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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: So frustrated with seller!! UPDATE!
Posted by DjPiLL
Posted by kelleherkm
Put down what you can afford. As long as you are approved for a mortgage for the blance, the seller's are not going to care how muhc you put down or not.
Most sellers DO care how much you put down. The more you put down... means the more financially stable you are.
How much are you putting down? How much do they want you to put down?
Also... do they simply want you to put more down at contract... or do they want you to put more down on the loan itself?
If you are putting say 100k down for the mortgage... but you initially only agreed to 20k down at contract.
If they wan't 30k down at contract... that really isn't that big a deal because that money would go right into your down payment.
As far as getting money back if the appraisal doesn't come back. Thats a question I would ask your attorney. No offense to anyone here... but don't take people's word here cause thats a serious situation in which you want to be properly advised on..
yes this is true....
i know someone who lost out on a house to someone who put a bigger DP down and in cash
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Posted 9/8/05 11:09 AM  |
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Prudential Douglas Elliman Real Estate
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: So frustrated with seller!! UPDATE!
Posted by PiyoPika566
Did anybody put down more than they wanted and borrowed it back from the bank with the mortgage?
Also, if the house later on appraised for less than the listing price (which I doubt) and the bank won't lend us the mortgage and decide to let go of the deal, will we get our down payment back from the seller?
... this is so stressful, I could really use some advice! 
Yes, this can be done and it is called a sellers concession. You can discuss this with your mortgage broker/banker/lending institution.
I would ask your attorney about the latter.
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| Posted 9/8/05 11:21 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: So frustrated with seller!! UPDATE!
Posted by BrunetteMom
Yes, this can be done and it is called a sellers concession. You can discuss this with your mortgage broker/banker/lending institution.
The last thing these sellers will agree to is a seller's concession.
Correct me if I am wrong, but isn't a seller's concession usually is offered when the house is not in a hot market and they want to sell quickly. Its offered as an incentive to attract more buyers?
It sounds to me that these guys are willing to take their sweet old time.
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| Posted 9/8/05 11:24 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: So frustrated with seller!! UPDATE!
Posted by DjPiLL
Posted by BrunetteMom
Yes, this can be done and it is called a sellers concession. You can discuss this with your mortgage broker/banker/lending institution.
The last thing these sellers will agree to is a seller's concession.
Correct me if I am wrong, but isn't a seller's concession usually is offered when the house is not in a hot market and they want to sell quickly. Its offered as an incentive to attract more buyers?
It sounds to me that these guys are willing to take their sweet old time.
Oh no, a sellers concession would have nothing to do with that. it's taking out a mortgage for more than what the house is worth.
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| Posted 9/8/05 11:27 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: So frustrated with seller!! UPDATE!
Posted by BrunetteMom
Oh no, a sellers concession would have nothing to do with that. it's taking out a mortgage for more than what the house is worth.
Yeah but if the seller already wants a higher down payment... they want more security that the deal would go through.
Taking out a higher mortgage and increasing your debt/income ratio would kinda defeat this purpose.
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| Posted 9/8/05 11:39 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: So frustrated with seller!! UPDATE!
Posted by DjPiLL
Posted by BrunetteMom
Oh no, a sellers concession would have nothing to do with that. it's taking out a mortgage for more than what the house is worth.
Yeah but if the seller already wants a higher down payment... they want more security that the deal would go through.
Taking out a higher mortgage and increasing your debt/income ratio would kinda defeat this purpose.
No, I think I am confusing you. Sorry about that.
Piko asked that if she put down a larger DP, could she borrow more money to make up for the $$ she put down. So I replied that yes, she could with a sellers concession.
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| Posted 9/8/05 11:45 AM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: So frustrated with seller!! UPDATE!
Posted by Redhead
Posted by DjPiLL
Posted by kelleherkm
Put down what you can afford. As long as you are approved for a mortgage for the blance, the seller's are not going to care how muhc you put down or not.
Most sellers DO care how much you put down. The more you put down... means the more financially stable you are.
How much are you putting down? How much do they want you to put down?
Also... do they simply want you to put more down at contract... or do they want you to put more down on the loan itself?
If you are putting say 100k down for the mortgage... but you initially only agreed to 20k down at contract.
If they wan't 30k down at contract... that really isn't that big a deal because that money would go right into your down payment.
As far as getting money back if the appraisal doesn't come back. Thats a question I would ask your attorney. No offense to anyone here... but don't take people's word here cause thats a serious situation in which you want to be properly advised on..
yes this is true....
i know someone who lost out on a house to someone who put a bigger DP down and in cash
Most people, now, put approx 10% down. If the seller is looking for way above that I would be turned off.
