Question on Application Fees and Credit Report

Hey Giovanni,

They shouldn't be pulling your credit to put an offer IN. Only time your credit should be pulled is in the event you are applying for funding, etc.

On the offer you submit with an $XXX$ amount for earnest money. You can make a COPY of a $500 (or whatever amount) check and submit it with your offer. But you don't provide a live check until your offer is accept and you go to sign and accept.

So nothing is in it until it's accepted.

Best wishes,
Jen

of RE agents here are rejecting ppl unless they have been pre-qualified/pre-approved for a loan.

Alright I guess Ill call the agent so we can put in a offer.

I dont know if this sounds right but I feel kinda bad putting in such a low offer but accourding to the Success Academy the Maximum offer Ammount should be $65,876
I feel like im offering to low. The asking price is 90,000

After doing some research and comparables I came to the conclusion the FMV is $86,776

So the math is as follow:

Fair Market Value : $86,776
Repairs: -$2,500
Closing Cost : 3% -$2,600
Holding Expenses -$2,800
RE Agent Fees 6% -$5,000
Profit 10% -$8,000 (this could be lower, 3k to 5k is fine with me)

Maximum offer Ammount $65,876

This is a 2story 3bed 2 bath 1,629 SqFt
Built in 2006

The reason there selling it as a Short Sale, is becouse the husband is moving to another state. The owners dont want to keep the property there not even intrested in walking out with any cash they just want to get rid of the house and move. The issues here is if the bank will take that ammount...

some realtors request that you do have the EM, not just a copy of a check, in an escrow account before they submit the offer, especially for REO and HUD properties.

When looking for a loan, some lenders/brokers will charge you the credit report fee before they pull your credit report- this is suppose to give them your permission to pull your report.

Application fees are paid at closing...

wishing you success

valerie

Your repairs could cost more. Your holding time could increase. There goes your entire profit. The offer is very reasonable.

You have to make money so if those are the numbers, those are the numbers. Don't be afraid to go in the back up offer position. We have plenty of investors getting deals in the back up position. When the property falls out numerous times,a ll of a sudden a lower offer isn't as offensive.

Also, allowing the agent or his/her office to write the offer may help a great deal in getting an acceptance.