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re: Trying To Be A First Time Home Buyer
Posted on 8/15/15 at 4:48 pm to nolatiger711
Posted on 8/15/15 at 4:48 pm to nolatiger711
I understand what you're saying and it's unnecessary. Nothing stops him from asking for closing costs in the contract without him offering to increase the purchase price, it's up to the seller to decline or accept and they go from there.
1
Posted on 8/15/15 at 4:52 pm to SomethingLikeA
quote:
That's the whole point. You are saying you don't have to increase. Well obviously. Not unless the seller decides not to. In the new orleans market where, houses are going above asking and sometimes cash, you better believe sellers refuse when they have 15 offers
You must be a realtor as well. The first suggestion should have been for him to ask for the seller to pay closing costs. His back up plan should be to increase purchase price, as a consumer it'd be pretty idiotic to offer something you didn't need to. And he isn't in New Orleans.
Eta: idk why I'm even replying to you since you're crawfishing, making up hypotheticals, and im wrong on so many fronts as if I've never bought a house.
This post was edited on 8/15/15 at 4:56 pm
Posted on 8/15/15 at 5:57 pm to 13SaintTiger
I completely agree on not raising offer if necessary. Just telling to realize the seller will view the entire offer package. I was just saying if his downpyment is an issue than he can always ask for an amendment to raise the offer and increase the contribution if he needs the help. Financially it costs more, but it can help with the final cash by a huge amount. I've never seen a seller refuse an amendment like that if his final number doesn't change. Just have to make sure it clears appraisal, which it should if amendment is made before appraisal and is only a couple thousand increase.
Posted on 8/16/15 at 4:19 pm to nolatiger711
What does a 100K house get you? I have assumed I will need to pay $200K+ for something decent in a major city.
Posted on 8/16/15 at 10:56 pm to lynxcat
It's always 3 things: price, location, and condition. You can only get two out of the three.
The one I used in the example was 4 bed, 2 bath, 1240 SF. Needed paint and new floors, but that was it. Family was renting 3 bedrooms in the neighborhood already and wanted to stay at the same school. This made it easy for them to overlook it was by Williams in Kenner and has tons of air traffic.
I can find you sub-$100k without a problem. But you're going to give on location or condition. Above, it was a little of each. I'm talking about the basic 3 bed/2 bath that everyone is looking for. If you go 3/1 or 2/1, you can get a little back on the location and condition/ However, the resell will be a little harder because it is not as in demand. Every now and then, a 3/2 comes up way underpriced, but that is usually under contract the day it pops up because enough people recognize the bargain.
The one I used in the example was 4 bed, 2 bath, 1240 SF. Needed paint and new floors, but that was it. Family was renting 3 bedrooms in the neighborhood already and wanted to stay at the same school. This made it easy for them to overlook it was by Williams in Kenner and has tons of air traffic.
I can find you sub-$100k without a problem. But you're going to give on location or condition. Above, it was a little of each. I'm talking about the basic 3 bed/2 bath that everyone is looking for. If you go 3/1 or 2/1, you can get a little back on the location and condition/ However, the resell will be a little harder because it is not as in demand. Every now and then, a 3/2 comes up way underpriced, but that is usually under contract the day it pops up because enough people recognize the bargain.
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