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2 bidders enter, one shall leave

MaguanoMaguano Registered User regular
Hi all, I'm in the not so envious position of selling my parents house. Long story short, there are 2 bids on the house
the original bidder is now the high bidder (after counter offering), but is coming in with 0% down VA loan
The second bidder is coming in with an FHA loan and a down payment, but the bid is lower, (about 5k lower or about 1.5% of the current bid).

The thing is am I crazy for going with the lower bid? The lower bid would be moving from an apartment, (and has 2 small children) which means they have the pulling-on-the-heartstrings vote...and in the grand scheme of things, 5k isn't that much...

ah the joys of getting old

steam:maguano2
gamertag:Maguano71
3ds 2853-1334-6215

Posts

  • bowenbowen How you doin'? Registered User regular
    Are you crazy? No.

    Does it make financial sense? ehhhhhhh Not really.

    But sometimes we do things that don't make much financial sense because it makes us feel better.

    Ladies.
  • JasconiusJasconius sword criminal mad onlineRegistered User regular
    it barely makes a difference. pick who you want. the loan type is for your realtor to worry about

    CambiataMrTLiciouskimeschuss
  • tinwhiskerstinwhiskers Registered User regular
    5k breaks down to

    4700 for you - are you the sole beneficiary?
    150 for your realtor
    150 for theirs

    If I was your realtor I'd be a bit annoyed at losing out on that $150 esp since if you are in the offer-counter offer stage that is a bit of extra work for them.

    And IDK if I'd pass on 4700. You could. You could also take the 4700, and give the lower bidder $1k. Or hell give them all of it.


    And I mean its not like the person with the VA loan is some undeserving spoiled brat or something. They did serve. Heck I might go with them just to avoid any questions on why you turned down a higher offer from a veteran. Sounds like housing discrimination to me.(I kid...sorta)

  • MaguanoMaguano Registered User regular
    i am not the sole beneficiary, but I do have the final say in this matter.
    I'm more concerned that the FHA loan bid will have an "easier" time with the appraisal part as we are trying to sell this as is, and with the VA loans "stricter" in their appraisals, we are handcuffed in what we could say we don't want to fix (if there is anything needed fixing).
    And not once did I say anything about the first bidder not being deserving/undeserving it due to their veteran status...

    steam:maguano2
    gamertag:Maguano71
    3ds 2853-1334-6215
  • bowenbowen How you doin'? Registered User regular
    FHA, in my experience, is far more strict than VA.

    Ladies.
    DevoutlyApatheticEnc
  • DevoutlyApatheticDevoutlyApathetic Registered User regular
    Yea, I don't now about VA but FHA doesn't fuck around.

  • GaslightGaslight Registered User regular
    Maguano wrote: »
    And not once did I say anything about the first bidder not being deserving/undeserving it due to their veteran status...

    Nobody's saying you did. I think tinwhiskers was just giving you another way to look at it he thought you might not have considered and that could be helpful, since the personal/emotional aspect of it seemed to be complicating the decision for you.

    bowen wrote: »
    The bacteria in your poop exist everywhere.
  • mtsmts Registered User regular
    As someone who sold his house to someone with a VA loan I would be wary. it took forever for it to go through and almost screwed over our new house purchase However, if the loan is fully approved then yea, go with it.

    camo_sig.png
    Aioua
  • amateurhouramateurhour One day I'll be professionalhour The woods somewhere in TennesseeRegistered User regular
    edited April 2016
    Yeah VA loans have a stricter appraisal at least in TN than FHA loans. I know this because I bought a home through FHA and my friend bought a home through VA at the same time and he got a $500 appraisal that pointed out every pinhole in the walls and I got a 30 minute walkthrough.

    Personally I think you're not crazy, I'd go with the FHA if you're looking to sell as-is and they're cool with the things that need fixing.

    amateurhour on

    Arch wrote: »

    I never expected this burn from captain bushmeat
  • MaguanoMaguano Registered User regular
    thanks everyone. I told the realtor to see if the 2nd couple would match the current offer. I'll see what they come back with.

    steam:maguano2
    gamertag:Maguano71
    3ds 2853-1334-6215
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