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Additional Details
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new momma | I want to put an offer on a house. It is listed at 199,900. BUt i feel it is only worth 160,000. ? |
do u think that offer is to low?
Also anywhere I can get a mortgage with poor credit? |
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IAAW
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A lot of sellers are in a state of denial and believe that they are entitled to a certain price, so they set their Asking Price much higher than they should.
If you feel that your offer is reasonable, then go ahead and give an offer. This might be the only offer that he has had.
Many people have lost their jobs, and/or have lost a lot of money in the stock market. So, I don't think there are too many buyers out there. |
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breakfastissexy
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You are going to need to be able to have strong reasons why your offer is for 40,000 less than what they are suggesting. For example, look into neighboring homes and what they are selling for, and use that as a guide. I suggest going to zillow.com and searching that neighborhood- it should provide general prices of houses that you can use as a reference. Also, take into consideration if there is renovations that need to be done (replacing outdated kitchen appliances, fixing wear and tear, ect.) Things like that. You have to be prepared to defend your offer, and keep in mind that you will probably have to negotiate somewhere in the middle grounds with them.
As far as the credit- here is my deal. I wanted to buy an inexpensive but decent car, and couldn't get a loan on my own through Wells Fargo. Then, even with my cosigner, the rate they wanted to give me was 10.25%! Not too good.
I went to a local credit union, and I was able to qualify ON MY OWN for a loan for 6.45%! I was thrilled. Also, they told me what my credit score was straight up- and it was actually not half as bad as what Wells Fargo implied! It was actually pretty good! It pays to shop around. Try a credit union! |
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Libraryanna
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If you have poor credit, you really need to think about whether you can afford a house. These days in the US, it's much harder to get a loan with poor credit. About the only way is to get someone with good credit to cosign (and be responsible for) the debt.
As for your offer, look at real estate listings and see what similar houses are selling for. You can always make the offer, whether or not they accept is a different thing, but other than some paperwork and time, you don't lose anything if they reject it. |
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Judy1
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Well, if you think it's worth less than the asking price, offer less. They'll likely counter offer though, so offer less than you are really willing to pay.
But if your credit is poor, don't even bother - you won't get a mortgage these days with poor credit. |
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wawilliams80
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Do a little research, look for comps online to find what recent properties like that property sold for. Then ask if they have a recent inspection on the house or written estimate. Also, do they own the property or is it mortgaged? If they own it, ask them to consider owner financing, In full or in part. Explain to them that with owner financing, they won't pay taxes on any capital gains when selling. You'll preserve there money and pay them interest. You're more likely to get a bank loan with bad credit if you give them a cushion of equity. |
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edga10
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Put in your offer. It might be the only offer he has had. |
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Pagan Dan
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The vendor probably does not expect to get $199K. Your opinion of the actual value of the home only matters if it is based on fact, not feeling. Have you looked at what other comparable homes have actually SOLD for? Never mind the list price.
To put it another way, if you were the one selling the house, what would you be asking? Your figure would be on the high side of the actual value.
I share the concern of the other answerer. If you have poor credit, it may not be a good idea to buy a house. You could get a mortgage someplace, but what will you do if they raise the rate on you? Mainstream lenders (banks and so forth) might not touch you. Then what? |
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Arlene F
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In order to offer with a 40K decrease in price you would need to substantiate the reasons: like paying cash, or only getting a small loan and leaving a large deposit. Not to mention a lot of other factors. what are the homes in the area selling for? Only use the past 6months sales of homes in the area because that is what an apappraiser will be using when justifying to the bank the value of that home. No one knows the sellers situation either.. They may or may not need to sell. so one can never be sure. |
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Reena
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Before you go any further putting offers on houses you should get pre-approved by a lender for the mortgage.
You don't bid on a house when you have no idea yet on how to get the money to pay for it.
Even at 160K you will need around 10% to 20% down plus another 3% for closing cost before you can start financing the rest with a mortgage. |
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Jay S
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Make the offer, the worst thing that can happen is the seller says no. As far as a mortgage loan it depends on how bad your credit is. I have lenders that will do manual underwrites on FHA loans down to a 500 mid score but if you have judgments or tax liens you're out of luck.
Let me know if you need more info or help. |
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