 Would having a deposit help?? |
| im desperate to get a mortgage on my own and have just come in to 5grand i have 2 grand in savings all ready. my yearly wage only allows me to borrow about 60 grand but would me having a large ... |
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 I am in contract to purchase a home, plan to close in a week. I found water in basement, what should I do? |
| I found the water in the unfinished basement, day after a heavy rain. Some water was near a window and found a puddle in the middle of the basebement floor near no windows. A carpet was completely ... |
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 I'm starting my own Real Estate Company, what should I name it? |
I'm starting my own Real Estate Company, I need some good name ideas.
My last name is Super, so if I could incorporate that in somehow without it being cheesy, that would be cool.
... |
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 Who can help if i want to buy a home with poor credit? |
| Not real bad credit but not good either. Willing to put money down ... |
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| some people are purchasing plots on the MOON, so who is the real owner of our wonderful MOON ?... |
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 Can a landlord charge me for curtain cleaning at the end of lease? |
| My landlord wants to take money for curtain cleaning from my bond. When I moved in they weren;t even clean! Is this legal?... |
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 Our landlord is raising the rent and asked us for an additional security deposit. Is that legal? |
| We've lived in our Beverly Hills apartment for the last 21 months and treat it as if we owned it. Our landlord already has 2 months rent as security deposit and is now asking for an additional $... |
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 My house taxes are outragious, can I fight to lower them..? |
| Last year I paid $4420 in county taxes for my house, this year the bill came out to $5879 + $1400 in supplemental bill for an addition we did 2 years ago (legally). I think that is way more than ... |
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 My lease states that pets are not allowed. How can I convince my landlord to allow me to have a dog? |
I've been living in the same apartment for three years. Always pay my rent on time. Never bother my landlords with problems.
I am dying to adopt a small or medium sized dog (very ... |
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 When there is no lease, how much notice should a landlord give a tenant notification that they must leave? |
| When there is no lease, how much notice should a landlord give a tenant notification that they must vacate a building? The tenant has been in this building for about 6 years but never wanted to sign ... |
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 What's a Mobile House? |
i see a House for sale,which is Mobile style. but, what does Mobile Style means? Type: Simple-Family Residential, Style:MOBILE.
Additional Details
if you buy such a house, will the land ... |
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 How long does it usually take to do a closing when you buy a house? |
| We recently won the bid on a house up for sale. we currently rent right now and i don't know when I should tell my landlord when we will actually vacate the apartment?... |
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 Not getting any of my deposit back as I've not given enough notice.? |
| Told her on 28th September I was going on the 16th October - so only gave her 2.5 weeks should of given her one month, I know I'm gulity of that. Now she has told me that I won't get any ... |
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 Does anyone know where I can get a mortgage, I have no credit history,? |
| I would like to know where I can get a mortgage, I have no credit history, reason I'm a victim of idenity thief and had to file chpt. 7, this was discharged on sept. 6.2005 I have a credit score ... |
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 Me and my friend want to move out together, can we get a 1 bedroom apartment? |
| We don't want to spend a lot of money on a two bedroom apartment. I will sleep in the family room, and my friend will get the bedroom, is this legal.... |
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Luv2Answer | How is purchasing from builder different? |
We found a house we love for $469,000. The most we can afford right now is $430,000. (thanks to equity in current home). The home was completed in 2/07, still owned by builder and vacant. It is not in a neighborhood but just a single lot that the builder purchased and then built the house on. Do you think they are desperate to sell yet or really expect to get over $450,000. Their asking price is already good for the area. Not sure how builder is different than buying from Joe Homeowner. |
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utarch
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The builder may need to unload the property to get out from under his interim financing. However, most homeowners are also under pressure to sell, usually because they have already bought another house and don't want to be making 2 house payments, so that kind of equalizes the two situations. The builder knows exactly what the house cost to construct, and how much he needs to pay off the interim financing. But Both the builder and Joe Homeowner want to maximize the return on their investment and will try to sell at the going "market price" (determined by recent comparable nearby sales). Offer the builder $420,000.00 for the house you love - leave yourself $10,000 worth of negotiating room. You can always up your offer, but you can never down it. |
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Mike
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Yes, they are desperate.
I would offer them $420k.... they worst they can say is NO.
If it is still not sold by early November, they will be REALLY desperate.... they dont want to carry that inventory into the new year. They dont want to be carrying it right now.
This is the peak of the Real Estate season... this is the time of year things should be moving... and it's now. Its a flop. After school starts things start to slow down, and slow down more as holidays approach.... they are going to want to get rid of it.
Remember, your total house payment, including insuance and taxes, should be no more then 25% of your take home pay.
