Property Specific Letter

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  • #30695
    TRW2294
    Participant

    Tim, this one is mostly for you.

    Today the price on a house was dropped and now fits in the amount we were qualified.
    We want to hurry and put a offer in so that it doesn’t get gone at this new price.

    Do we have to have the property specific letter before we put in an offer? or can we go ahead and put in verbal offer and wait for the letter then. this way we will have an offer accepted and will have the Property specific letter when we actually sign a the contract. This house was dropped 15k, and we really want to jump on it before anyone else does.

    Thanks

    #30696
    TTrumble
    Member

    Hello TRW2294,

    I did a quick consultation on this one because we generally don’t recommend that you make the offer without a property specific letter.

    However, if you think the property will get away from you if you don’t move quickly, have your real estate agent run the numbers to make sure it will fit within your price limit. It doesn’t matter how obvious it may seem, have the agent double check for you.

    If the agent agrees that it’s within your affordability, you can go ahead and make the offer. You’ll need the letter before you sign the contract, but you can at least get your foot in the door.

    Let us know how it turns out for you. Merry Christmas!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #30697
    TRW2294
    Participant

    Great, Thank you Tim,

    I have already emailed my MC to get the property specific letter however she is not in the office today. I have run the numbers several time as well as my agent and the house is actually under 5k of our qualification amount on our qualification letter. We will put the verbal and wait for the letter to actually sign any offer.

    Also is my MC the only one who can provide me with the letter? or would there be someone else in the office that may be able to do so?

    Thanks again! and Merry Christmas

    #30699
    TTrumble
    Member

    Hello TRW2294,

    You won’t be able to get the letter before Monday anyway since our offices are closed tomorrow and of course Friday.

    if your MC is still out on Monday, contact the office manager to seek help.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #30708
    TRW2294
    Participant

    Thanks Tim, for your response, We actually received the letter on Saturday, my realtor had a good contact at NACA!, Our offer was accepted this morning and we now have inspection scheduled for Wednesday.

    This feels so amazing!!!!!!!!!

    #30709
    wwal0327
    Participant

    Congrats TRW!!!

    #30712
    TTrumble
    Member

    Hello TRW2294,

    That’s great news! Yours will be a good test of our efforts to have a 28-day contract-to-closing period. With the holiday though, let’s give it 30 days.

    That would make our target closing date January 27th. Okay everybody, let’s see how it goes!

    TRW2294, please make sure to keep us continually updated!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #30714

    Congrats TRW! I know you have fought so hard for this, and am glad to see that things are moving along for you!

    #30716
    TRW2294
    Participant

    Thank you missprissy2015, you are correct it has been a long road, but I can honestly say it was all well worth it!

    Tim,

    I would love to close in 30 days! we put 45 days on the contract just to give us some extra time. From the walk through that we did the house doesn’t seem to need any repairs but we will leave that up to the professional on Thursday!

    However I did notice on the right side of the house towards the bottom, there was a small whole in the siding, looks like someone was mowing and hit a rock and the mower threw it into the siding. the whole is maybe the size of a tennis ball, Does anyone know if Naca would require this to be repaired? or would this be more of a cosmetic fix? since it is at the very bottom, I don’t think it is hurting anything.

    Thanks

    I will keep everyone updated with my progress.

    #30741

    I received my PSL back and noticed that my MAX desired monthly payment amount was not included (the minimum was), thereby reducing my qualifying purchase price. Questions:
    1) is only the minimum monthly payment amount available for the PSL? Or can that amount change?
    2) To potentially requalify, I am filing my 2015 income tax return and excluding any business loss to increase affordability. I see that my federal tax liability will be +/- $7,000. Will this $7,000 tax liability reduce my affordability as did my 2014 business loss?
    3) Since the income tax payment due date is not until April 18th, will deferring the payment cause problems?

    #30771
    TTrumble
    Member

    Hello Determinedtoo,

    The Property Specific Letter, is just that, specific to the property on which you want to make an offer. It has no relationship to your max qualification amount other than it must be at or below your max amount. The figure quoted is based on the selling price of the home and may not be greater than the asking price.

    Your affordability is based on your income for the year and a tax liability will not affect that amount. What deferring the payment will do however is stop you from proceeding any further in the process. An unpaid tax debt can easily result in a tax lien on the home, so you will not be allowed to proceed any further in the process until all tax liability is paid.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 5 years, 1 month ago by TTrumble.
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