Crushed Walnuts – I can’t not get you that.

My father used to tell a story that I enjoy telling my grandkids. It was about a retired man that went into an ice cream parlor, sat down, and ordered an ice cream sundae.

“How would you like that?” asked the waiter.

“Well,” replied the man, speaking slowly and carefully, “I would like vanilla ice cream covered with chocolate fudge syrup, cherries, some sprinkles, a cut banana, and whipped cream.” he offered. “But what ever you do, please do not put any crushed walnuts on it.”

“Yes sir!” replies the eager waiter.

A moment later the waiter returns to his customer to report, “I’m sorry sir, we are out of crushed walnuts, you will have to have your sundae without something else.”

Ice Cream Without Something Else

Ice Cream Without Something Else

I can’t not get you that……

I thought of this old joke yesterday, while I was showing a house to a retired couple that we are selling for the bank.  It is an ideally located home at a T intersection of tow wide canals, a block from open water, and in a neighborhood of renovated homes that are well manicured and attended to. This particular home stood out like to proverbial sore thumb.  Most of the houses had been improved, but this house had all the right things wrong with it.

My potential buyer and his wife were looking at the home with an eye to renovating it.  His wife  told me she would be buying this home without any financing. I almost said to her, “I can’t not get you financing, (I can’t not get you that) you will have to buy it without something else.”  But I just smiled and told her that I felt sure this house would go quickly for cash.  (most of our REO inventory  sells for cash).

Financing foreclosed homes (REOs – Real Estate Owned by the banks), while not difficult for end users with good credit, does make it difficult for the purchasers to compete on sought after homes like the one mentioned above. Banks selling these homes much prefer the certainty of a cash deal.  The financed deals not only take more time, but are dependant on appraisals and credit checks which are capricious at best. Some homes also will not qualify for certain financing (Like FHA), or will not be sold to end users by some banks (those suspected to have defective drywall, for example).

I will say that the Homepath Financing options offered from Fannie Mae has helped us overcome many of the financing issues we have had in the past – particularly with our Fannie Mae REOs.

The benefits of Homepath Financing include:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings, a gift, a grant, or a loan from a nonprofit organization, state or local government or employer
  • No mortgage insurance
  • No appraisal fees
  • Also eligible for HomePath Renovation Mortgage
  • HomePath Mortgage financing is available from a variety of lenders.

Folks, whether it is with financing or cash, we can help you in your quest for your first home, your retirement home, or your investment.



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