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So, as some of you may know, we are moving to NJ from Georgia. We've had an interesting ride to say the least. For one thing, I was surprised by the amount of hoops we jumped through to get financing. Our realtor told us she has had a number of deals fall through due to people not being able to get mortgages. This is especially true, she said, at the higher end where people have traditionally not been scrutinized the way they are now... Despite the news, this was a surprise to us since our credit is clean and we are financially sound. It was a first, to say the least, and we have relo'd three times.
So now we sit here trying to sell our home in Georgia and we are wondering if we should take precautions to make sure our buyers have the ability to get a mortgage before taking the home of the market. (Speaking of above and beyond measures, btw).
Anyway, what's going on in your area? For example, we bought in the Millburn area and we did okay off the list price...I think 15% off or so. What is selling where you live? What are you hearing about prices, lending, etc?
Any info you can share would be appreciated. Let's help each other navigate these murky waters together.... ;-)
So, as some of you may know, we are moving to NJ from Georgia. We've had an interesting ride to say the least. For one thing, I was surprised by the amount of hoops we jumped through to get financing. Our realtor told us she has had a number of deals fall through due to people not being able to get mortgages. This is especially true, she said, at the higher end where people have traditionally not been scrutinized the way they are now... Despite the news, this was a surprise to us since our credit is clean and we are financially sound. It was a first, to say the least, and we have relo'd three times.
So now we sit here trying to sell our home in Georgia and we are wondering if we should take precautions to make sure our buyers have the ability to get a mortgage before taking the home of the market. (Speaking of above and beyond measures, btw).
Anyway, what's going on in your area? For example, we bought in the Millburn area and we did okay off the list price...I think 15% off or so. What is selling where you live? What are you hearing about prices, lending, etc?
Any info you can share would be appreciated. Let's help each other navigate these murky waters together.... ;-)
Thanks,
Lola
A few homes by me have sold over the past few months. It seems to be the ones over 600K. My neighbor was on for over 2 yrs. He was originally listed at 679K...held on his price for over a year and then dropped to 639K. He had one contract a few months back that fell through. That was selling at 609K. Within 2 weeks of that contract falling through, the under contract sign went back up. They closed 2 weeks ago and the new people have yet to have moved in? Very odd... they stop by now and again and stand around talking and drinking beer but then they all leave again? It's the strangest thing! I heard from my realtor that mortgages are getting tougher and tougher to get. Prequal letters are useless anymore. Buyers want to see an actual approved loan! Which makes sense... you can get a pre-qual. letter too easily. Might not be a bad idea to keep the sign up at your old place until the house actually closes.
A few homes by me have sold over the past few months. It seems to be the ones over 600K. My neighbor was on for over 2 yrs. He was originally listed at 679K...held on his price for over a year and then dropped to 639K. He had one contract a few months back that fell through. That was selling at 609K. Within 2 weeks of that contract falling through, the under contract sign went back up. They closed 2 weeks ago and the new people have yet to have moved in? Very odd... they stop by now and again and stand around talking and drinking beer but then they all leave again? It's the strangest thing! I heard from my realtor that mortgages are getting tougher and tougher to get. Prequal letters are useless anymore. Buyers want to see an actual approved loan! Which makes sense... you can get a pre-qual. letter too easily. Might not be a bad idea to keep the sign up at your old place until the house actually closes.
They're just stopping by long enough to check on the 500 hydroponic pot plants they've got growing in the basement, throughout the house and in the attic............
They're just stopping by long enough to check on the 500 hydroponic pot plants they've got growing in the basement, throughout the house and in the attic............
Hummm..I was wondering what those green leaves were coming out of the basement windows... I was told a landscaper was moving in but I had no idea what kind of landscaper
Anyway, what's going on in your area? For example, we bought in the Millburn area and we did okay off the list price...I think 15% off or so. What is selling where you live? What are you hearing about prices, lending, etc?
You bid at 15% off asking and got it?
Wow - I'm still new at this - is this standard operating procedure in this market or did Lola get a unique deal? I've been putting bidding numbers together, so I'm not sure.
Wow - I'm still new at this - is this standard operating procedure in this market or did Lola get a unique deal? I've been putting bidding numbers together, so I'm not sure.
Lola was dealing with a much higher end market..2 million. I always say..offer 90%. Most will take it. All depends on where the property is..Lola is in a desirable area close to NYC and Newark airport. You may be able to go lower but depends on where the house is. Do your homework..find out what they paid..what they owe.
Last edited by wileynj; 07-27-2008 at 05:31 PM..
Reason: my typing just sucks lately!
Lola was dealing with a much higher end market..2 million. I always say..offer 90%. Most will take it. All depends on where the property is..Lola is in a desirable area close to NYC and Newark airport. You may be able to go lower but depends on where the house is. Do your homework..find out what they paid..what they owe.
You can have my answer now, if you'd like. My final offer is this: Nothing. Not even the fee for the homeowner's association, which I would appreciate if you would put up personally.
You can have my answer now, if you'd like. My final offer is this: Nothing. Not even the fee for the homeowner's association, which I would appreciate if you would put up personally.
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