Real Estate Advise Needed (agents, contract, Realtor, closing)

[odessit771]

Hello,



Any real estate agents from Florida here (south)? I would like to ask advise about the property I am under contract with.



Please reply and I will direct message.



This is my dilemma:

https://www.city-data.com/forum/real...n-economy.html

[bbronston]

I am a Florida Realtor but if you are already working with another Realtor, it would probably be an ethics violation for any Realtor to offer specific advice on your transaction.

[Brandon Hoffman]

If you want the house buy the house. You probably are in some sort of risk management position, because you keep asking "what if" scenarios. We don't know what's going to happen.
What if the market crashes? What if rates go up and prices don't go down? What if what if what if...There will always be what if's, some are just bigger than others. You did say you'll be there 15 years I think, so your timeline is safe.

Will you regret not buying more if prices don't go down and rates go up? Will you regret buying and resenting the house if you could have gotten a better deal next year? How much will you spend in rent over the next year while you wait?

There, answer those questions for yourself, make a decision and go with it. My only advice is stop delaying. Just make a decision and don't look back.

[Gaylord_Focker]

Look I think the market could dip, but if you don’t buy now, you’re gonna be paying rent for an inordinate amount of time. Buy it

[Diana Holbrook]

You have all the information to make a good decision. There’s been a lot of good discussion already. Nobody here can tell you exactly what is going to be happening next week let alone next year. You’re just gonna have to decide what you want to do And do it! And good luck!

[anicon]

personally- depended how much i liked the place and if I was going to live there long term.
If it took me 6 months to find a condo and it's perfect for me- im not playing games. taking the 3.5apr and going thru with the sale. wouldnt want to chance renting another year+ then taking another 6 months to find a place i might not like as much. who knows where values and mortgage rates will be.

However, if there was a chance I would be selling it in 3-5 years. If i didn't like the place so much and felt strongly the housing market was going down and mortgage rates were staying low.....not sure. i would probably knock my offer down 5% below the appraisal to 185K and tell them to keep their furniture. But that's just me

[odessit771]

OK, so how do I do this? Here is the timeline:


1. Initially on market for 240K
2. Under contract with someone else. The contract does not go through.

3. Back on the marker at 230K now. We see it.

4. Offer for 185K from us. Declined.

5. Offer for 200K from us. Accepted after long wait.

6. Appraisal for 195K. Asking seller to drop to 195. Strong NO.
7. After numerous attempts, she finally drops to 195.

8. She previously said that no way can she drop below 200K due to mortgage payoff.

9. Contract is due for closing on 4/17, which we will ask to extend until 4/29 to give us more time to analyze and recover.

10. Under contract now with furniture and fully move in ready. Nice place.



How do we go about dropping even more in this situation?



I think there is a way to get out of the contract because she accepted the offer day after the deadline for acceptance. SO it is probably invalid anyway. Plus it says contingent to the financing satisfactory to the buyer. We can say that we are not satisfied with the mortgage and that she signed after the deadline.


We did spend $1100 in feed already and 15K in earnest.


While it appraised at 195K, afraid it will be 15-20K less later this year.



Any professional advise is appreciated

[adjusterjack]

Reality check. No judge is going to invalidate the deal because the seller was one day late in agreeing to the $195,000 that you pushed for.


And if your loan has already been approved backing out now will cost you your earnest money. Or, at least, you will have to litigate to get it back and that will cost you thousands.


Give that some thought.

[odessit771]

Dang.... Thanks!!!

[davebarnes]

I would advise that you learn how to spell advice.