All Forum Posts by: Eddie Davalos

I just helped a client using an FHA 203(k) in a multiple offer situation. It's doable.

A couple of things to consider:

-Look at properties that have been sitting on the market. Anything over 2 weeks can be considered a long time.

-Have your agent be on the details and have great, upbeat conversations with the listing agent. I can't tell you how many times that has worked for me when representing clients.

-Think outside the box for properties. Are there properties with weird floorplans but could make a great house hack? Is it on a busy street but you could hedge it for privacy?

-Why are you going FHA? If you have good credit, show that to the listing agent? Many listing agents suck and think FHA=unqualified. Show that you are qualified.

-Have your lender call the listing agent directly to explain how well qualified you are and to address any concerns the listing agent may have.

It's doable, just requires a little more effort (which others have stated on this thread).

I agree with FHA loans needs a bit extra umpf (however you spell it) to get the offer accepted. Even without the inspection, which most people waive nowadays so its sort of a standard and not a bonus, you still need to get a good appraisal report. There could be deferred maintenance on the property that wouldn't be an issue with conventional financing but the FHA appraiser would want it fixed. I've financed a lot of deals in Cleveland and it seems like that would be the biggest issue. With all that being said, it can be done with the right strategy and team willing to do what it takes to get the deal to the finish line.

 Cut out the information only inspection. Your offer is either contingent on an inspection or it's not. Saying to the seller, "it's not contingent on an inspection but I want one anyway" translates to "my word means nothing. I will back out of this offer despite what the contract says."