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Another Nibble on the House

November 1st, 2014 at 10:03 pm

There was a showing on our house last week where the lookers absolutely fell in love with the place. They have not made an offer yet, but they are trying to get financing. I really hope this is the one. The last one was so disappointing. The biggest problem is people can't get a federal loan for poor people. It doesn't qualify, so people have to go with the traditional financing options which are much pickier.

I would love to get this house sold and not have to heat it all winter on our dime to keep the pipes from freezing. Even just keeping the thermostat on 55 burns through a lot of propane. We haven't had a frost yet so I haven't turned on the furnace yet, but I know the day is coming soon. I currently have $400 in the Propane Fund and will be adding another $100 next week. I also have just under $50 in credit on the account.

When DH comes home I will send him out to turn the furnace on and to make sure all the vents under the house are closed to keep cold air from easily getting underneath it. And possibly to see if it needs a final landscaping for the fall and whether we need to pick up pinecones. The trees release sometime in the fall and it can be quite messy on the driveway.

Anyway, prayers would be appreciated that these sellers are the one and that they can get their financing in order and make a good offer.

Posted in | 8 Comments »

8 Responses to “Another Nibble on the House”

  1. FrugalTexan75 Says:
    November 1st, 2014 at 10:11 pm 1414879897
    1414879897

    Oh I hope it happens this time!

  2. Another Reader Says:
    November 1st, 2014 at 10:50 pm 1414882257
    1414882257

    Since the property does not qualify for the financing most buyers need, that's more evidence that price is the problem. Pricing it to attract a cash offer or a better qualified buyer might be the best solution. At some point the cost of holding this property is going to exceed the cost of a price reduction.

    It's a waste of everyone's time to show the property to buyers that are not qualified. What are these agents thinking? They waste gas and time on chasing a commission check that they will never get if they work with buyers that can't buy.

  3. LuckyRobin Says:
    November 2nd, 2014 at 12:50 am 1414889422
    1414889422

    It does not qualify for a federal loan because of the type of house it is, not because it is overpriced. If it were brand new, it would qualify. We've had 3 separate appraisals done and it is already priced below any of them. Agents show to anyone who asks. They don't often get into financials until it is time for the buyers to make an offer. That's just the way they work. Many folks have been pre-approved but then can't get the actual loan when the time comes because they have done something stupid to tank their credit in the meanwhile.

  4. Joan.of.the.Arch Says:
    November 2nd, 2014 at 01:08 am 1414890505
    1414890505

    I'm putting electric warming tape on one of my vulnerable water pipes. Is that an option for the house for sale? Water left dripping also does a good job of keeping pipes from freezing. I know a house that has not had winter heat in it 25 years, but water left dripping does the trick.

  5. Another Reader Says:
    November 2nd, 2014 at 03:15 am 1414898115
    1414898115

    In your shoes, I would review the comparable sales used in the three appraisals. Are they new mobile homes that got conventional, FHA or VA financing? Are they stick built homes? How many were older mobiles sold with non-conventional financing or for cash? If the comparable sales don't have the same financing problem as your property has, they are not really comparable.

    What you have done is to make your mobile home the prettiest one available. But your buyers can't afford to pay cash and they can't get financing for that nice home. Since nobody bothers to qualify buyers up there, you end up with offers from buyers that want to buy the home but can't perform.

  6. LuckyRobin Says:
    November 2nd, 2014 at 05:51 am 1414907478
    1414907478

    I have already done so.

  7. Ima saver Says:
    November 2nd, 2014 at 07:28 pm 1414956494
    1414956494

    fingers crossed that they are the ones!

  8. PNW Mom Says:
    November 2nd, 2014 at 09:28 pm 1414963682
    1414963682

    Fingers crossed!

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