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| Posted 9/8/05 11:53 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: So frustrated with seller!! UPDATE!
Posted by kelleherkm
Posted by Redhead
Posted by DjPiLL
Posted by kelleherkm
Put down what you can afford. As long as you are approved for a mortgage for the blance, the seller's are not going to care how muhc you put down or not.
Most sellers DO care how much you put down. The more you put down... means the more financially stable you are.
How much are you putting down? How much do they want you to put down?
Also... do they simply want you to put more down at contract... or do they want you to put more down on the loan itself?
If you are putting say 100k down for the mortgage... but you initially only agreed to 20k down at contract.
If they wan't 30k down at contract... that really isn't that big a deal because that money would go right into your down payment.
As far as getting money back if the appraisal doesn't come back. Thats a question I would ask your attorney. No offense to anyone here... but don't take people's word here cause thats a serious situation in which you want to be properly advised on..
yes this is true....
i know someone who lost out on a house to someone who put a bigger DP down and in cash
Most people, now, put approx 10% down. If the seller is looking for way above that I would be turned off.
I agree with you in this case. Although more cash is generally more appealing in any deal, I think that the problem in this regard is the fact that this one brother wants more money in general.
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| Posted 9/8/05 11:56 AM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: So frustrated with seller!! UPDATE!
Posted by BrunetteMom
I agree with you in this case. Although more cash is generally more appealing in any deal, I think that the problem in this regard is the fact that this one brother wants more money in general.
If they are this much of a pain in the a$$ now its only going to get worse. I would reconsider the purchase. Even IF they agree on a price, they will nickle and dime you and not flex on anything and you can probably forget about making any changes to the contract. Plus I would be worried that even IF they accept your offer, if another (better) offere comes along and you are not in contract, they will drop you in a second.
Too shady for me.
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| Posted 9/8/05 12:09 PM |
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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Re: So frustrated with seller!! UPDATE!
ok, just got off the phone with my RE agent...
get this.. now they want $14k MORE on top of what they countered.....
I told her absolutely not, if this house is such a hot commodity they should have gotten more offers already, but it feels like our offer is the only one they are working with right now so that means either we are the ONLY offer they have on the table or our offer is better than the others.
take it or leave it, there are plenty of houses out there, and we WILL find another one we like!
grrr!!! 
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| Posted 9/8/05 12:21 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: So frustrated with seller!! UPDATE!
I would tell them that your offer is only valid till the end of the week. After that... officially pull your offer.
Screw them.
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| Posted 9/8/05 12:22 PM |
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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Re: So frustrated with seller!! UPDATE!
Posted by DjPiLL
I would tell them that your offer is only valid till the end of the week. After that... officially pull your offer.
Screw them.
Oh I did just that! At first I was so p*ssed off that I told my agent to withdraw right now, then I calmed down a bit and told her that we will give them a week, then we'll withdraw.
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| Posted 9/8/05 12:25 PM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: So frustrated with seller!! UPDATE!
Yeah I agree - screw them. You dont need this.
Personally, IMO now is NOT the time to be in a bidding war. Keep looking, you will find something else that you love and hopefully find sellers that are easier to work with.
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| Posted 9/8/05 12:26 PM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: So frustrated with seller!! UPDATE!
oh no!!! 1 thousand or 4 thousand would be reasonable but 14k is alot of cheese! tell them to shove it!
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| Posted 9/8/05 12:29 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: So frustrated with seller!! UPDATE!
Posted by PiyoPika566
ok, just got off the phone with my RE agent...
get this.. now they want $14k MORE on top of what they countered.....
I told her absolutely not, if this house is such a hot commodity they should have gotten more offers already, but it feels like our offer is the only one they are working with right now so that means either we are the ONLY offer they have on the table or our offer is better than the others.
take it or leave it, there are plenty of houses out there, and we WILL find another one we like!
grrr!!!
WHat A$$holes!!!!!
You did the right thing!!!!! 
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| Posted 9/8/05 12:29 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: So frustrated with seller!! UPDATE!
Just tell them to go kiss MrsERod's a--. 
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| Posted 9/8/05 12:30 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: So frustrated with seller!! UPDATE!
Posted by DjPiLL
Just tell them to go kiss MrsERod's a--.
YEAH!!!!! what PiLL said!!! 
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| Posted 9/8/05 12:31 PM |
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PiyoPika566
talk to the hand
Member since 5/05 1436 total posts
Name:
Stephanie
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Re: So frustrated with seller!! UPDATE!
lol, thanks you guys for the support!!
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| Posted 9/8/05 12:55 PM |
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