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In the process of negotiation for buying a house
    #26117255 -

Tltr. Who cares, reading is good for you. There's also tits and ass at the very bottom.

I am currently in the process of buying a new house. First one.

I went house shopping and found one I really liked, but it was 6k over suggested sale price. My realtor decides to try a tactic...

He offers 12k lower than the original asking price.

Right away, the seller comes back with a counter. He's willing to pay 5500 in concessions plus 495 for the warranty, inspection, and other small fees, but... He won't move on the original price which is 6k above suggested sale price.

This would mean I only have to bring 7500 to the table instead of the 14k...

I came back with another counter last night.

I will move forward if he bumps the concession up to 6500 plus the 495. This means I will only have to bring 6500 to the table.

I am ok with this because it's a great house, awesome neighborhood, and if ever needed, great schools.

The original asking price is a little more than I wanted to fuck with, but my monthly payments are fine. It's only 300.00 more than what I'm paying now.

What really gets me though, is I make too much and cannot get the down payment assistance. I have friends that are only putting down 3500. What the fuck!? Making more money sucks.

Anyway, if the guy doesn't take this tiny little bump I'm asking for, I walk.


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Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

Edited by Wonder Boy (07/19/19 04:49 AM)

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Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26117262 -

Pics of said house?

Im not in the US so the system is way different here


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Ach en wee ben ik de klos, met mijn boog schoot ik een albatros...

A philosopher is a person who knows less and less about more and more, until he knows nothing about everything.


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Re: In the process of negotiation for buying a house [Re: Tripsurfer]
    #26117268 -

Tripsurfer said:
Pics of said house?

Im not in the US so the system is way different here



I came for the pics of tits and ass.  We were lied to :crankey:


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Re: In the process of negotiation for buying a house [Re: DustyBottoms]
    #26117270 -

Tripsurfer said:
Pics of said house?

Im not in the US so the system is way different here


I'd rather not, but it is nice...


DustyBottoms said:
Tripsurfer said:
Pics of said house?

Im not in the US so the system is way different here



I came for the pics of tits and ass.  We were lied to :crankey:


Oh it's there, little buddy. You're just not looking hard enough.


--------------------
Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

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Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26117460 -

:herpyderp:

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Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26117567 -

Suggested sale price? Says who?

Downpayment assistance? You aren't putting down just the minimum 5% right?

I'd probably try to put 20% down to get out of mortgage insurance. If you are only putting a couple grand down you probably can't afford when a hotwater tank goes, or the roof starts to leak.


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I was pessimistic in my youth. Now I can just follow the Toronto Raptors.

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Re: In the process of negotiation for buying a house [Re: Ole Field Trashe]
    #26117601 -

You can always counter the counter offer. If it's too much in price compared to it's value, wait until it's not or move on.

An online estimated value isn't necessarily real value though. Real value is whatever people are willing to pay at the end of the day.

Nothing against your realtor, but remember he/she makes a percentage commission on the house. They don't necessarily go for your best interest in these situations. Even if the house is not their company's to sell, they are still selling you the house for a commission.

Take your time with it if you can help it, and like Ahab said, you should have 20% on hand to avoid mortgage insurance each month. That insurance cost each month is money that could be going to pay the principal, but isn't.

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Re: In the process of negotiation for buying a house [Re: PatrickKn] * 1
    #26117681 -

First time fha loans were 3.5% back when I did one. It really helps getting into the first house if you don't have a healthy stockpile of money. 

Beware getting into anything that is tight on your budget,  including new construction. there is generally a few surprises involved with home purchases that can drain your funding and leave you in a less then desirable situation.

Home issues are the best way of getting the price down,  anything that you will have to repair to get it to pass inspections and live in is collateral. 

When I switched houses two years ago i knew i was freeing an old house but right after i closed the septic line was compromised and really ate into my fluff the things i don't like account. 

Best of luck


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Re: In the process of negotiation for buying a house [Re: ReposadoXochipilli]
    #26118282 -

I saw a 5 bedroom dump that is selling for 750k,the mountains r retarded


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"the way of the warrior is the resolute acceptance of death"

Miyamoto Musashi

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Re: In the process of negotiation for buying a house [Re: 5150]
    #26118658 -

i'll most likely never own a home unless i'm 55 in some gated community


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http://bunkpolice.com/basic-test-kit/
Vienna Declaration
Salvia Divinorum The Docudrahma

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Re: In the process of negotiation for buying a house [Re: Konyap]
    #26118823 -

Where I am you can buy a solid 2000sqft brick house on a solid foundation for 5 grand. Just needs all renewed or new walls plumbing electrical, everything.


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Trees is dead, this is his mum posting



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Re: In the process of negotiation for buying a house [Re: trees]
    #26119525 -

Well the guy accepted our counter which means we only need to bring 6k to the table.

As far as down payment assistance, we make too much.. I do not agree with this at all. Wether I make 10k a week or 500 a month, if it's my first house, I should get some sort of working program.

But yeah. We are moving forward. Next step will be the inspection and appraisal.

If all checks out, we buy.


