Seller declines FHA offer
Hello all!
Quick question! I am newer than brand new in real estate investing. Actually, I have not even dove in yet. The reason...?
My wife and I are trying to secure our personal and permanent residence first (And I am ignorant on real estate right now.)
To the question... We put an offer in for a house and we are going FHA. The sellers declined our offer BECAUSE it was FHA. Pardon my ignorance but what are all the reasons a seller would decline a FHA offer?
Thank you for any and all responses!
Most Popular Reply
If I receive any other viable offers, I always decline FHA offers, even when the condition is rehab perfect. In my areas FHA loans are the least likely to close. When they do close, they are slowest and the inspections the most nit-picky. Also, I typically receive cash over appraisal amount from other buyers. I'm in an active market that is still a seller's market for most things under $250K. If our market changes and I had no non-FHA offers, obviously I would work with those. Until then I take the highest, best offers from buyers with easier loans to close.
If you're going FHA you need an agent and mortgage broker that really go to bat for you. And that will steer you to properties where your loan will close.