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Message
Running into issues trying to buy a house
Posted on 6/13/19 at 8:01 pm
Posted on 6/13/19 at 8:01 pm
I have a 800 credit score and was approved for a loan. I met with the realtor and filled out paper work for 2 hours. I made an offer $7k below the asking price. They refused to lower the price a penny stating that it would affect comparable rates for future homes. I countered with if you pay the rural development fee, I'll buy it on the spot. That way, it doesn't effect the rate. They still declined. My final offer was take $2k off the asking price or I walk and I did just that. This is the 1st time I've attempted to buy a home. Is this common? I can't understand that a builder was willing to forgo a sale over a measly $2k.
10
Posted on 6/13/19 at 8:06 pm to JabarkusRussell
If it was a brand new home then they rarely take less than asking price. They have future homes to sell and don’t want to lower the comps on those potential sales.
Not saying I agree but that’s the reason.
Not saying I agree but that’s the reason.
Posted on 6/13/19 at 8:09 pm to iAmBatman
But wouldn't the future comps be unaffected if they chip in for the rural development fee? That way, the price stays sticker price. It's not much different from throwing in a fridge or a washer and dryer. That doesn't effect comps.
Posted on 6/13/19 at 8:13 pm to JabarkusRussell
Sounds like he is confident he will get full asking price from you or someone else, why should he loose 2K
Posted on 6/13/19 at 8:18 pm to JabarkusRussell
Sellers market hoss
Posted on 6/13/19 at 8:19 pm to JabarkusRussell
Builders will rarely reduce prices. If they need to sell they will do incentives.
My first house was new and was available because someone couldn't close. They gave us $15,000 in concessions - $5,000 towards closing cost, $5,000 gift cert to Gallery Furhiture, and 5 $1,000 visa gift cards
My first house was new and was available because someone couldn't close. They gave us $15,000 in concessions - $5,000 towards closing cost, $5,000 gift cert to Gallery Furhiture, and 5 $1,000 visa gift cards
Posted on 6/13/19 at 8:22 pm to JabarkusRussell
You’re buying with DSLD? New homes by builders like that aren’t up for negotiation. They’re already price fairly. Probably like $110 / sq ft or something.
Posted on 6/13/19 at 8:25 pm to LSUTigers00884
Then that was a failure on the realtor's part to disclose that as if she was upfront about that, I wouldn't have wasted my time for 2 hours signing paper work.
Posted on 6/13/19 at 8:53 pm to JabarkusRussell
As others have stated, much less room for negotiation on new construction. You could possibly get some good deals on other stuff.
Posted on 6/13/19 at 9:14 pm to JabarkusRussell
quote:
I can't understand that a builder was willing to forgo a sale over a measly $2k.
Maybe he couldn't understand why you was willing to walk away from a house that you really wanted for a measly 2k.
Posted on 6/13/19 at 9:15 pm to JabarkusRussell
Look at stuff already built that you can get a good deal on. You will have instant equity and hold some money out to do some upgrades to be comparable to new for you.
Or if you are obsessed with that house, just pay full price.
Or if you are obsessed with that house, just pay full price.
Posted on 6/13/19 at 10:22 pm to LSUregit
quote:
Maybe he couldn't understand why you was willing to walk away from a house that you really wanted for a measly 2k.
I have a budget. If I go over a set amount I risk not having enough money should unexpected expenses occur such as a new car, etc. My realtor knew all about what I was comfortable spending. Can I pay full price? Yes especially with my car note being paid off next month. However, I basically will replace the car note with a $255/mo HOA fees. That's not even counting flood insurance, etc.
Is it genuinely common knowledge that DSLD doesn't lower their price for new homes? If that is the case, I am getting a new realtor because someone who brags about how long she's been in the field should know something like that.
This post was edited on 6/13/19 at 10:26 pm
Posted on 6/13/19 at 10:26 pm to JabarkusRussell
quote:
I am getting a new realtor because someone who brags about how long she's been in the field should know something like that.
All realtors suck
Posted on 6/13/19 at 10:31 pm to nugget
I'd also need to buy blinds, a fridge, and washer and dryer which would eat into my savings. Had they met me in the middle as the realtor gave the impression they would, I would have no need to dip into that.
Posted on 6/13/19 at 10:43 pm to JabarkusRussell
quote:
Is it genuinely common knowledge that DSLD doesn't lower their price for new homes? If that is the case, I am getting a new realtor because someone who brags about how long she's been in the field should know something like that.
It's common knowledge that all builders don't lower their price on new construction unless they are extremely desperate. What you can do is try to negotiate for free/discount on upgrades. I bought a new house last year and I got a 10k credit toward a basement.
Posted on 6/13/19 at 10:54 pm to gpburdell
What are other examples of upgrades? I appreciate the feedback.
Posted on 6/13/19 at 10:57 pm to JabarkusRussell
I’ll be honest, it sounds like you have a good bit more to save unless you buy a cheaper house. The lack of flexibility you have given yourself at a seemingly high price point is obvious. Don’t worry about keeping up with the jones and try to save for 5 years in a cheaper home and then get a forever home if you have to.
Posted on 6/13/19 at 11:02 pm to JabarkusRussell
quote:
I have a budget. If I go over a set amount I risk not having enough money should unexpected expenses occur such as a new car, etc. My realtor knew all about what I was comfortable spending. Can I pay full price? Yes especially with my car note being paid off next month. However, I basically will replace the car note with a $255/mo HOA fees. That's not even counting flood insurance, etc.
If 2k is stressing you over this, you're buying too much house. You need to lower your budget significantly.
Posted on 6/13/19 at 11:04 pm to JabarkusRussell
quote:
can't understand that a builder was willing to forgo a sale over a measly $2k.
Where are you located? Shoot me an email @ Tigertjg210@yahoo.com.
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