have given up for the time being. With interest rates still low, despite the recent increase, and inventory being as low, some online articles saying as low as 2 months inventory, it is just too competitive right now for my taste haha.

Good luck, I wish you and your wife the best going forward!
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Old 07-17-2013, 05:05 PM   #5
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Re: Can't seem to buy a house looking for advice

I live in the Northwoods of Irvine. Right now, we have realtors knocking on our door almost every day asking if we would sell. I always say yes, but they get all pissy when I tell them I am just renting the house. There are more buyers than sellers for our area. Houses that do go up for sale, are going in days and from what I hear they are going mostly to foreign investors with cash.

Good luck man, I really do feel for you. There are lots and lots of articles out there discussing whether it is best to rent or buy. Renting makes a lot of sense. Personally I don't see the value in the homes in SoCal. I just can't understand how any of these houses are worth what they are selling for.
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Old 07-17-2013, 05:22 PM   #6
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Re: Can't seem to buy a house looking for advice

Are you pre-approved for a loan?
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Old 07-17-2013, 05:27 PM   #7
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Re: Can't seem to buy a house looking for advice

work directly with the listing agent. if they can double end it they will be more likely to recommend your offer to the owners.
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Old 07-17-2013, 06:16 PM   #8
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Re: Can't seem to buy a house looking for advice

My buddy Jeremy is very smart and very generous with his time. For a serious conversation about your situation I would contact him. This is his company:
http://www.cosinere.com/

Good luck.
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Old 07-18-2013, 02:27 AM   #9
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Re: Can't seem to buy a house looking for advice

Funny how things go. A couple years ago they couldn't give houses away.
Now everything is over asking with multiple offers.
I second the advice of working with the listing agent. The listing agent double dips and become very motivated.
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Old 07-23-2013, 09:51 PM   #10
jhill528
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Re: Can't seem to buy a house looking for advice

So here is my recent story for perspective. My wife and I like you had the 20% down and we wanted to buy a house in Camarillo. We started looking last July and the first house we put an offer on we offered $13,000 more than asking price. That house had 10 offers in the first day on the market. In one week we found out that they accepted our offer and it was up to the bank since it was a short sale. Months went by and we heard nothing else so we kept looking. 5 more offers and they were all rejected. Then in December we were told we got the first house and we would get the keys b Christmas. Two weeks later we found out that the bank screwed up and they did not review all the loans on the property. We then had to wait until March before we got the final paperwork and the keys. 8 months from start to finish. So hang in there dude, it will all be worth it. Do not be afraid to offer much higher than asking price because those damn cash buyer are a pain in the ass! Stick with it and it will all work out.
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Old 07-24-2013, 01:10 AM   #11
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Re: Can't seem to buy a house looking for advice

Camarillo is a nice community with great weather.
Congrats!
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Old 07-24-2013, 01:36 PM   #12
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Re: Can't seem to buy a house looking for advice

Best piece of advice I can give: contact Thelma Silebi
619-885-1250
Thelma@silebi.com

I can almost guarantee she can do some things for you that will get you over the hump. I don't normally post referrals unless I believe in them 100%. She is the wife of a fellow spearo to boot.
Good luck!
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Old 07-25-2013, 08:00 PM   #13
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Re: Can't seem to buy a house looking for advice

Thanks guys, and thank you for the PMs as well. The hunt continues!
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Old 07-26-2013, 12:38 PM   #14
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Re: Can't seem to buy a house looking for advice

I'd say just keep trying. The wife and I were looking for a house in Santa Barbara from Aug 2012-Feb 2013....I too had the 20% down like you. In that time i put in about 25 offers and the lowest was $15k over asking and the highest was $60k over asking (all in the $600k-$700k range). We did not get a single offer entertained and most went to all cash buyers well over the asking price. Our solution was to start looking in Ventura about 25 minutes down the road. I figured it would be easier for me to buy a house in SB 5 years down the road if I can stop renting at high rates and get some equity somewhere else. We got suuuuper lucky and found a pocket listing that was going to hit the market in April 2013. Before the house hit the market i was able to look at it and put in an offer...which was accepted. Now we own our first home and are super stoked...just have a bit of a commute which is fine by me cause it's along the ocean the whole way and I can stop and surf on my way to work.

I attribute our success to being open minded and looking a little out of the area, being persistent, and having a kick ass agent that knows the local market and knew of the pocket listing. Plus the house was about $200k less than what were we looking at in SB which means we really don't need to change our lifestyle too much....don't have to cut back on nice dinners, vacations or trips on the boat to the islands.

It's extremely frustrating to know you qualify for a house at a certain price but can't get any offers to stick because of the low inventory and large number of buyers. Working with the listing agent is great advice too. Good luck man and just keep trying...the right one will find you.
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Old 07-31-2013, 05:37 PM   #15
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Re: Can't seem to buy a house looking for advice

My wife and I just got into a home after looking and putting in offers for a year. FHA loan we had, so we had a tough time against the all cash offers. Before you put in an offer, take a good look at the comps in the area to see how much above the asking price houses are going for. This will give you an idea of how much over listing price you should offer. What finally sealed the deal for us in our dream home, ( I never thought we might own a house like this) was a 3 page personal letter to the home owners. My wife explained what has been happening to us, getting beat out by all cash offers, losing to conventional loans that had the same bid price, etc. She let the home owners know, that this house was special to us, that we were waiting to start a family in a neighborhood that was nice and suitable for children. It was a very heart felt letter, and it worked. They turned down an all cash offer that was $5,000 over our offer. Letters can make a huge difference, it makes the situation personal and not just business. Give it a shot on the next offer, it may be the difference between renting and owning a house before the market shoots up.
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