House offer. Did I make the right decision? (mortgage, insurance)

[bige723]

I submitted an offer on a house not asking anything off the asking price. The reason for that is they have already lowered their asking price by $10K in the last 3 months and I saw what some of the houses in the neighborhood have been selling for. My only offer is to ask the seller to pay the remaining closing cost less my earnest money and also home pay for the home insurance. My agent said that somebody had also inquired about the house but we are in a better situation because the other bidders still have a property to sell. Did I make the right decision or did I fall into the sellers trick?

[KsHmLok8r]

Just curious if your agent advised you and gave you the comps for the neighborhood- or surrounding area. As an agent, I pride myself in making sure my buyer's are educated and informed before putting anything in writing. Buying a home is a big deal, not just pocket change. Buyer's remorse is typical, although in today's market it is not unusual for Seller's to be lowering their price and then accepting less than the lowered price. Depending on the Seller's situation (they may be desperate to sell or they might have two mortgage payments), a Buyer has an opportunity to get a good deal. And we ALL want a deal If this was THE ONE for you, than I think it was worth what you paid. Even with all the houses on the market, it is hard to find THE ONE.
I hope you are happy with your new house and everything works out great!
-Keri Janda

[jazztrumpet5]

If you did a bit of research and checked out what the price of similar houses in the area are, and feel that you're buying at a competitive price, then I wouldn't stress over it a whole lot. A couple thousand dollars doesn't really yield a ton of different in the monthly payment. If you thought that someone might yank the house out from underneath you, it's good to give a good competitive offer, so long as you loved the house and knew you wanted it.

I'd make sure that you find out why it was lowered and have an inspection. If all that's cool, no remorse necessary!

[bige723]

Thank you both for your response, my wife and I are happier now that the seller accepted my offer. I really made it easy for them. Now we're just waiting to close on the house and I will be owning my first home after 12 years in the military. I got the inspection done today and it was money well spent.

[Torn2pieces]

When I sold my house in Kansas the couple who bought it offered full asking price, less 1000.00 in closing costs. I took the offer fast. So, some do offer the asking price or just under it......

I don't think anyone can say if you did the right thing or not. As long as your happy, that's all that matters.

The house I"m living in now, we offered a few thousand under asking price - between our offer, the "bank" which owned the home dropped it down 11k, so we really lucked out. We gave them what they were asking....So, I did pay full asking price on this current house.

Good Luck - and congrats!!!!

[Mathguy]

I paid pretty much the asking price for my current home as they too had just reduced it. Based on comparables it was a fair deal so I jumped on it and that was that. Sounds like the same situation.

Bah, enjoy your house and don't agonize over it. :-)