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I'm confused. What were the terms of the contract that you went under?
Their asking price of $179,500 plus a seller's concession for closing costs of $6K. Total = $185,500.
Sellers are not paying my closing costs--it's a just way to roll them into the mortgage. But the appraisal came in at $180K, so that basically kills the closing-cost thing. With the down payment, the mortgage with the closing costs included would be almost 100% of the appraised value, and the bank isn't doing that these days.
I am so glad I found this topic. Me and my husband are about to move for a job he got in Maryland and we just put our home up for sale and I honestly am a nervous wreck!! I hear the sales here in Alabama have really dropped off. We bought our house for $129,000 w/ 1680 sq ft and on 3.82 acres of land and it also has a 900 sq ft barn. It has been completely remodeled in and out, we are asking $144,000 for it but our realtor thinks we may have to come down to $132,000!! We are just completely shocked! Is this the new norm? Please tell me there is hope for a sale within 6 months
We are kind of in the same boat although we are in GA (west Atlanta burbs). We have a 4/2 1/2 -- 2800 sq ft with an unfinished basement -- a 3/4 acre lot on a cul de sac. However so does everyone else around We too are really really worried if we have priced it right and if we will even get any traffic now that credit has expired. We are moving to coastal NC so prices there are higher for less (close to the beach) house too. But DH needed a job and the jobs just aren't here in the ATL for engineers.
Their asking price of $179,500 plus a seller's concession for closing costs of $6K. Total = $185,500.
Sellers are not paying my closing costs--it's a just way to roll them into the mortgage. But the appraisal came in at $180K, so that basically kills the closing-cost thing. With the down payment, the mortgage with the closing costs included would be almost 100% of the appraised value, and the bank isn't doing that these days.
Maybe if you are that short on cash you should postpone buying a house until you have enough money to pay them outright. It's pretty hard to roll anything into a loan when you are only putting 3.5% down unless the house is being purchased for less than market value.
Maybe if you are that short on cash you should postpone buying a house until you have enough money to pay them outright. It's pretty hard to roll anything into a loan when you are only putting 3.5% down unless the house is being purchased for less than market value.
Well, yeah.
As I pointed out already, and in keeping with the thread topic, I was doing it at this time to take advantage of the tax credit, and based on info we had at the time, it did appear that this unit was being offered at less than market value so I took a shot. However, there were several recent sales since I began the process, and the comps are now lower than they were when I started looking at this complex.
If the seller does not agree to the reduction in price, I will not take that risk again and will continue to rent until I can stash more to cover closing costs.
I guess you will see how badly the seller really wants to sell.
Exactly. And I'm a believer in "if it's meant to be, it will be..." so I am prepared either way. Except that I'm not quite sure where I will be living after the next month or so, lol. But there are options.
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We too are really really worried if we have priced it right and if we will even get any traffic now that credit has expired. We are moving to coastal NC so prices there are higher for less (close to the beach) house too. But DH needed a job and the jobs just aren't here in the ATL for engineers.
