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Old 11-12-2013, 03:41 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,917,223 times
Reputation: 3939

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Quote:
Originally Posted by homesweethome4 View Post
Thanks for the advice! (Qualifications on what you said were intuited ).This is what our realtor suggested as well. We just are trying to figure out exactly what we feel comfortable with and would ensure that if we had to go to sell it in 5+ years, we would not lose money if we overpaid for the neighborhood. The $30,000 increase in price over the past 2 years makes me a bit worried.

For limiting the contract contingencies, she said it would be wise to keep only the following:
-Subject to appraisal (I think our lender would require this anyway, right?)
-Subject to pest inspection
-Subject to financing at xx-xx% rate (in the unlikely event rates go up)

...anything else you think we should make sure to keep as a contingency without them fearing we'll nickle and dime them?

Forgot to mention - we got a copy of the inspection report from when the current owners bought 2 years ago. Looks pretty good, except that the inspector couldn't get to 30% of the crawl space because there wasn't enough clearance. Would this be something to bring up as a contingency, before the offer, not at all?
For most buyers, I would say NEVER buy a house that you have not had inspected by a qualified inspector. While the seller may not want to fix everything you find, you need to know what you are buying, and you need to be able to get out of the purchase if significant issues are found that you didn't know about.

The two year old inspection report is not sufficient. Two years is a long time, and much could have happened. Pay for your own.
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Old 11-12-2013, 03:45 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,917,223 times
Reputation: 3939
Quote:
Originally Posted by homesweethome4 View Post
My firsts inclination is to pretend like I get it so I don't sound ignorant...but... I don't get it Does PITI=mortgage payment?
PITI means Principal, Interest, Taxes & Insurance
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Old 08-25-2015, 05:53 AM
 
2 posts, read 1,223 times
Reputation: 10
My question is whether this is legal. Can an employee of the seller's agent buy the listing?
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Old 08-26-2015, 04:40 PM
 
8,412 posts, read 7,411,371 times
Reputation: 18334
Quote:
HE PRICE The home is, however, seemingly overpriced, even given the added ‘value’ of the Mr. Rogers neighborhood we like. $300k when the home sold 3 years ago for $270k. No improvements done, just maintained it very nicely.
In some markets, only a $30,000 increase in price would be under pricing it. In some others, it may have declined in value. What the property sold for in the past, and what it may sell for in the future have nothing to do with the current market value. Forget what the owner paid for it.

What the home is worth, is what the current market value is. That is the only thing that counts.

If they are holding offers to review all of them this coming Friday, is an indication there are offers already made and some of them may have contingencies that are not as good as others. Some my be at a lower price. Some may be for hard to acquire loans. Some may be contingent or selling a presently owned home, etc.

This is not an unusual situation, and the sellers will select the offer that best fits their personal situation.

If you like the home, make your offer. Use as few contingencies as you possibly can. The clean contract is the one usually accepted. Use as close to offer date for a closing date, as you and your agent feel it is possible to accomplish as this is often the contract that is selected if the owner wants a quick closing. Don't make a real low ball offer, as this will not be accepted if there are other offers.
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