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Did My Sister Get Ripped Off (Home Purchase)
Posted on 5/9/13 at 9:30 am
Posted on 5/9/13 at 9:30 am
She and her husband were looking for their first starter home. They found a nice little house for $97,000. My brother in law's dad suggested offering asking price plus $3000 off closing costs. My dad and I pleaded with her not to offer list price but as soon as she said that's what they wanted to do, we backed off. They were scared someone would swoop in and offer lower. Their offer has been accepted. Asking price, $3000 closing, and 1 year home warranty. To me, the warranty is worthless because all the appliances are old and need replacing soon anyway.
8
Posted on 5/9/13 at 9:35 am to LETSGEAUX2
You don't honestly expect feedback analysis do you?
Because there is no way anyone can give that with the information given.
That said, there is another angle: at this point, what difference does it make?
:Hillary:
Because there is no way anyone can give that with the information given.
That said, there is another angle: at this point, what difference does it make?
:Hillary:
Posted on 5/9/13 at 9:35 am to LETSGEAUX2
quote:If you were afraid someone else would offer lower, you're doing it wrong....
They were scared someone would swoop in and offer lower.
Posted on 5/9/13 at 9:38 am to LETSGEAUX2
WAY too much information missing from this to figure if she may have gotten a bad deal.
You can't say ripped off though. You offer what you think something is worth, so nobody "ripped" your sister off.
You can't say ripped off though. You offer what you think something is worth, so nobody "ripped" your sister off.
Posted on 5/9/13 at 9:44 am to LETSGEAUX2
I offered $500 over asking on a duplex because properties were being snatched up quickly.
I wanted the place and didn't want to risk missing out on it.
From what info you've given, she didn't necessarily make a bad decision at all.
I wanted the place and didn't want to risk missing out on it.
From what info you've given, she didn't necessarily make a bad decision at all.
Posted on 5/9/13 at 9:57 am to LETSGEAUX2
Not knowing what real estate market makes a big different. There are some that are red hot and what she did wasn't bad. But there are a lot of soft markets too.
Posted on 5/9/13 at 10:05 am to LETSGEAUX2
quote:Pics?
Sister
Posted on 5/9/13 at 10:41 am to LETSGEAUX2
If they like the house, they can afford it, and it comes back for at least $97,000 then they didn't get ripped off at all. Now if it comes back for less than $97,000 then they will have to go back to the drawing board with the seller (or put more money down) depending on the mortgage they have been approved for.
I have a contract on a house now for 175k with them paying 5k in closing. 175k was full asking price except that they lowered it from 180k about 2 weeks earlier. I did not want to lowball them too much. I believe that it was a fair deal to both parties. Also, it came back appraised for 177k.
Sure I could've found "a better deal" on another house where I had extra equity built up. But I couldn't have found a house that I liked more within our price range that was that immaculately maintained. Not having to do thousands upon thousands in home improvements is worth alot to me. And that house was not going to stay on the market much longer.
On this board you will get comments about how stupid her deal was and how stupid my deal was. But as long as she is happy with it and is not paying more than appraisal value then she did not get ripped off.
I have a contract on a house now for 175k with them paying 5k in closing. 175k was full asking price except that they lowered it from 180k about 2 weeks earlier. I did not want to lowball them too much. I believe that it was a fair deal to both parties. Also, it came back appraised for 177k.
Sure I could've found "a better deal" on another house where I had extra equity built up. But I couldn't have found a house that I liked more within our price range that was that immaculately maintained. Not having to do thousands upon thousands in home improvements is worth alot to me. And that house was not going to stay on the market much longer.
On this board you will get comments about how stupid her deal was and how stupid my deal was. But as long as she is happy with it and is not paying more than appraisal value then she did not get ripped off.
Posted on 5/9/13 at 11:08 am to LETSGEAUX2
quote:
Did My Sister Get Ripped Off (Home Purchase)
How did she get ripped off again?
She agreed to that price, no one forced her into to it.
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