Some people can stretch that to 33%... but that should be the ABSOLUTE MAX!
And be sure you get a FIXED RATE mortgage. :)
Most signs say the RE market will get worse before it gets better. You could get your home on the market and sell it... then rent for a few months until you find the perfect deal and you can pounce on it.... because as it is now, if this new house loses value, your current house is probably going to lose value as well. |
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dvskv
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I think UTARCH offers you the best perspective of the situation and would like to ADD a few things I did NOT see mentioned that require consideration "if I were in your shoes."
#1 The amount of EQUITY you estimate in your Home could also be off target as you will never know the exact amount until you place it on the market, get a written sales contract from a qualaified party buying it plus you must deduct for real estate commissions, repairs resulting from home inspection etc and closing costs.
#2 Unless you have a lot of savings in the bank, most likely you all would have to make an OFFER to PURCHASE based on the CONTINGENT SALE OF YOUR CURRENT EXISTING HOME so what I want to bring to your attention is a Low Ball Offer on Your End to the Builder and his Bank is so-so and not something he could jump for joy!
#3 I AGREE you have absolutely Nothing To Lose by Making a ridiculously low offer below asking price..but certainly think about what contingencies are absolute must to protect yourself.
FYI only 1 of the 3 single family homes we have owned was ever bought directly from builder and what the builder advertised back then was help with closing costs (something you should think about writing into your offer to purchase)...I was told by an experienced agent in our area where you see big monster new homes vacant, that the builder has a limit or floor on how low he will be willing to drop his price...that they would rather give you specific upgrades instead of lowering the price...
Best of Luck! |
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SP
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Use an agent who can do the negotiations for your. Typically, they are good at negotiating and if there are any negative responses from the builder, the agent will act as a semi permeable barrier. I feel that it is worth the brokerage you will pay for his professional services as you will save a lot on the whole deal...
Good luck |
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Alterfemego
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It really isn't much different because you are considering a home that is completed. Is the builder desperate? Only he knows. If you've done your homework, and that means researched the builder, and you are comfortable with what you found, make the builder an offer. You have nothing to lose by offering him $430,000. Maybe less depending on how long the house has been on the market. If you're working with a Realtor, they can protect your rights and advise you on what they know about the builder and surrounding community. Good Luck! |
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INDIGENOUS
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I would say to wheel and deal especially in todays market...also remember to get comps on the property before making an offer...this will tell you what the property is really worth...I am a loan officer by trade if you have any questions email me at rico@baycityfremont.com |
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Mary D
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They usually won't bend unless it's on the market for a long time. See if they will fiance the deal you maybe able to give 5% down |
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artwhiterealtor
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Only one person has the answer to that question, the builder/owner. The answer is going to depend on how you ask it. The best way to ask that question is put it writing, and by that I mean in the form of an offer to purchase. The offer should be backed up with a demonstration that you are not only willing, but ready and able. Do you have pre-approval for a loan? Is your offer contingent on the sale of your other property? If so, then how can you demonstrate that the other property is likely to sell at a price and at a time that will allow you to complete the transaction in accordance with the terms of your offer? The market is full of tire-kickers and lookie-lous. The seller is a business person and not likely to want to waste time. A serious offer will get a serious response. That serious response could be negative. In that case you are free to move on to something else, but keep an eye on the property for price reductions or to see if it's still around in 30 days. Your Realtor will know how to craft an offer with the best chance of success to fit the situation. |
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Cookie Girl
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It's not always best to buy straight from the builder. Why? Because if you don't have any experience in dealing with them, they can take you to the cleaners very easily. I knew a builder that bought 2 1/4 acres at a sheriffs auction for $30,000, kept a 1/4 of an acre built a house on from the leftover materials that he used to build his house and sold the house for over a quarter of a million dollars. It only cost about $75,000 to $80,000 to buy the land and build on it. Ohh and after that offered to rent the 1/4 to the new owners. Chances are that the house your looking at is going to be under the same circumstances is about 50/50. Home builders do this all the time. If you can I would suggest that you get a good real estate agent. They can help negotiate a fair deal and handle all the paper work and believe me there's a lot of paper work to do. Yeah it's going to cost you some up front, but will show the builder that you have other options. |
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jim w
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youre buying from the builders bank the one that finaced the builder. thats the diffrence |
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Ryan's Momma
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Buying direct from a bulider is like buying something direct from a manufacturer. Like if you went directly to Suave to purchase hair shampoo rather than to Walmart to purchase it.
Because the builder had to pay money to bulid the home- then when someone else buys it the builder will charge more to make a profit. Then when that person sells it they will charge more to make a profit.
So it is best to buy direct from the builder to eliminate the middle man. |
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