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.
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?
I hope it works out for you! I don't think you should have offered above the asking price, especially without knowing how much it will be appraised for.
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.
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.