Did My Sister Get Ripped Off (Home Purchase)

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:

It might be a good deal as is for the price.

Could have gotten lower, but if they tried and someone beat them, they might have had to pay a lot more for a comparable home.

Not saying that's what happened.

Just saying there are cases where people would chose not to risk it.

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 thought you bought a home warranty so that it would cover the appliances? If the appliances are fixing to break, I would think having a home warranty would only work to her advantage.

That would be a situation where I would recommend the warranty.

Old appliances = problems normally. With the warranty she might luck out and get some new appliances for a deal.

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.

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You can judge their deal when they try to resell it or after they rip open a wall and find extensive termite damage.

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Which brings up a good point....make sure that your sister gets a home inspection.

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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.

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This.

It's their first home. If they really wanted it an it appraises for that amount, I don't see the problem. Why lowball for the sake of low balling?

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Did My Sister Get Ripped Off (Home Purchase)

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How did she get ripped off again?

She agreed to that price, no one forced her into to it.

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That's great that it worked out for you, but do you think that the seller would have even counter offered you if he received another offer on the same day for $55K more? Also, the OPs sis wasn't looking at a 55K savings like you. If its a decent market the seller may have come down $5K. Sometimes the piece of mind is worth it if you can avoid haggling for days while risking losing a home you like.

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All true. I guess it just depends on how much you like the home and how many other people were looking at it. Like I said, finding your dream home the same day as an open house would be a different story. In most situations though, the seller does not land two offers in one day.