--------------------
Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

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Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26119761 -

I know its an exciting time, and congratulations. But be careful not to over leverage yourself. Interest rates will not stay this low for long. Research the median or long term average interest rate and see if you're in a position to service that as a worst case scenario.

Also, anotger thing is that with housing affordability, to smoothe out your risk of default, you shouldn't run your calculations on what you currently earn, because sure you may be sitting pretty right now, but, that job can go for any number of reasons. If you have a partner helping you, she has kids and stops working,  now you have less income, more costs. But the point is you should assess your position on the level of income you feel you are guaranteed to earn. And what I mean is, if the sky collapsed tomorrow and you had to find a new role, what would you reasonably expect you'd be able to secure? Alot of the time if you change roles or industry you can eat a 20-30% pay cut.

Be smart with your money amigo :cool:

Also, with the property, remember the value is in the land (atleast in my market it is), the house and building you actually lose value on as it depreciates. Alot of people lose sight of the land and only look at the building. It depends what you want from it as well.

But anyways , hope it all goes well :cool:

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Re: In the process of negotiation for buying a house [Re: trees] * 1
    #26119867 -

trees said:
Where I am you can buy a solid 2000sqft brick house on a solid foundation for 5 grand. Just needs all renewed or new walls plumbing electrical, everything.


Do you really want to live in a neighborhood where a house costs $5000?


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NotSheekle said
“if I believed she was 16 I would become unattracted to her”

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Re: In the process of negotiation for buying a house [Re: koods] * 1
    #26119910 -

Quote:
Also, with the property, remember the value is in the land (atleast in my market it is), the house and building you actually lose value on as it depreciates. Alot of people lose sight of the land and only look at the building. It depends what you want from it as well.


This probably doesn’t apply in rural areas. Inner suburbs is where land value is maximized compared to value of the structure. Where I’m at, buyers almost always tear down or do extensive renovation when property changes hand. If possible they will try to divide the lot as well.


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NotSheekle said
“if I believed she was 16 I would become unattracted to her”

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Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26120044 -

Wonder Boy said:
As far as down payment assistance, we make too much.. I do not agree with this at all. Wether I make 10k a week or 500 a month, if it's my first house, I should get some sort of working program.




In the US you can get an FHA loan. With decent credit its like 3.5% down, regardless of income.

Shroom_guy4 said:
I know its an exciting time, and congratulations. But be careful not to over leverage yourself. Interest rates will not stay this low for long. Research the median or long term average interest rate and see if you're in a position to service that as a worst case scenario.



I'd recommend a fixed rate, then this problem doesn't exist. Even with a fixed rate, you can refinance. I'd urge OP to get in now, as rates are really freaking low.


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...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436

Edited by badchad (07/20/19 03:10 PM)

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Re: In the process of negotiation for buying a house [Re: badchad]
    #26120062 -

badchad said:
Wonder Boy said:
As far as down payment assistance, we make too much.. I do not agree with this at all. Wether I make 10k a week or 500 a month, if it's my first house, I should get some sort of working program.




In the US you can get an FHA loan. With decent credit its like 3.5% down, regardless of income.





That is wild to me. You could spend more on a new matress and renting a moving truck than the house is worth.


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I was pessimistic in my youth. Now I can just follow the Toronto Raptors.

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Re: In the process of negotiation for buying a house [Re: koods]
    #26120096 -

Yes, same here. I actually personally really dislike developers as we've lost far too many venues to apartment developers here :bored:. But yeah the general strategy in my city I think is to buy a house on a sizeable block of land, say 700sqm ++, pay that off, then once that's done or they are in a position to rebuild, knock it all down and throw up 4 double story town houses. Or even from the start as you said. On my street almost every block is being knocked down and rebuilt as townhouses

And badchad fixed can be good and bad. It's a gamble at the end of the day. I dont like the restrictiveness of fixing, esp not having to pay a cost to break it.

Variable offset loans are popular out here. You get a seperate transactional account attached to your loan, where you don't pay interest on the balance in it. So 100k loan, 50k in offset, you only pay repayments on the remaining 50k. It gives a benefit higher then standard savings account, and because you're reducing cost, not earning income, you don't pay tax on the gain either

Property is used alot for tax minimization here too, as we can 'negative gear' investments , where we can claim all expenses incurred as tax deductions, and any net loss is also a tax deduction. So they setup investments that run at a loss, reduce their taxable income way down, and end up paying less tax and utilising their funds to benefit themselves :cool:

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Re: In the process of negotiation for buying a house [Re: Ole Field Trashe]
    #26120140 -

That's what happens when you make too much and are not eligible for the assistance.


--------------------
Warning!!!
Mushrooms will birth baby slugs in your stomach if eaten.


I had a major ghostly experience. Something shattered my oven glass and there's no logical explanation.

Extras: Filter Print Post Top
Re: In the process of negotiation for buying a house [Re: Wonder Boy]
    #26120195 -

What's the amortization period on the mortgage?


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I was pessimistic in my youth. Now I can just follow the Toronto Raptors.

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