cancel
Showing results for 
Search instead for 
Did you mean: 

Mortgage negotiation....

tag
rubu
Valued Member

Mortgage negotiation....

Hi All,

 

House listed @ 379900 (~380K) I was trying to make 365K offer. My agent keep on trying to get me to make the first offer @ 370K claiming that they already have contingency offer (which maybe true or false and we doing non-contingency). Apparently sellers agent told that seller got really upset when someone offered below 370K and did not want to negotiate further.

 

I have not recieved any comparable market analysis on this house from my agent but he says it is at good price point. I personally feel my agent and seller is not truthful. Am I just paranoid? Is my agent making a valid point?

 

What should be my strategry....First go with 365K? or do 370K + closing cost (~6K without taxes). How should I approch this.....appreciate the help.

Message 1 of 10
9 REPLIES 9
playboy
Regular Contributor

Re: Mortgage negotiation....


@rubu wrote:

Hi All,

 

@Anonymous listed @ 379900 (~380K) I was trying to make 365K offer. My agent keep on trying to get me to make the first offer @ 370K claiming that they already have contingency offer (which maybe true or false and we doing non-contingency). Apparently sellers agent told that seller got really upset when someone offered below 370K and did not want to negotiate further.

 

I have not recieved any comparable market analysis on this house from my agent but he says it is at good price point. I personally feel my agent and seller is not truthful. Am I just paranoid? Is my agent making a valid point?

 

What should be my strategry....First go with 365K? or do 370K + closing cost (~6K without taxes). How should I approch this.....appreciate the help.


You don't have any comps at all?  Uhh, I'd want to see comps for the last year before I did anything.  It's your money and not your agents'.


Starting Score: EX 575/TU 534/EQ 570
Current Scores per Myfico: (As of 12-14-13) EX 690/EQ 685/TU 679
Goal Score: 720


Take the myFICO Fitness Challenge

Message 2 of 10
tooleman694
Valued Contributor

Re: Mortgage negotiation....

IF there is already an offer on it, I would get closer to the asking price of the house if not more.

 

My sister just put in an offer on a home for 20k more then the list price and it was rejected by the seller. Totally a sellers market right now.

Message 3 of 10
rubu
Valued Member

Re: Mortgage negotiation....

I really do not think we are in sellers market. The Market I am in had no changed in anyway even during the housing crisis. So I do not think that effects at all. They issue of this house is following..It is a house of a architect who build is involved in the process. He build it for such less amount about 255K in 2005 and he is selling it now. He has lot of features added to the house which has added to the value of the house. I am in love with the house but want to make good offer not a sloppy one just because I love the house. I do not see any reason to pay more for house if I am not in a bidding war.

Message 4 of 10
tooleman694
Valued Contributor

Re: Mortgage negotiation....

What area are you in

Message 5 of 10
rubu
Valued Member

Re: Mortgage negotiation....

upstate NY to be exact

Message 6 of 10
cim
Established Member

Re: Mortgage negotiation....

It's hard to trust real estate agents because some of their interests could be at odds with your best interest.  I think that making a critical analysis of the situation is the prudent thing to do.

 

The bottom line is that you offer what you're willing to pay and if it doesn't go through, there are always other houses on the market.

Message 7 of 10
Anonymous
Not applicable

Re: Mortgage negotiation....

Rubu,

 

The reality is that with todays rates, 5k on your loan is essentially $20-25 a month. Just offer the extra 5k if you are in love with the house like you say.

 

If the house doesn't appraise.. you have a way to get out of it anyway. Its worth the extra 20 bucks a month for the house you LOVE.

 

Good luck!

Message 8 of 10
rubu
Valued Member

Re: Mortgage negotiation....

Thx. Loving something is huge but controlling that love is more than huge. $25 extra on a Roth IRA monthly can be turned into possibly 200k. Think about it
Message 9 of 10
Sunshine85
Frequent Contributor

Re: Mortgage negotiation....


@playboy wrote:

@rubu wrote:

Hi All,

 

@Anonymous listed @ 379900 (~380K) I was trying to make 365K offer. My agent keep on trying to get me to make the first offer @ 370K claiming that they already have contingency offer (which maybe true or false and we doing non-contingency). Apparently sellers agent told that seller got really upset when someone offered below 370K and did not want to negotiate further.

 

I have not recieved any comparable market analysis on this house from my agent but he says it is at good price point. I personally feel my agent and seller is not truthful. Am I just paranoid? Is my agent making a valid point?

 

What should be my strategry....First go with 365K? or do 370K + closing cost (~6K without taxes). How should I approch this.....appreciate the help.


You don't have any comps at all?  Uhh, I'd want to see comps for the last year before I did anything.  It's your money and not your agents'.


+1

 

You need comps to make an informed decision, and your agent should be more than happy to provide you with them. 

 

If your area has property tax info and public records on line, you can search some of the addresses in that area, and see what they've sold for in the last year- that's something that's more your agent's job, but you could do it yourself if you want. 

 

Good luck!

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.