02-27-2013 08:04 AM
The house was 89,900. It dropped from 92,900. I offered 96,040 which seller accepted and seller pays 2885.00 closing costs. Do you think I offered too much above asking price? I wanted the house cause I love it.
Note: I found the house on Realter.com. When I just looked at the site again, it shows Pending Sale (which is me) and the price now shows $94,900. Why is it showing a wrong price when I offered 96,040?
Also, I wanted to roll the remaining closing costs into my USDA loan. My LO said I can only do that if the Appraisal comes back higher than the asking price.
This is so stressful. I really, really hope it's worth more so I can get the closing costs rolled in. I already gave $1000 earnest money, $450 Appraisal, and $350 for home inspection. I'm running low on funds. Pray for me.
02-27-2013 08:14 AM
02-27-2013 08:23 AM
Oh ok...Yes it does. I just looked at the site some more and 94,900 was actually the original listing price. Anyway, if that was the original list price, does that mean that's how much the house is worth after an appraisal? I am asking because since the price dropped to 89,900 and I offered 96,040, I am a little worried because I need the remaining closing costs to be rolled into my loan. My LO said that can only happen if the appraisal comes back higher. Does the appraisal have to be higher than my offer or the 89,900?
02-27-2013 09:29 AM
02-28-2013 09:33 AM
My motivation for asking more is that 1-I LOVE the house and 2-there were other offers on the table. Did I make a bad move?
The house was reduced to 89,900. My realter was surprised it was that low. I am just hoping that it is worth more than my appraisal so that I don't have to go through the stressful negotiations and having to come up with more money and what not. Guess I'll just have to wait and see. Pray all goes smoothly for me.
02-28-2013 05:35 PM
I offered above asking price 2 years ago when there were at least 2 other offers... my offer was accepted. Then the appraisal came in low, and it was annoying to deal with the seller (who was not a person, but Freddie Mac), but I did get them to come down to 1k below the asking price (my offer had been 6k over). It pretty much all worked out. Essentially, if the appraisal comes out low, you go back to negotiating. Your advantage is that they already know you want the house and they've put time into you as a buyer. Your bid was the most attractive one, and if the appraisal comes in low, they can work with you or they have to think about whether or not they want to do the same thing with a lower bidder. My guess is they'll work with you.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.