refusal to acknowledge offer

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  • #72874
    hilary
    Participant

    Has anyone experienced a seller refusing to acknowledge an offer (over asking price) because they did not understand the NACA product? My realtor said the seller of the home I really want may not take my offer “seriously” because it is not a product they recognize and therefore do not feel comfortable with it. Especially the wording that it is 100% financed (rather than a stated amount for the down payment). I said what does it matter to the seller as long as they get the agreed-upon amount. (Granted I’m just a teacher and not well versed in the intricacies of real estate). My realtor appeared to have a hard time articulating why this may be a problem and I’m left with the conclusion that either I or the product is being discriminated against. Or I’m just too emotionally involved and need to try for another house!
    Thank you for any help/advice/thoughts you may have.
    Hope everyone is well!

    #72875
    dayna
    Participant

    I’ve seen this a lot. Either NACA has a bad reputation in the area or that the seller has never heard of NACA and their afraid to take the offer. Unfortunately, you can’t force someone to take the offer it’s not discrimination, because they are not making the decision based on your source of income … I’m awaiting my ATD even in Jan, but have paying close attention to people who are in the home shopping process.. some are including personal bios with their offers , or marketing it at 100% financing from BOA, instead of NACA (though I understand the paperwork with say different). And it seems both tactics were successful

    #72876
    Nelsont
    Member

    Agreed. Without understanding naca they are assuming the typical underwriting process in which a larger down payment equals a greater chance of approval. They see 100% finance and think 100% waste of time to accept the offer and wait for your denial (which wouldn’t occur).

    #72877
    hilary
    Participant

    Thank you for your response. It’s troubling because I feel the Property Specific Letter really should give the seller confidence. It’s so frustrating after going through an almost nine-month process to become qualified, that this is what halts me. :/

    #72882
    purdynerdy
    Participant

    I’ve had offers ignored because the seller didn’t want to deal with late closing. However, if they are completely clueless as to what NACA is, your realtor should really be selling and explaining the NACA product to the seller’s agent.

    Do you have an in-house or outside agent?

    #72887
    Breyestrue
    Participant

    I can not get anyone to accept my offers even when it’s explained that it is 100% finance like some other programs they are either unware or discriminating against NACA or NACA has a bad reputation. I think the program is great but may have to look at other loan products. The fact that it is currently a sellers market doesn’t make it any better. For six months I’ve been looking and have put more than 13 offers in only one was excepted and then the buyer backed out because of the hands requirements. With all the paperwork and requirements we go through to get approved you would think it gets easier. NACA may want to do something so their clients do not struggle in “Achieving the dream”

    #72889
    dayna
    Participant

    I saw a post from another NACA participant that said she was able to waive the repairs because she had the funds in her account to cover the estimated she received. Would you be able to do that ?

    I’m trying to purchase a co-op in NYC so I know I’ll have a problem trying to get out of the 20% down requirement . I hope that if I show I have the funds, I’m just not required to pay them because of the 100% financing that my offer(s) will be accepted.

    #72892
    hilary
    Participant

    I have an outside agent but she took the class. Really worried about missing so many opportunities.:/

    #72901
    dreamhome2
    Participant

    I have had this happen. I purchased a home through NACA in 2014. The first house I put in an offer on, the seller said that they were not going to deal with NACA because they had seen so many bad reviews and did not want to waste their time. My realtor said that she had this happen a few times because of bad reviews. I ended up purchasing in the same subdivision and got an even better house. I just sold it and am going through naca again for a larger home because we have outgrew that one.

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