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Be prepared to be told no. The seller has already accepted your lower offer. A new roof is probably on you.
Do you have experience with oil heat? I ask because it's messy and expensive.
If the seller says no they won't repair or replace those items or reduce the price you need to have a game plan. You have to move as your place is for sale. Is there another house on the market that you could afford and be problem free?
They got some sense and decided to bargain with us.
215K down to 212K (as is)
Then we said 210K and you do the water heater.
They said 210K as is.
So at this point we will take it, but we are making arrangements to receive 5K in cash and mortgage out 215 as initially agreed. It's looking good so far!
Our problem isn't necessarily the price of the house. Our problem is the amount of disposable cash we will have AFTER we spend almost $19,000 between closing and deposit. Problems that need to be addressed right away, we won't have much cash to deal with it. So if we get $5,000 at closing, we can do the work without worrying!
They got some sense and decided to bargain with us.
215K down to 212K (as is)
Then we said 210K and you do the water heater.
They said 210K as is.
So at this point we will take it, but we are making arrangements to receive 5K in cash and mortgage out 215 as initially agreed. It's looking good so far!
Our problem isn't necessarily the price of the house. Our problem is the amount of disposable cash we will have AFTER we spend almost $19,000 between closing and deposit. Problems that need to be addressed right away, we won't have much cash to deal with it. So if we get $5,000 at closing, we can do the work without worrying!
Have you looked into a 203(k) rehab loan? It may be something to explore.
Have you looked into a 203(k) rehab loan? It may be something to explore.
I just looked it up. I don't know if this only applies to FHA loans. Unfortunately, we make a hair over too much to qualify for FHA (literally only like $3,000 too much)
I could be wrong about that though. But yeah, we are getting a conventional loan.
I just looked it up. I don't know if this only applies to FHA loans. Unfortunately, we make a hair over too much to qualify for FHA (literally only like $3,000 too much)
I could be wrong about that though. But yeah, we are getting a conventional loan.
Can't hurt to ask your lender about it.
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