another cracked out update. . .

[megs12979]

Dad wants me to make an offer on this place. Awesome. But I don't have 20% down cash right now. I have about 10%. My realtor is going to make some phone calls to see what we can do about that, considering that I am going to take out a no money down mortgage and that this place has no co-op board

Comments

[tckma]

Run this by your Realtor:

You want to make an offer about 5% less than the asking price. On $184,000 that's $9,200. Round up to $10 grand and offer $174,000. The seller will likely come back with a counter offer. A counter offer of $179,000 would be reasonable, anything more than $180,000 and you walk. Once you have a signed P&S (I believe in New York a P&S is called a Contract), you will then have the opportunity to get the home inspected (make sure you get an ASHI-certified inspector -- mine wasn't, and he didn't find a lot of the problems that I later found... but then again he saved me from buying an utter crap hole of a house). Expect to pay $300 to $500 for a home inspection (mine was $385). If the inspector finds trouble, get two or three WRITTEN estimates to fix each problem and go back to the seller with those estimates and deduct the average amount for each problem from the agreed-upon selling price. At this point the seller does not want to lose the sale and will come down (unless he's an asshole like the other

[megs12979]

"I can't believe it's a law firm!" sounds tres Simpsons. Hi, everybody! HI, DR. NICK!! Or Lionel Hutz, if you will. "You can substitute bacon grease for toothpaste!" "Did you go to North Hollywood Medical College, too?" Or however the line goes. Tee-hee

[tckma]

Well, yeah. I had help from my parents, and I had made offers on two other houses before I had one that was accepted (seems my Dad told me to lowball a little too much -- 10% under asking -- but the last time he bought a house was 1986 when the housing market was a buyer's market instead of a seller's market). But I'm glad since I wouldn't have wanted those two houses anyway.

The third house was the nightmare house with the asshole seller, the fourth was the one I bought (It was also the very first house I saw in this town, but I thought it was too high at the time. Since about a month and a half passed, they lowered their asking price twice and I was able to take advantage of that).

I had good practice at this. I can give you advice on anything you need.

Yes, I am a firm believer in "if it was meant to be it will happen." When I first looked at this house, I was all "GOD I LOVE THIS HOUSE! But the price is way too high!" Time fixed that.

[tckma]

It actually is from the Simpsons. When Lionel Hutz sets up a shop in the mall. (It may be from a Simpsons book rather than an episode.) You rock for getting the reference.

[mags123bubble]

sounds like a nice place!!! i found one too...finally UES.