All Forum Posts by: Nellys Flores

Thanks to all for the feedback, let me answer some of your questions:
Jon, there bank owned properties in great conditions in an era of Northern Subs of Chicago, and you are right the argument is that appraisals are low and very demanding, but honestly I'm still surprise that the banks prefer to keep waiting, I guess is their prerogative. I would like to know how many people is out there with this situation because is frustrating you have the financing and your are being ignored. Barry I agree with you I will keep trying I guess I will get one property. Chris is crazy out there I jumped into the market very excited thinking I will get anything I want and there are many out there outbidding me as well that's the other situation, besides getting rejected is if I get consider the next thing is being outbid, is funny in the last 3 weeks I make offer to houses that never got and offer I submit mine and when the house is contingent the bank got more offers. I'm trying to be patient, now that spring is coming I think as a buyer I will have more options.

I would like to this Forum to understand how big of a problem is my current problem, I'm trying to buy a second property and turn the current one into a rental, I have an FHA loan, I presented 4 offers to 4 diferent properties and all the offers were rejected by the respective banks because " they do not want to deal with FHA, loans. Which triggered the following questions:

1. What is wrong with FHA loans
2. How is possible that bank with a property sitting in the market for 357 days in the market still prefers to reject a full price offer just because is FHA?

I would like to have an idea of how big this problem is and how many people may be affected by it.