[Torrid]

Sounds like a total honor system there....I'm sorry, I didn't think that kind of thing existed anymore, lolol. Any time I ever made extra payments, I've not seen it applied to anything but the interest.

Originally Posted by Rapunzll

Torrid, when someone gets a 30 year mortgage and makes extra payments, they can specify that those payments are applied to the principal, so if you are diligent about making extra payments, you can knock your interest costs way down.

[Rapunzll]

Torrid, unless you specify that the extra is to go to the principal, it will be treated as just an extra payment. You have to tell them.

I just went and grabbed my mortgage payment slip and it has spots for the following:
full payments
ADDITIONAL Principal
ADDITIONAL Escrow

The Capitals are as they appear on the bill.

So............. Let's say you go in on Jan 1 and make your regular payment, plus want to apply the same amount to the principal. Unless you tell them that that second sum goes to principal only, it will just be put towards the following months payments and you would just get months ahead in payments while not cutting the life of the loan or your interest much.

IOW- You need to tell them what you want to do with the extra, they can't read your mind. I've been a teller and I didn't have time to!

[R7d61]

[quote=magellan;521161]My point R7D61 is that to ask a group of people how much you should lowball someone selling their home seems kind of slimy. What if you were at the receiving end of this topic? And how would you feel if someone came in and low-balled you? If you've ever been low-balled on anything (selling a car, selling real estate, selling property), there's a certain part of you that wants to punch their lights out (and I'm not a violent guy at all).
QUOTE]


You think it's slimy to ask for advice for about how much(roughly) in USD or precentile how much one should try to cut off for a deal?

People do this all the time with cars, furniture, used items, etc It's pretty common(at least to all earthlings I know, aliens i'm not so sure ) to wheel and deal with people cause the advertised price usually ain't what they want, which is why I asked this question in the first place.

the person who said to think about 44k with 15yr mortage was all the advice I was really looking for or "maybe shoot for 10% off", etc

when I said 30k I was just throwing numbers out there for the hell of it and wouldn't really offer that low of a bid, but just to get the point across I was looking for a range/ballpark figure.

I guess I should have made that more clear from the begining sorry man, But I am definitly listening to all your guys good replies and just to reiterate NO I am not trying to put someone out on the street or screw them on the other side of the deal. that's what salesmen do

[kates56]

You should have a Buyers Agent assist in by letting you know if that is a good price and do a market analysis on the location for you so you can see what they have been selling for. You should have a Buyers Agent to tell you about the area and assist you in every way to insure you get your home.
Kate, NY

[Bhaalspawn]

I suggest determining the actual square footage of the house. If it's really only 300 ft then you're just buying the land, basically, since a 300 ft home has almost no value. (I bet there are walk-in-closets that are larger.)

[Bhaalspawn]

I suggest determining the actual square footage of the house. If it's really only 300 ft then you're just buying the land, basically, since a 300 ft home has almost no value. (I bet there are walk-in-closets that are larger.)

If they're asking $48,000 I'd probably start at $38,000 and negoiate up from there.

[R7d61]

Originally Posted by Bhaalspawn

I suggest determining the actual square footage of the house. If it's really only 300 ft then you're just buying the land, basically, since a 300 ft home has almost no value. (I bet there are walk-in-closets that are larger.)

If they're asking $48,000 I'd probably start at $38,000 and negoiate up from there.

Yeah it's listed as 352sqft, unknown condition which is probably cause it's black bear country and the realtor ain't going out there unless absoluty needed(it's tucked away deep in the woods) can't blame her really, but I lived around plenty of Bear, mountian lions, etc so I don't mind having them as neighbors, less pain in the neck than city folk

I just want the land to be honest, as I said before, I'll put up a small concrete house myself and probably ditch the one that's on there if it's in rough shape, if not I could use it as a guest house or as a post for hunting.

[Torrid]

How much land comes with it?

Originally Posted by R7d61

Yeah it's listed as 352sqft, unknown condition which is probably cause it's black bear country and the realtor ain't going out there unless absoluty needed(it's tucked away deep in the woods) can't blame her really, but I lived around plenty of Bear, mountian lions, etc so I don't mind having them as neighbors, less pain in the neck than city folk

I just want the land to be honest, as I said before, I'll put up a small concrete house myself and probably ditch the one that's on there if it's in rough shape, if not I could use it as a guest house or as a post for hunting.

[R7d61]

10 acres, but is also surrounded by 10,000 acres of state land. So it's just where I like it, nice and quite and surrounded by nature and not cars, industrial buildings, etc like I am stuck looking at every day right now.

[Rapunzll]

I llooked up the cabin on realtor.com and it doesn't look too bad. I've certainly seen a lot worse up here!