I’ve been working with a family trying to purchase their first home. They don’t have high expectations on the quality of the home. They just want a basic home and are willing to put some work into it. Unfortunately, they are competing in a price range dominated by bank owned homes and cash investors. Every house we have an interest in has multiple offers within days of coming on market. They are further handicapped by requiring an FHA loan. Besides less attractive to the banks than cash, many of these homes are in need of repair, and unlikely to pass an FHA appraisal inspection.
We’ve submitted a good dozen or so offers so far. Most times we are lucky to get an acknowledgment that the offer has been received, let alone an update to let us know if the offer was declined.
We keep plugging away and hoping for a hit. We are running against the clock though, as like many, my clients want that $8,000 tax credit. We need to have an offer accepted by mid-October to ensure we meet the December 1st expiration deadline.
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